\u3000\u3 China Vanke Co.Ltd(000002) 690 Hefei Meiya Optoelectronic Technology Inc(002690) )
2021 performance is slightly lower than expected; Revenue + 21%, net profit + 17%, deduction of non net profit + 24%
The company announced that in 2021, the operating revenue will reach 1.813 billion yuan, with a year-on-year increase of 21%; The net profit attributable to the parent company was 511 million yuan, a year-on-year increase of 17%, and the net profit attributable to the parent company after deducting non profits was 483 million yuan, a year-on-year increase of + 24%; In the fourth quarter alone, the company achieved an operating revenue of 440 million yuan, a year-on-year decrease of 2%; The net profit attributable to the parent company was 82 million yuan, a year-on-year decrease of 26%. The performance in 2021 was slightly lower than expected, mainly due to the lower than expected sales of Q4 overseas color sorter affected by the epidemic and the decline of net investment income.
The gross profit margin declined slightly due to overseas factors; High R & D investment will further enhance the competitiveness of the company
In 2021, the gross profit margin of the company’s sales was 51.2%, down 0.7pct year-on-year, and the net profit margin of sales was 28.2%, down 1.1pct year-on-year. Among them, the gross profit margin of Q4 in a single quarter was 47.1%, down 0.5pct year-on-year and 6.1pct month on month; The net interest rate was 18.7%, down 6.1pct year-on-year and 13.8pct month on month. We believe that the slight decline in gross profit rate is mainly due to the impact of overseas epidemic and the decline in gross profit rate of main product color sorter. High R & D investment will affect the company’s net interest rate in the short term, and is expected to further enhance the company’s competitiveness in the medium and long term. In 2021, the company’s R & D expenditure reached a new high over the years, about 120 million yuan (a year-on-year increase of 18%, accounting for about 7% of the total revenue). At present, the company is in the prototype stage in the fields of raw grain spectral sorting, intelligent sorting of grain postpartum collection and storage, and large field CT equipment, and the whole bottle of multi-material sorting and high-precision oral scanning equipment are in the small batch supply stage.
From a strategic perspective, attach great importance to the development of the medical industry, product renewal + channel breakthrough, and the revenue of the medical industry reached a new high
In 2021, the company launched new vision (16 10cm) oral CBCT and other new products, and the market competitiveness has been continuously improved. At the same time, the company actively expanded new marketing channels. While the large-scale online group purchase channels achieved excellent results (group purchase sales of 2177 units), the public hospital market made a new breakthrough. At present, the products have entered many public hospitals such as the General Hospital of the southern theater of the people’s Liberation Army and Chongqing People’s Hospital, and the brand influence has been further improved. In 2021, the company’s medical industry revenue was about 660 million yuan, with a year-on-year increase of 45%, accounting for 36% of the revenue, a record high, and the business structure was further optimized.
The improvement of product strength has been recognized by the overseas market. The contract liabilities increased by 89% in 2021, and the performance is expected to be guaranteed in 2022
In 2021, affected by the epidemic and other factors, the gross profit margin of overseas business was about 53%, down about 4.8pct year-on-year. At present, the company’s product strength has been continuously improved and has been recognized by the overseas market. In 2021, the company’s CBCT products were exported to Australia and Africa for the first time, and obtained the market access license of Japan. We believe that the company will further focus on the overseas market in the future, and the overseas market will be similar to the Chinese market, forming a dual drive situation of “color sorter + CBCT”. The company’s contract liabilities in 2021 were about 86 million yuan, a year-on-year increase of 89%. We believe that the company has sufficient orders on hand, and the performance is expected to be guaranteed in 2022.
Profit forecast
It is estimated that the company’s revenue from 2022 to 2024 will be about RMB 2.16/25.7/2.99 billion, with a year-on-year increase of 19% / 19% / 17%; The net profit attributable to the parent company was 620 / 760 / 920 million yuan respectively, with a year-on-year increase of 20% / 22% / 21%, corresponding to P / E 30 / 25 / 21x. Maintain the company’s “buy” rating.
Risk tips
1) CBCT shipments are less than expected; 2) Price fluctuation of raw materials; 3) Overseas product sales were lower than expected
