\u3000\u3 Guocheng Mining Co.Ltd(000688) 366 Shanghai Haohai Biological Technology Co.Ltd(688366) )
Event: the company released the annual report of 2021. In 2021, the company’s revenue was 1.77 billion yuan, a year-on-year increase of + 32.61%, the net profit attributable to the parent was 352 million yuan, a year-on-year increase of + 53.1%, and the net profit not attributable to the parent was 328 million yuan, a year-on-year increase of + 58.9%. In 2021q4, the company’s revenue was 492 million yuan, a year-on-year increase of + 11.8%, and the net profit attributable to the parent was 42 million yuan, a year-on-year decrease of – 64.5%, and the net profit not attributable to the parent was 35 million yuan, a year-on-year decrease of – 69.2%.
The overall recovery of rapid growth, increased investment and profit. The company realized a net profit attributable to the parent company of 352 million in 2021, which was in line with the lower limit of the previous forecast value. The company’s 21-year apparent high growth is mainly due to the abnormal base under the 20-year epidemic. Compared with 2019, the company achieved 10.2% on the revenue side and 5.1% on the profit side. On the one hand, after the gradual recovery of the epidemic, marketing, administrative and other activities increased, and R & D expenditure increased, resulting in an increase in the overall intermediate cost. 21q4 single quarter revenue was + 11.8% year-on-year, net cash flow from operating activities was + 6.6% year-on-year, and net profit decreased, mainly due to the significant increase in sales expenses and R & D expenses in a single quarter. 21. In the whole year, the net cash flow from operating activities was + 31% year-on-year, which was significantly improved.
The business performance of Yimei is brilliant, with endogenous + epitaxial two wheel drive. In 21 years, the company’s medical and beauty business revenue was 460 million yuan, a year-on-year increase of + 91.5%; Among them, the original hyaluronic acid business income was 241 million, a year-on-year increase of + 65%; The income of recombinant human epidermal growth factor was 128 million yuan, a year-on-year increase of + 33.5%, a record high; Through the merger and acquisition of ouhuameike’s new RF and laser equipment business, the revenue contributed 95 million yuan. In 21 years, the sales volume of hyaluronic acid reached 906000, with a year-on-year increase of + 56%. We expect that after the listing of the third generation hyaluronic acid Haimei, the competitiveness of hyaluronic acid products will be significantly improved and the product structure will be optimized. The price of the first generation hyaluronic acid will be reduced, focusing on cost performance. The second generation Guerlain will be the middle-end market and Haimei will be the high-end market. We expect that in 22 years, Haimei’s revenue will surpass Haiwei and Guerlain and become the main growth point in the future. The company’s fourth generation of organic cross-linked hyaluronic acid is in the clinical stage, and will further enrich the hyaluronic acid product line after listing. From the perspective of product line, the company has formed a complete matrix of medical and beauty products covering four categories: dermal filler, botulinum toxin, RF and laser equipment, and runs through three application scenarios: medical beauty, life beauty and home beauty.
Ophthalmic intraocular lens business is subject to multiple disturbances, and optometry products perform well. The company’s ophthalmic business revenue in 21 years was 674 million yuan, a year-on-year increase of + 19.2%, a decrease of 5% compared with 2019. By category, the revenue of ophthalmic intraocular lens was 330 million yuan, basically the same year-on-year, down 24% compared with 19 years; Ophthalmic viscoelastic agent revenue was 110 million yuan, a year-on-year increase of + 27%; The revenue of optoelectronic materials was 160 million yuan, a year-on-year increase of + 22%, and the revenue of optoelectronic terminal products (OK glasses, contact lenses and eye lotion) was 55 million yuan, a year-on-year increase of + 889%.
The weak growth of intraocular lens revenue is mainly due to the decline of average unit price after centralized mining and the shortage of supply of lenstec products from overseas suppliers due to overseas epidemic and natural disasters. In terms of volume, the company sold 673000 intraocular lenses in 21 years, a decrease of 3.7%, and the sales of agent products were 305000, a year-on-year increase of + 38.2%. The company’s annual sales volume of intraocular lens accounts for about 30% of the use in the Chinese market. Henan cosmos, a subsidiary of China’s self-produced intraocular lens, had an annual revenue of 104 million yuan, a year-on-year increase of + 37.6%. It is estimated that the growth rate of the R & D volume of China’s provincial companies and the follow-up market of artificial crystals has been relatively stable in the past two years, mainly relying on the improvement of the R & D volume of China’s provincial companies and the follow-up market. In terms of research and development, the pre installed hydrophilic aspheric intraocular lens p-pcf60 / A, the intraocular lens product pcf60 / L / pcf60 / Al suitable for patients with high myopia and high hyperopia, and the heparin surface modified aspheric coated intraocular lens product were approved in November 21. The innovative hydrophobic injection aspheric intraocular lens was launched in China in September of 20 years. At present, the patient has been enrolled. It was certified by EU CE in January of 21 years, hydrophobic injection astigmatism corrected aspheric intraocular lens was certified by EU CE in April of 21 years, and its clinical application was launched in China in July of 21 years.
In terms of visual terminal products, through cooperation and mergers and acquisitions in 21 years, the company obtained the exclusive agency right of Hengtai optical high-end OK lens MaiErKang myok, 60% equity of Meitong manufacturer Hebei Xinshikang, and the exclusive agency right of Hengtai optical OK lens Hengtai hiline, rigid corneal contact lens (RGP) and other products in January 22. Since 22 years, the company’s optometry products are expected to achieve a significant breakthrough in scale. Two OK mirror products independently developed by the company, with an oxygen permeability of 125, have been clinically completed, and the registration and application work will be started soon; Another OK mirror with an oxygen permeability of 180 (the highest in the world) has also started research and development. The second-generation suspended phakic posterior chamber refractive lens (PRL) has entered the registration and inspection stage, which is expected to improve the shortcomings of the first-generation PRL in the scope of myopia correction and aqueous humor permeability. The company’s current product layout has been able to provide diversified myopia solutions from prevention and control to correction for all age groups.
Ophthalmic products are being promoted in clinical trials. Lidocaine hydrochloride ophthalmic gel is in the stage of delivery. The moxifloxacin hydrochloride eye drops were approved for sale in March 21 years. The ocular vitreous body is in the registration examination stage.
Bone surgery achieved steady growth. In the year of 21, the company’s orthopaedic revenue was 400 million yuan, with a year-on-year increase of 21.2%. Among them, medical chitosan (for intra-articular injection) has been defined as a class III medical device by the State Food and drug administration. It is the only intra-articular viscoelastic supplement product registered with class III medical devices in China. It is classified into orthopaedic materials, which is conducive to the development of orthopaedic market. In the year of 21, the revenue was 140 million yuan, with a year-on-year increase of 37%. The 21-year revenue of surgery was 190 million yuan, a year-on-year increase of + 11.9%. In the past 21 years, the company’s new porcine fibrin adhesive was approved to be listed. At present, there are only four in China, which is expected to become a follow-up growth point.
Incentives are expected to drive the company’s performance growth. On December 30, 2001, the company announced the restricted stock incentive plan (Draft), and the number of restricted shares to be granted to the incentive objects was 1.8 million. The incentive objects included 206 directors, senior executives and core technicians in the company, with the grant price of 95.00 yuan / share. The unlocking target value is that the operating revenue in 2022 will reach 2.5 billion yuan or the net profit in 2022 will reach 560 million yuan; The operating revenue in 2023 will reach 2.9 billion yuan or the net profit in 2023 will reach 650 million yuan.
Profit forecast: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 570 million yuan, 710 million yuan and 870 million yuan respectively, with corresponding growth rates of 60.9%, 25.0% and 22.7% respectively; EPS is 3.22 yuan, 4.03 yuan and 4.94 yuan respectively, and the corresponding PE is 29x, 23x and 19x respectively. Maintain the “buy” rating.
Risk warning: product sales are less than expected; Intensified market competition; Price reduction of products affected by policies; The R & D of new products is less than expected; The termination of M & A and the performance of the subject matter of M & A are lower than expected.
