\u3000\u3 Guocheng Mining Co.Ltd(000688) 139 Qingdao Haier Biomedical Co.Ltd(688139) )
Key investment points
Event: on the evening of March 24, 2022, Qingdao Haier Biomedical Co.Ltd(688139) released the annual report for 2021. In 2021, the company achieved a revenue of RMB 2.126 billion (+ 51.63, a year-on-year increase, the same below), a net profit attributable to the parent company of RMB 845 million (+ 121.82%), and a net profit not attributable to the parent company of RMB 418 million (+ 32.97%).
Each application scenario continues to grow rapidly, and the Internet of things business continues to show strong momentum. The company's performance slightly exceeded our expectations. Looking at the Internet of things business alone, the revenue was 668 million yuan (+ 138.11%), accounting for 31.42% of the overall revenue. In terms of application scenarios, the company's revenue in the sample security scenario was 874 million yuan (+ 21.78%), of which the revenue of Internet of things business was 157 million yuan (+ 51.04%). As the company's traditional advantageous business, sample security continued to maintain steady growth, the downstream user group continued to expand, and the number of users doubled. The launch of new biosafety products such as incubators and centrifuges will further enrich the application scenarios of the company's products; In the vaccine security scenario, the company's revenue was 503 million yuan (+ 102.71%), of which the revenue of Internet of things business was 265 million yuan (+ 132.18%), and the business continued to maintain strong growth. In 2021, Tibet provincial network, Zhongshan City, Sanming City and other urban networks were successively built. The number of smart vaccination sites covered 4000, an increase of 1000 compared with 2020, and there is still much room to further improve the penetration rate; In the drug and reagent safety scenario, the company's revenue is 513 million yuan (+ 49.26%), of which the revenue of the Internet of things scheme is 26.34 million yuan. The construction of new public health infrastructure and epidemic prevention and control system is expected to bring sustained demand; In the blood safety scenario, the company's revenue was 228 million yuan (+ 266.32%), of which the revenue of Internet of things business was 220 million yuan (+ 345.57%). Following the implementation of Qingdao blood network, the company has successively promoted in Hubei, Zhejiang and other places, and continuously accelerated the innovation of subdivision scenario solutions. The company's automatic transformation of other urban blood centers is expected to bring more urban blood network orders. After the acquisition, Chongqing's three great undertakings have achieved good integration with the main body of the company, with a net profit of RMB 425099 million in 2021.
Business at home and abroad is developing in a coordinated manner, and the "product + service" model is gradually taking shape. In terms of regions, the company's revenue in China is 1.586 billion yuan (+ 60.25%), and the number of Chinese users, cooperation depth and user stickiness have further improved; Overseas business revenue was 533 million yuan (+ 39.34%), of which distribution business revenue was 328 million yuan (+ 26.05%), and project business revenue was 205 million yuan (+ 67.68%). In terms of distribution business, the total number of overseas distributors of the company has exceeded 500, with 208 new in 2021 (118 new in 2020), and the influence of overseas brands has continued to improve. In terms of project business, the company has established cooperative relations with more than 20 international organizations and is committed to improving the basic health and medical security system in underdeveloped countries, with optimistic long-term development prospects. At the same time, we note that the proportion of service revenue in the company's revenue structure has risen from 3.02% in 2020 to 10.84%. The company's upgrading from product hardware sales to "product + service" comprehensive solution platform has achieved good results and injected continuous momentum into its performance.
Profit forecast and investment rating: considering the rapid development of the company's Internet of things business and the expansion of new biosafety business, we raised the forecast of the company's net profit attributable to the parent company from 577 / 771 million yuan to 596 / 791 million yuan in 20222023. It is estimated that the company's net profit attributable to the parent company in 2024 will be 1.039 billion yuan. The current market value corresponds to 39 / 30 / 23 times of PE in 20222024, respectively, maintaining the "buy" rating.
Risk tip: the business expansion is not as expected, the cycle of overseas projects fluctuates, and the price of raw materials rises
