\u3000\u3 Guocheng Mining Co.Ltd(000688) 050 Eyebright Medical Technology(Beijing) Co.Ltd(688050) )
Event: the company released the annual report of 2021 and the performance forecast of the first quarter of 2022. In 2021, the company achieved a revenue of 433 million yuan, a year-on-year increase of + 58.6%, and a net profit attributable to the parent company of 171 million yuan, a year-on-year increase of + 77.5%; The net profit deducted from non parent company was 150 million yuan, a year-on-year increase of + 66.9%.
In 2021q4, the company achieved a revenue of 108 million yuan, a year-on-year increase of + 18.2%, and a net profit attributable to the parent company of 31 million yuan, a year-on-year increase of + 11.23%; The net profit deducted from non parent company was 26 million yuan, a year-on-year increase of + 14.05%.
2022q1 is expected to achieve revenue of 127136 million yuan, a year-on-year increase of + 50.46% ~ 61.12%, and net profit attributable to parent company of 55 ~ 62 million yuan, a year-on-year increase of + 52.75 ~ 72.19%.
22q1 performance exceeded expectations. The company’s performance in 2021 is within the scope of the previous forecast, in line with expectations. The apparent growth rate of 21q4 performance is low. On the one hand, it is the disturbance of the epidemic situation, on the other hand, it is the disturbance of the expenses accrued in the incentive plan. In 2022q1, the revenue side and profit side of the company are expected to increase by more than 50%, and the profit side is expected to increase by more than 60% according to the median value, which is significantly higher than the previous expectation. It is not easy to achieve such performance in the case of the intensified spread of the 22q1 epidemic in China.
OK mirror continues its ultra-high growth momentum. According to the company’s announcement, the revenue of “Punuo pupil” corneal plastic lens was 107 million yuan in 2021, with a year-on-year increase of + 160%. The sales volume (including trial wearing tablets) was 215000 pieces, with a year-on-year increase of + 111%. The calculated average unit price of products was 498 yuan, with a year-on-year increase of + 23%. We judge that the company’s revenue has increased significantly. First, the number of covered terminals has also increased rapidly. Second, the bargaining power has been gradually improved, the dependence on a single customer has been reduced, and the average unit price of products has shown an upward trend. From the perspective of 2021, the gross profit margin reached 83.95%, with a year-on-year increase of 9.22pct. We judge that the increase of gross profit margin is driven by the reduction of cost under the scale effect on the one hand and the increase of average ex factory price on the other hand. According to the company’s announcement, the high growth of 22q1 is due to the continuous and rapid growth in the sales of “pronomin” and other series of intraocular lenses and “pronomin pupil” corneal plastic lenses. It is expected that the company’s OK lenses will continue to grow rapidly in 2022. Intraocular lenses overcome multiple difficulties and achieve high growth. According to the company’s announcement, in 2021, the revenue of “pronomin” and other series of intraocular lenses was 300 million yuan, a year-on-year increase of + 36%; The sales volume was 700000 pieces, a year-on-year increase of + 40%; The calculated average unit price was 434 yuan / piece, down 3%. In terms of gross profit margin, the company’s intraocular lens was 87% in 21 years, which was basically the same as that of the previous year. The company’s procurement of intraocular lenses in the provincial alliance and the covid-19 epidemic in 21q3 / Q4 China, which has led to the reduction of cataract visits in stages, still achieved high growth, showing the company’s rich product line and strong innovation profitability. Up to now, the company’s intraocular lens has covered more than 2000 hospitals in China and sold more than 2 million pieces in total.
Overseas business shows potential. In 2021, the company’s overseas revenue was 16.36 million yuan, a year-on-year increase of + 56.26%. The main overseas business was intraocular lens. With the gradual recognition of astigmatism and EDOF related intraocular lens by customers, the sales volume increased significantly when the overseas epidemic is still severe. According to the company, intraocular lenses have been exported to Germany, France, the Netherlands, Italy, Austria, Luxembourg, Thailand, Pakistan and other countries. Overseas market is expected to become a new growth point of the company.
The research and development is progressing smoothly. In 2021, the company’s R & D expenditure was 66 million yuan, a year-on-year increase of + 66%; Aw-uv and foldable one-piece intraocular lenses were approved for listing, three types of equipment multifunctional hard contact lens care solution was approved in February 22, aspheric diffractive multifocal intraocular lens entered the product registration, and the heavy product intraocular lens with lens eye has steadily promoted its clinical application.
Profit forecast: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 263 million yuan, 389 million yuan and 563 million yuan respectively, with corresponding growth rates of 53.6%, 47.7% and 44.9% respectively; EPS is 2.50 yuan, 3.70 yuan and 5.36 yuan respectively, and the corresponding PE is 62x, 42x and 29x respectively. Maintain the “buy” rating.
Risk warning: the impact of intensive intraocular lens mining exceeded expectations; The growth rate of corneal plastic lens was lower than expected; The intensified competition of corneal plastic lens leads to the decline of growth rate; The incentive effect is less than expected.
