\u3000\u3 Guocheng Mining Co.Ltd(000688) 139 Qingdao Haier Biomedical Co.Ltd(688139) )
Events
The scale of revenue continued to be large-scale, and the deduction of non profits continued to grow at a high rate
The company released the annual report of 2021. Under the complex external environment, the company continued to develop with high quality, and achieved a revenue of RMB 2.126 billion in 2021, a year-on-year increase of + 51.63%; The net profit attributable to the parent company was 845 million yuan, a year-on-year increase of + 121.82%; Deduct the net profit not attributable to the parent company of 418 million yuan, a year-on-year increase of + 32.97%. Excluding the incentive expenses and the influence of mesa confirmed in the same period of last year, the growth rate of deducting non net profit of companies with the same caliber reached 55.28%. In 2021, Q4 achieved a revenue of RMB 606 million, a year-on-year increase of 44.02%, a net profit attributable to the parent company of RMB 147 million, a year-on-year increase of 35.32%, and a deduction of non net profit of RMB 103 million, a year-on-year increase of 11.55%.
The Internet of things accounted for more than 30%, and the growth of the four scenarios was strong
In 2021, the company’s Internet of things solutions achieved a revenue of 668 million yuan, a year-on-year increase of 138.11%, accounting for 31.42% of the total revenue. In terms of scenarios, 1) the revenue from the sample safety scenario was 874 million yuan (including 157 million yuan from the Internet of things, + 51.04%), with an increase of 21.78%; 2) the revenue from the vaccine safety scenario was 503 million yuan (including 265 million yuan from the Internet of things, + 132.18%), with an increase of 102.71%; 3) the revenue from the drug and reagent safety scenario was 513 million yuan (including 26 million yuan from the Internet of things), with an increase of 49.26%; 4) the revenue from the blood safety scenario was 228 million yuan (including 220 million yuan from the Internet of things, + 345.57%), An increase of 266.32%.
The Chinese market has maintained rapid growth, and overseas networks have been intensively encrypted
In terms of regions, 1) by continuously deepening the full scenario and full cycle user service mode, the Chinese market achieved a revenue of 1.586 billion yuan in 2021, with a year-on-year increase of 60.25%. 2) The overseas market revenue reached 3.35 billion yuan in 2021, a year-on-year increase of 3.45%. In 2021, the revenue of overseas distribution business was 328 million yuan, with a year-on-year increase of 26.05%. In 2021, the total number of overseas distribution networks has exceeded 500, with 208 new ones, and localized layout in Europe, America and South Asia. In terms of cooperation with overseas international organizations, the company continuously delivered vaccine and immunization projects in many overseas countries, realizing an income of 205 million yuan, a year-on-year increase of 67.68%.
The gross profit margin was relatively stable, and R & D investment increased significantly
Affected by the rise in bulk costs, the company’s gross profit margin in 2021 was 50.08%, a slight decrease of 0.51pct year-on-year. The net interest rate was 39.94%, with a year-on-year increase of 12.54pct, mainly affected by investment income. The company’s sales expense rate is 12.34%, the management expense rate is 5.91%, and the financial expense rate is – 0.56%. In 2021, the company invested 236 million yuan in R & D, with a year-on-year increase of 56.79%. The proportion of R & D investment further increased to 11.12%, with a year-on-year increase of 0.37pct.
Profit forecast
As a leading enterprise in China’s biomedical cryogenic storage industry, the Internet of things strategy has the first mover advantage. Considering the rapid growth of business in each scenario of the company’s annual report and the uncertainty of bulk and transportation costs, we estimate that the company’s revenue from 2022 to 2024 will be RMB 2.834/37.59/49.20 billion (the former value is 26.67 / 35.18 / -), and the net profit attributable to the parent company will be RMB 6288361099 million (the former value is 6.49 / 8.91 / -), corresponding to PE of 38 / 28 / 21 times respectively. Based on the continuous deepening of the company’s layout in China and the two wheel drive of “distribution system + project system” of overseas business, the global market share is expected to be further improved and the rating is upgraded to “buy”.
Risk tip: the expansion of new products is less than expected; Overseas layout is less than expected; The development of Internet of things business is less than expected
