\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 95 Autek China Inc(300595) )
Performance review
On March 30, 2022, the company released its annual report for 2021. In 2021, the company achieved an operating revenue of 1.295 billion yuan, a year-on-year increase of 48.7%, a net profit attributable to its parent company of 555 million yuan, a year-on-year increase of 28.0%, and a net profit not attributable to its parent company of 488 million yuan, a year-on-year increase of 22.9%.
Quarter by quarter, the operating revenue in the fourth quarter was 299 million, a year-on-year increase of 13.2%, and the net profit attributable to the parent was 112 million, a year-on-year decrease of 28.3%. Meet expectations.
Business analysis
The company insists on expanding its own visual terminals through investment, and the proportion of direct sales continues to increase. By the end of 2021, the company had participated in and controlled more than 350 visual terminals, with direct sales revenue of 828 million, gross profit margin of 80.65%, a year-on-year decrease of 2.45%, and the proportion of direct sales increased to 64%. In 2022, the company expects to expand no less than 100 visual terminals (excluding additional issuance).
The application of corneal plastic lens is in the rising channel. In 2021, the revenue of OK mirror reached 670 million (accounting for 52%), with a year-on-year increase of 28.5%; The revenue of ordinary corneal contact lens reached 17 million (accounting for 1%), a year-on-year decrease of 14.0%; The revenue of nursing products reached 228 million (accounting for 18%), with a year-on-year increase of 47.5%; Medical revenue reached 177 million (accounting for 14%), a year-on-year increase of 180.8%; The income of ordinary frame mirror and others was 196 million (accounting for 15%), with a year-on-year increase of 84.4%. The overall hard corneal contact lens segment sold 634500 pieces, with a year-on-year increase of 35.5%, including 19000 pieces purchased from other brands (year-on-year + 154.4%), with a year-on-year increase of 31.6% after deducting the purchased brands.
The gross profit margin decreased slightly, mainly due to the increase in the proportion of medical services. The gross profit margin of the company is 76.69% (-1.85pct) and the net profit margin is 45.68% (-5.31pct). The gross profit margin of OK mirror is 89.66% (- 0.55pct), the gross profit margin of nursing products is 54.83% (- 0.65pct), the gross profit margin of ordinary frame mirror and other products is 61.90% (- 11.29pct), and the gross profit margin of medical income is 72.30% (19.29pct). The sales expense rate is 18.83% (-0.42pct), the management expense rate is 7.95% (-0.50pct), and the R & D expense rate is 2.11% (-0.07pct).
Profit adjustment and investment suggestions
Considering the large volume of marketing corner plastic end products in the epidemic situation, we reduced the net profit of 22-24 years by 6.09%, 5.92% and 6.55% respectively. It is expected that the company will realize the net profit attributable to the parent company of 788 million yuan, 1026 million yuan and 1315 million yuan in 22-24 years, with a year-on-year increase of 42%, 30% and 28% respectively. The corresponding EPS is 1.04, 1.13 and 1.46 yuan / share respectively, and the current price corresponds to the PE multiple of 22 / 23 / 24 years, which is 38 / 29 / 23 times, maintaining the "buy" rating.
Risk tips
Medical malpractice risk; The risk of intensified competition in the industry; The risk of concentration of raw material suppliers.
