\u3000\u30003 Hunan Yujing Machinery Co.Ltd(002943) 00294)
Event: Boya Bio-Pharmaceutical Group Co.Ltd(300294) released the 2021 annual report. During the reporting period, the company achieved an operating revenue of 2.651 billion yuan, a year-on-year increase of 5.47%; The net profit attributable to the parent company was 3.45 yuan, a year-on-year increase of 32.48%. Dividend plan 10: 1.5 yuan (including tax).
The overall revenue grew steadily, and the blood business grew strongly. The company's revenue was 2.651 billion yuan, a year-on-year increase of 5.47%, and the revenue was stable; Among them, the blood business was 1.21 billion yuan, a year-on-year increase of 35.5%; Non blood business was 1.441 billion yuan, a year-on-year increase of - 11.0%; On the profit side, the blood business grew rapidly, and the net profit attributable to the parent company was 385 million yuan, a year-on-year increase of 125.6%; Our analysis is mainly that in 2020, due to the large amount of plasma separation components allocated for factor VIII and PCC research and development, the approval and sales of human fiber products with high gross profit declined, and the base number was low. However, it was not affected last year, so the approval and sales of human fiber products increased greatly, with a revenue of 417 million yuan, a year-on-year increase of 81.2%; In addition, the revenue of albumin and propofol was 358 million yuan and 364 million yuan respectively, with a year-on-year increase of 21.1% and 29.2%, driving the overall high growth of blood business.
Multi business subtraction, intelligent factory expansion, focusing on blood business. Besides the blood products business, the company also has diabetes business, biochemical pharmaceutical business, blood products distribution and chemical medicine business, and its business is numerous and diverse. The revenue of non blood products business increased negatively by 11% last year. The revenue of core products metformin hydrochloride, oxytocin and compound bone peptide decreased by 35.0%, 12.0% and 38.0% respectively due to the impact of centralized procurement and intensified competition; In addition, superimposed with the large asset impairment of Boya Xinhe (chemical medicine business), we calculate the overall net profit attributable to the parent company of non blood business as a loss. After taking over, China Resources is starting to peel off non blood assets, subtract multiple businesses, and focus more on blood business. The company has clear business objectives for blood preparation business. By the end of the 14th five year plan, the total number of pulp stations will reach 30, and the pulp collection will exceed 1000 tons; The production of blood intelligent factory will be expanded, and 1800 tons of pulp will be invested in the future.
Profit forecast: we predict that from 2022 to 2024, the company's revenue will be 2.815 billion yuan, 3.213 billion yuan and 3.639 billion yuan respectively, with a year-on-year increase of 6.2%, 14.1% and 13.2% respectively; The net profit attributable to the parent company was 510 million yuan, 630 million yuan and 765 million yuan respectively, with a year-on-year increase of 48.0%, 23.6% and 21.4% respectively. According to the previous closing price (32.12 yuan / share), the corresponding PE (2022e) is 32 times, giving a "buy" rating.
Prompt of epidemic risk in China; The expansion of pulp station is less than expected; Product quality risk; Systemic risk.
