\u3000\u30 Zhongyan Technology Co.Ltd(003001) 51 Shenzhen Changhong Technology Co.Ltd(300151) )
The employee stock ownership plan activates the vitality of the company’s management and technology R & D, and the certainty of performance growth continues to increase
On March 9, 2022, the company issued the employee stock ownership plan for 2022: the number of incentive objects to be granted shall not exceed 170, with a total of 5.909 million shares of the company, accounting for 1.18% of the total share capital; Grant price: 12.00 yuan / share. Assessment benchmark: Based on the deduction of non net profit in 2021, the annual growth rate of deduction of non net profit is assessed in the three years from 2022 to 2024. The growth rate of deduction of non net profit is 70%, 121% and 187.3% in turn. It is estimated that the CAGR in 20222024 will be 42.16%. We expect that the order volume of the company will increase steadily from 2022 to 2023. Meanwhile, the future performance will be flexible and the profit forecast of the company will remain unchanged. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 112 / 2.5 / 400 million yuan, EPS will be 0.22/0.50/0.80 yuan respectively, and the corresponding P / E of the current stock price will be 110.7/49.6/31.0 times respectively, maintaining the “buy” rating.
The company will focus on the high prosperity track of medical devices, and strategic adjustment will promote the efficient development of the company
The company attaches great importance to the broad prospect of the medical device and consumables industry, and focuses on the triple stable construction of technology, system and talents in the relevant device and consumables industry in the next three years. We believe that: (1) the company will accelerate the construction of the medical industry base in Shangyu District of Shaoxing and expand the overall medical industry production capacity of the company; (2) Realize the production line landing of existing orders, and constantly develop new businesses and high-quality new customers at home and abroad; (3) Constantly sum up the experience of management, adjust the organizational structure, strengthen the construction of medical undertakings, improve the ability of business coordination, increase R & D investment, expand the market, and focus on the development of medical devices and consumables.
The influence of centralized procurement is deepening, the demand for localization of supply chain of foreign enterprises is rising, and domestic brands are gradually moving towards internationalization
The Asia Pacific region is the region with the fastest growth of high-end medical treatment in the world. Under the background that the implementation and popularization of China’s centralized procurement policy is the general trend, supply chain localization will be the inevitable choice for large multinational enterprises to save costs. With the rise of China’s leading medical enterprises, Chinese enterprises will gradually move from the medium and low-end market to the international high-end medical field. In this process, Roche has accelerated its supply chain localization strategy to comply with the increasing competition trend brought by centralized procurement. As its strategic partner, the company is expected to continuously improve its product production level and indicators with the help of Roche platform, and expand its market share in the Chinese market and even the Asia Pacific Region.
Risk warning: the promotion of production line is not as expected; The order volume of IVD manufacturers is lower than expected
