\u3000\u3 Guocheng Mining Co.Ltd(000688) 366 Shanghai Haohai Biological Technology Co.Ltd(688366) )
The main categories achieved rapid growth, the gross profit margin increased steadily, and the “buy” rating was maintained
On March 28, 2022, the company released its 2021 annual report: in 2021, the company realized an operating revenue of 1.767 billion yuan, a year-on-year increase of 32.61%; The net profit attributable to the parent company was 352 million yuan, a year-on-year increase of 53.1%; The net profit attributable to the parent company after deduction was 328 million yuan, a year-on-year increase of 58.88%; The net cash flow from operating activities was 342 million yuan, a year-on-year increase of 30.61%. The growth rate of the company’s revenue and profit is in line with our expectations. In terms of product categories, the revenue of the company’s Ophthalmology, medical beauty and wound care, orthopedics, anti adhesion and hemostasis products all increased. From the perspective of profitability, the gross profit margin decreased due to the equity acquisition of ouhuameike, the decline in the sales price of some models of intraocular lens in the area with volume procurement and the decline in the price of “Haiwei” hyaluronic acid products, but the net profit margin maintained an increase. We maintain the company’s profit forecast for 2022 and 2023 unchanged, and add a new profit forecast for 2024. It is estimated that the company’s net profit attributable to the parent company from 2022 to 2024 will be 555, 655 and 721 million yuan respectively, corresponding to EPS of 3.15, 3.73 and 4.1 yuan / share respectively, and the current share price corresponding to PE of 29.3, 24.8 and 22.6 times respectively. The company has a leading development in ophthalmology and medical and American business sectors, has great growth potential, and maintains the “buy” rating.
The equity incentive plan strengthens the determination of development and pays more attention to R & D
On December 30, 2021, the company issued the assessment management measures for the implementation of the equity incentive plan from 2022 to 2023. In 2021, the company granted 1.44 million restricted shares to 204 incentive objects for the first time, mainly to technicians; In 2022, the target is to achieve an operating revenue of 2.5 billion yuan or a net profit of 560 million yuan, and in 2023, the target is to achieve an operating revenue of 2.9 billion yuan or a net profit of 650 million yuan.
Relying on a solid R & D foundation, the four sectors have developed and expanded new technologies
The company actively promotes R & D and supplements the production technology of soft contact lenses, innovative high-end intraocular lenses, new corneal shaping lenses, the fourth generation organic cross-linked hyaluronic acid products and medical beauty instruments and equipment technology. In the four treatment fields of Ophthalmology, medical cosmetology and wound care, orthopedics, anti adhesion and hemostasis, the layout of “raw materials + R & D + manufacturing + sales” has been reached, and the industrial chain integration from upstream raw materials to product R & D, production and downstream market sales has been realized. The company has good professionalism in promotion and brand building. Through the sales model of the combination of regional market dealers and direct sales team, the company has established long-term and stable business relations with thousands of hospitals above class II A and major large private medical and beauty chain hospitals in China, and its growth can be expected in the future.
Risk warning: the risk that the R & D progress is less than expected; The risk that the growth rate of CSR in cataract surgery is lower than expected; Risk of sharp price reduction due to centralized procurement of ophthalmic consumables; The risk that the sales of medical beauty products are less than expected.
