\u3000\u3 China Vanke Co.Ltd(000002) 007 Hualan Biological Engineering Inc(002007) )
Event: the company released]2021 annual performance report. In 2021, the annual operating revenue reached 4.436 billion yuan, a year-on-year decrease of 11.6%; The net profit attributable to the parent company was 1.299 billion yuan, a year-on-year decrease of 19.48%. In 2021q4, the revenue was 1.075 billion yuan, a year-on-year decrease of 44.9%, and the net profit attributable to the parent company was 242 million yuan, a year-on-year decrease of 62.7%.
Blood products business: the income is stable and the production side has increased. In 2021, the company’s blood products business realized a revenue of 2.598 billion yuan, basically the same as that in 2020. Considering that the revenue of blood products in 2021h1 decreased by about 8% year-on-year, the revenue of blood products business of 2021h2 company was 1.326 billion yuan, an increase of about 10% year-on-year. In 2021, the revenue of human albumin was 1.011 billion yuan, with a year-on-year increase of 5.7%, that of Jingbing was 709 million yuan, with a year-on-year decrease of 14%, and that of other blood products was 878 million yuan, with a year-on-year increase of 8.4%. According to the disclosure of the annual report, the company’s production of blood products increased by 9.7% year-on-year in 2021. It is expected that the company’s pulp collection and injection production will run well, and the blood products business is expected to achieve steady growth in the future.
Vaccine business: covid-19 epidemic dragged down influenza vaccination and affected income. In 2021, the company’s vaccine business realized a revenue of 1.825 billion yuan, a year-on-year decrease of 24.8%. Considering that the company’s revenue in the first three quarters increased by about 23% year-on-year, it is expected that the decline of vaccine business is mainly due to the impact of 2021q4 covid-19 epidemic on influenza vaccination. In 2021, the company formed an inventory of about 9.5 million vaccines, with a year-on-year increase of 181.73%.
In 2021, the gross profit margin of the company’s sales was 68.74%, a year-on-year decrease of 3.96pp, and the net profit margin of sales was 32.78%, a year-on-year decrease of 3.93pp. During the reporting period, the company’s sales expense rate / management expense rate / R & D expense rate / financial expense rate respectively changed by -3.94 / + 0.77 / + 1.48 / + 0.44pp compared with the same period last year. The decline of profitability and the increase of expense rate are mainly caused by the decrease of vaccine income.
Profit forecast: it is estimated that the company’s EPS from 2022 to 2024 will be 0.89 yuan, 1.08 yuan and 1.28 yuan respectively, and the net profit attributable to the parent company will maintain a compound growth rate of 21% in the next three years.
Risk tips: the plasma collection volume is less than expected, the volume of tetravalent influenza vaccine is less than expected, and the research and development progress is less than expected.
