\u3000\u3 Guocheng Mining Co.Ltd(000688) 301 Iray Technology Company Limited(688301) )
In 2021, the revenue increased by 51.43% year-on-year, and the net profit attributable to the parent company increased by 117.79% year-on-year. The company achieved a revenue of 1.187 billion yuan in 2021, a year-on-year increase of + 51.43%; The net profit attributable to the parent company was 484 million yuan, a year-on-year increase of + 117.79%; Deduct the net profit not attributable to the parent company of 342 million yuan, a year-on-year increase of + 72.29%; In the fourth quarter of 2021, the revenue was 364 million yuan, a year-on-year increase of + 58.21%, the net profit attributable to the parent company was 158 million yuan, a year-on-year increase of + 137.84%, and the net profit not attributable to the parent company was 73 million yuan, a year-on-year increase of + 33.14%. The rapid growth of the company’s revenue is mainly due to the continuous and steady growth of static general products above the high base, the smooth progress in the dynamic field, and the rapid growth of dental and industrial new products. The profitability of the company has improved significantly. In 2021, the gross profit margin / net profit margin / deduction of non net profit margin were 55.25% / 40.81% / 28.79% respectively, with a year-on-year increase of 3.44/12.36/3.49 PCT, mainly due to the obvious increase in the proportion of dynamic product revenue with high gross profit margin, the continuous promotion of various cost reduction and efficiency improvement measures within the company, and the obvious scale effect. The cost side control is stable. The sales / management / R & D / financial expense ratio is 4.92% / 4.74% / 12.27% / – 1.41% respectively, with a year-on-year change of + 0.19 / – 0.27 / + 0.04 / – 2.05 PCTs. The sharp increase in personnel has caused more expenses. By the end of 2021, the total number of the company is 788, with a year-on-year increase of 45.74%. The non recurring profit and loss in the fourth quarter was higher, mainly due to the subscription of Zhuhai Cosmx Battery Co.Ltd(688772) 2406400 shares as a strategic investor (listed on the science and Innovation Board on October 15, 2021, with a sales restriction period of 36 months), corresponding to the recognition of 823483 million profit and loss from changes in fair value.
Increase R & D investment, dynamic series and multiple product lines are in full bloom, and the prospect of layout solutions is promising. company
In 2021, the R & D cost was 146 million yuan, with a year-on-year increase of 51.87%. By the end of 2021, there were 256 R & D personnel, with a year-on-year increase of 58.02%. Based on the platform based R & D system, the company has mastered the underlying core technology, increased R & D investment, made multiple dynamic product lines go hand in hand, rapidly expanded application fields, and continued to fulfill the category expansion logic. Dental income exceeded 200 million and industrial income exceeded 150 million, both of which achieved rapid growth and high customer recognition. In addition, the company has broken through the high-end veterinary market, the C-arm and breast in the field of medical dynamics are progressing smoothly, the reserves of high-end new products such as radiotherapy, gastrointestinal and DSA detectors are abundant, and the long-term growth momentum is sufficient. The company released the intelligent DR system solution in rsna2021. The flat panel detector is combined with high-voltage generator, beam limiter and workstation to form an intelligent closed-loop solution. In the long run, the solution has broad development prospects. The company has strong R & D strength, outstanding product performance and cost performance advantages, covers the world’s top customer resources, has clear logic for expanding categories in the medium term, and has broad prospects for long-term solutions.
Risk warning: industry competition intensifies; New business expansion is less than expected; Risk of technology being overtaken.
Investment suggestion: raise the profit forecast and maintain the “buy” rating.
Considering the smooth expansion of the company’s new products and technologies and the high growth of revenue performance, we slightly raised the company’s net profit attributable to the parent company from 2022 to 2024 to 601 / 795 / 1043 million yuan (the previous value was 576 / 740 / 962 million yuan), the corresponding EPS was 8.29/10.96/14.37 yuan and the corresponding PE was 49 / 37 / 28 times, maintaining the “buy” rating.
