\u3000\u3 Guocheng Mining Co.Ltd(000688) 016 Shanghai Microport Endovascular Medtech (Group) Co.Ltd(688016) )
Event: the company released the 21-year performance express. In 2021, the annual revenue was 685 million yuan (YoY + 45.59%), the net profit attributable to the parent was 316 million yuan (YoY + 47.30%), and the non net profit deducted was 289 million yuan (YoY + 51.22%). In a single quarter, Q4 achieved a revenue of 174 million yuan (YoY + 22.81%), a net profit attributable to the parent company of 66 million yuan (YoY + 26.70%), and a deduction of non net profit of 56 million yuan (YoY + 34.22%), which met market expectations.
Comments:
Rapid and large-scale products to achieve rapid growth. The revenue of 21q1 / Q2 / Q3 / Q4 in a single quarter was RMB 1.97/1.65/1.48/174 million respectively, with a year-on-year increase of 99.07% / 42.51% / 30.48% / 22.81%; 21q1 / Q2 / Q3 / Q4 single quarter net profit attributable to parent company was 102 / 0.83/0.65/0.66 billion yuan respectively, with a year-on-year increase of 70.96% / 35.96% / 55.93% / 26.70%. We expect herculeslp products in the main business to grow steadily; Castor branch aortic covered stent, Minos abdominal aortic covered stent implantation progressed well, and reewarmptx drug balloon dilation catheter maintained rapid growth.
R & D continues to be strong, and the product pipeline is expected to be further enriched. Each pipeline is advancing steadily and is expected to become the driving force for medium and long-term development. Among them, the R & D expenditure in the first three quarters of 21 years was 67.04 million yuan, and the R & D investment accounted for 13.1% of revenue. Ryflumen peripheral high pressure balloon was approved on the market in November 21, fontus branch intraoperative stent system was approved on the market in December 21, and Talos straight tube thoracic aorta covered stent system was approved on the market in January 22. In addition, the design of iliac vein stent and external vena cava stent will be in the stage of clinical verification in the next 3 ~ weeks, and many products such as iliac vein stent and external vena cava stent will be completed in succession.
Profit forecast and Valuation: the company is the leader in the field of aortic intervention in China and has recorded rapid growth in 21 years. Considering the large volume of new products on the market, we raised the EPS forecast for 21-22 years by 4.37/6.08 yuan (the original value was 3.76/5.20 yuan, an increase of 16.2% / 16.9% respectively), and the EPS forecast for 23 years was 8.33 yuan, an increase of 46.47% / 39.32% / 36.94% respectively year-on-year. The current share price corresponds to 36x PE for 22 years.
Risk warning: the promotion of policies such as centralized purchase of high-value consumables and DRGs will bring the risk of product price reduction; Risk that R & D progress is less than expected; Medical malpractice risk.
