\u3000\u3 Guocheng Mining Co.Ltd(000688) 617 Apt Medical Inc(688617) )
Core view
The performance in 2021 is bright and the performance growth is strong. The company released its performance in 2021, and its operating revenue reached 829 million yuan, a year-on-year increase of 73%; The net profit attributable to the parent company reached 208 million yuan, a year-on-year increase of 88%; Net profit deducted from non parent company amounted to 168 million yuan, with a year-on-year increase of 71%. 2021q4 performance: the operating revenue reached 235 million yuan, a year-on-year increase of 50%; The net profit attributable to the parent company reached 46 million yuan, a year-on-year increase of 17%; The net profit deducted from non parent company reached 22 million yuan, a year-on-year decrease of 32%. The latest 2022 performance express disclosed that the revenue from January to February reached 156 million yuan, a year-on-year increase of 70%, with strong performance growth.
Multi track development and continuous business expansion. Electrophysiology, coronary access, peripheral intervention and OEM of the four major businesses achieved high growth of 233 million yuan (+ 46%), 382 million yuan (+ 97%), 119 million yuan (+ 81%) and 89 million yuan (+ 51%) respectively. 2) The company's business expansion ability is strong. The electrophysiological business has newly covered 300 hospitals and 600 three-dimensional operations have been completed. Vascular intervention covered 2000 hospitals. The company added 250 agents.
Strong R & D strength and broad prospects for going to sea. In 2021, the R & D expense rate increased to 16.28% (+ 1.28%). The atrial septal puncture system completed the second generation of product iteration, and the registration and inspection of magnetoelectric positioning high-density mapping catheter and magnetic positioning pressure ablation catheter were completed. It is expected to start three-dimensional atrial fibrillation treatment before 2024. The high-voltage pulse ablation system is in the registration test stage, and the arrhythmia treatment will be cut into a new version. Three overseas channel products have been submitted to FDA, and a total of 14 products have been approved by CE.
Risk warning: the risk that the price reduction of centralized purchase exceeds the expectation; The risk that the R & D progress is less than expected; The risk that the operation is not carried out as expected; The risk of product price decline and gross profit decline caused by homogeneous competition. Investment suggestion: be optimistic about the platform development of leading enterprises and maintain the "buy" rating.
According to the rising prices of raw materials and energy, the profit forecast for 2022 / 2023 was lowered and the profit forecast for 2024 was added. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 309 / 451 / 553 million yuan (331 / 455 million yuan in 2022 / 2023), with a year-on-year growth rate of 31.7 / 39.7 / 33.1%; Diluted EPS = 4.63/6.76/8.29 yuan, and the current share price corresponds to PE = 46 / 32 / 26x. In the face of the impact of the epidemic, the selective operation, the increase of homogeneous competition and the expansion of centralized procurement categories, the company still maintained high performance growth, which fully demonstrated the large-scale operation strength of the platform company. In 2022, nine provinces in Jiangxi won the bid for centralized procurement of coronary guide tubes and guide wires, and in 2021, eight provinces and two regions in Inner Mongolia won the bid for centralized procurement, which fully demonstrated the strong competitiveness of the company's products and maintained the "buy" rating.
