\u3000\u3 Guocheng Mining Co.Ltd(000688) 366 Shanghai Haohai Biological Technology Co.Ltd(688366) )
Core view
Company performance announcement: 2021. In 2021, the total revenue was 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 + 53.10%; Deduct the net profit not attributable to the parent company of 328 million yuan, a year-on-year increase of 58.88%.
The ophthalmology business recovered and the volume of medical beauty increased. 1) Ophthalmology: in 2021, the number of various ophthalmic operations of the company gradually rebounded, with a total revenue of 674 million yuan, a year-on-year increase of + 19.24%. Among them, the total revenue of myopia prevention and refractive correction product line was 217 million yuan, a year-on-year increase of + 57.14%, mainly due to the increase in the sales of new products such as cornea shaping lenses and contact lenses. 2) Yimei: Yimei’s business revenue was 463 million yuan, a year-on-year increase of + 91.49%, ranking the second largest product line of the company. Among them, the revenue of hyaluronic acid was 241 million yuan, a year-on-year increase of + 64.59%. The company’s third-generation hyaluronic acid “Haimei” market responded well and its sales continued to increase. Through acquisition and expansion, the company has gradually formed a perfect matrix of medical and beauty products, which runs through three application scenarios: medical treatment, life and household beauty.
The gross profit margin decreased slightly in 21 years, which is expected to be improved by optimizing the product structure in the future. In 2021, the company’s gross profit margin was 72.13%, a year-on-year decrease of 2.8pct, mainly due to the acquisition of ouhuameike in 21 years and the reduction of gross profit margin; In addition, the gross profit margin of Ophthalmology and medical beauty sector decreased slightly due to the price reduction of some medium and low-end products. In the future, the company is expected to drive the recovery of gross profit level by increasing the proportion of medium and high-end products.
During the business expansion period, the cost investment increases. In 2021, sales, management and R & D expenses increased by 10.19%, 31.92% and 32.51% respectively year-on-year. Among them, the increase in sales expenses is mainly due to the company’s increasing investment in publicity and promotion through e-commerce and other channels; The acquisition of several companies leads to the increase of management expenses; The increase in R & D investment is mainly due to the entry of the new hydrophobic mold injection astigmatism correction aspheric intraocular lens project into the clinical trial stage and the increase in R & D expenditure of the company’s key medical and aesthetic products.
Investment suggestion and profit forecast: the company is a leading enterprise of ophthalmic consumables in China. It pays attention to R & D investment and rich pipeline of products under research. At the same time, it actively collects mergers and acquisitions, improves the business layout of Ophthalmology and medical beauty, and develops both endogenous and extension. It is estimated that the net profit of the company in 22-24 years will reach 470 million yuan, 610 million yuan and 750 million yuan respectively, corresponding to pe35, 27 and 22 times. The company is rated as “buy”.
Risk warning: Policy Supervision exceeds expectations; The promotion of new products is less than expected; Intensified market competition; The epidemic situation is repeated.
