\u3000\u30003 Hunan Yujing Machinery Co.Ltd(002943) 00294)
Events
On March 22, the company released its annual report for 2021. In 2021, the company achieved a revenue of 2.651 billion yuan (+ 5.47%), a net profit attributable to the parent company of 345 million yuan (+ 32.48%), and a net profit not attributable to the parent company of 293 million yuan (+ 18%). Excluding the impact of asset impairment of RMB 75.03 million in non blood products business, the performance is in line with expectations.
Business analysis
The blood products business grew well and its profitability improved steadily. In 2021, the group's parent company's blood products business realized a revenue of 1.232 billion yuan (+ 34.94%) and a net profit of 385 million yuan (+ 125.45%). In December 21, the company's non blood products business accrued an asset impairment of RMB 75.03 million, which correspondingly reduced the company's net profit of RMB 74.6 million in 2021. If the impact of asset impairment is excluded, the company realized a net profit attributable to the parent company of RMB 420 million (+ 61%) in 21 years. In the 21st year, the company's blood products business achieved about 420 tons of raw plasma collection, with a gross profit margin of 67.77%, an increase of 4.87% over the same period last year.
The new batch pulp station goes hand in hand with the construction of new production capacity, and there is great room for growth in the 14th five year plan. After the completion of China Resources, the company's strategic planning is clear and the long-term growth space is broad. According to the company's annual report for 21 years, the company strives to achieve a total number of more than 30 pulp stations and a pulp collection scale of more than 1000 tons during the 14th Five Year Plan period, maintain the first market share of fibrinogen and PCC products in China, and build an intelligent factory with an annual pulp input of more than 1800 tons, so as to lay a good foundation for becoming the first echelon enterprise of blood products in China during the 15th Five Year Plan period.
The product line continues to be abundant, and the efficiency per ton of pulp is expected to be further improved. The company's output value and gross profit rate per ton of pulp are in the forefront of the industry, with strong technical strength. In recent years, it has continuously developed new products. PCC will be newly listed in 2021 and coagulation factor VIII will be listed in 2022. The subsequent production lines are expected to be enriched continuously, driving the net profit level of per ton pulp to rise continuously.
Profit adjustment and investment suggestions
We maintain the profit expectation from 2022 to 2023. It is expected that the company will realize the net profit attributable to the parent company of 502 (+ 46%) and 604 (+ 20%) million yuan respectively. Considering the continuous enrichment of the company's product line, it is expected to realize the net profit attributable to the parent company of 708 million yuan (+ 17%) in 2024.
From 2022 to 2024, the company's corresponding EPS is 0.98, 1.18 and 1.38 yuan respectively, and the corresponding current PE is 35, 29 and 25 times respectively. Maintain the "buy" rating.
Risk tips
The expansion of pulp collection did not meet expectations, Danxia's pulp supply cooperation and asset injection did not meet expectations, the landing of production capacity was less than expected, the risk of goodwill impairment, and the risk of quality and safety of blood products.
