\u3000\u3 Guocheng Mining Co.Ltd(000688) 139 Qingdao Haier Biomedical Co.Ltd(688139) )
Event: the company issued the 2021 annual report, and the performance met expectations. In 2021, the company achieved an operating revenue of RMB 2.126 billion, with a year-on-year increase of 51.63%. Among them, the Internet of things solutions grew rapidly, realizing a revenue of RMB 668 million, with a year-on-year increase of 138.11%, accounting for 31.42% of the total revenue; The net profit attributable to the parent company was 845 million yuan, a year-on-year increase of 121.82%; The net profit deducted from non parent company is 418 million yuan, with a year-on-year increase of 32.97%. If the impact of equity incentive fees and mesa investment income is excluded in the same caliber, the net profit deducted from non parent company in 2021 will increase by 55.28% year-on-year; Gross profit margin 50.15%; The net interest rate is 39.94%. In Q4 alone, the company achieved an operating revenue of 606 million yuan, a year-on-year increase of 44.02%; The net profit attributable to the parent company was 147 million yuan, a year-on-year increase of 35.32%; Deduction of net profit not attributable to the parent company was 103 million yuan, with a year-on-year increase of 11.55%. If the impact of equity incentive expenses is deducted, the company’s Q4 deduction of net profit not attributable to the parent company increased by 36.18% year-on-year.
Sample security scenario: the diversity of users and the richness of schemes are constantly improving. In 2021, the company’s sample safety products and solutions achieved a revenue of 874 million yuan, a year-on-year increase of 21.78%; Among them, the revenue of the Internet of things scheme was 157 million yuan, a year-on-year increase of 51.04%. In terms of user diversification, the company focused on expanding the user base of biopharmaceutical, doubled the number of users in the subdivided fields such as CXO, cell therapy and gene therapy, and continued in-depth cooperation with Fosun Group, Wuxi Apptec Co.Ltd(603259) and other industry benchmark users. In terms of scheme enrichment, the company has continuously launched a variety of new products such as incubators and centrifuges to further expand and enrich new scenes such as biological culture and centrifugal preparation. During the reporting period, the company successively delivered large-scale automation projects such as Shanghai Zhangjiang biological bank, Kunming Institute of zoology, Chinese Academy of Sciences and southern marine laboratory, and quickly copied them under the trend of digital upgrading of the industry.
Vaccine safety scenario: China’s urban network replication and scheme iteration have achieved remarkable results, and overseas countries have overcome difficulties in shipping and continued a high growth trend. In 2021, the company’s revenue from vaccine safety products and solutions reached 500 million yuan, a year-on-year increase of 102.71%; Among them, the revenue of the Internet of things scheme was 265 million yuan, a year-on-year increase of 132.18%. During the reporting period, the company built the network of Tibet Province, Zhongshan City, Sanming City and other urban networks, and built more than 4000 smart vaccination sites in China; The mobile vaccination scheme is iterated according to the needs of users.
Drug and reagent safety scenario: the sinking of users in the Chinese market parallels the rich new products in the overseas market to achieve rapid development. In 2021, the company’s drug and reagent safety products and solutions achieved a revenue of 510 million yuan, a year-on-year increase of 49.26%; Among them, the Internet of things program achieved revenue of 263357 million yuan. In China, the company seized the opportunity of public health and major epidemic prevention and control system construction, and the user base in medical innovation fields such as medical treatment and disease control continued to expand and sink. Overseas, many products of the company have passed the certification standards of NSF / ANSI in the United States and din in Germany; With the advantage of being close to the personalized needs of overseas pharmaceutical companies, medical institutions and other users, the intelligent scheme has effectively broken through the user groups in the Americas, Asia Pacific and other regions, and achieved rapid growth in business revenue.
Blood safety scenario: M & A accelerated Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) layout, with obvious growth rate. In 2021, the company’s blood safety products and solutions achieved a revenue of 230 million yuan, a year-on-year increase of 266.32%; Among them, the revenue of the Internet of things scheme was 220 million yuan, a year-on-year increase of 345.57%. During the reporting period, the company launched the first smart city blood network (Qingdao blood network) and quickly replicated and promoted it in Hubei, Zhejiang and other places. In the scene of hospital blood use, the company has realized intelligent emergency blood bank in trauma centers in Chongqing, Hunan, Zhejiang and other places; In Beijing, Guangdong, Henan and other places, it has realized the application of the unmanned sub database scenario of the blood transfusion department, and has undertaken the blood supply task in the large-scale winter events undertaken by China. In the scene of blood use in the blood center, the company successively delivered automation projects such as Harbin blood station, Xianning blood station and Urumqi blood center. In terms of M & A integration, the company stimulated the innovation vitality of the three great undertakings in Chongqing through the entrepreneurial mechanism, restarted the production of some unused license products in the early stage, and started the construction of Chongqing phase II Industrial Park. With the increase of the number of pulp mining stations approved by China during the 14th Five Year Plan period, the three great undertakings of Chongqing will usher in more market opportunities.
The business in overseas markets has developed rapidly and the global competitiveness has been continuously improved. In 2021, the company’s overseas market revenue was about 530 million yuan, a year-on-year increase of 39.34%; Overseas distribution realized a revenue of 328 million yuan, a year-on-year increase of 26.05%. By the end of the reporting period, the total number of overseas distribution networks of the company had exceeded 500, with 208 newly added in 2021, and the new network showed the characteristics of single fast and large; At the same time, the company has accelerated the construction process of localized sales, marketing, logistics and warehousing in Europe, America, South Asia and other regions. In terms of cooperation with international organizations, as of the end of the reporting period, the company has established cooperative relations with more than 20 international organizations. In 2021, the company continuously delivered vaccine and immunization projects in many overseas countries, realizing an income of 200 million yuan, a year-on-year increase of 67.68%.
Investment suggestion: buy – a investment rating. We expect that the revenue growth rate of the company from 2022 to 2024 will be 33.4%, 32.4% and 31.3% respectively, and the net profit growth rate will be – 26.5%, 36.0% and 35.1% respectively, with outstanding growth; Give an investment rating of buy-a. The six-month target price is 88.16 yuan, equivalent to 45 times the dynamic P / E ratio in 2022.
