\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 95 Autek China Inc(300595) )
Event: the company released its annual report for 2021. The annual revenue was 1.295 billion yuan (+ 48.74%), the net profit attributable to the parent company was 555 million yuan (+ 28.02%), and the net profit attributable to the parent company after deduction was 488 million yuan (+ 22.87%). In the fourth quarter, the revenue was 300 million yuan (+ 13.20%), the net profit attributable to the parent company was 112 million yuan (- 28.27%), and the net profit attributable to the parent company after deduction was 102 million yuan (- 27.68%). The company plans to distribute a cash dividend of 1.46 yuan (including tax) for every 10 shares. The overall performance is in line with expectations.
The sales volume of corneal contact lenses increased rapidly, and the average price was affected by income reclassification. The annual revenue of corneal contact lenses was 687 million yuan (+ 26.87%), and the sales volume was 634500 pieces (+ 35.53%). The revenue growth was slower than the sales volume, mainly because the inspection, reexamination, trial wearing and materials in the application of corneal shaping collected by the holding medical institution were included in the medical revenue; Further split OK mirror revenue of 670 million yuan (+ 28.45%) and daily David series revenue of 17 million yuan (- 13.96%). The revenue of nursing products was 228 million yuan (+ 47.49%), thanks to the expansion of terminals and the large volume of self-produced nursing products; The general frame mirror and other income is 196 million yuan (+ 84.44%), and the related wholesale business is expected to be included in the contribution increment; Medical income was 177 million yuan (+ 180.78%), mainly due to 1) the increase in the number of medical institutions consolidated; 2) The income from examination, reexamination, trial wearing and materials in the application of corneal shaping in the holding medical institution is separately listed as medical income.
Wholesale business affects gross profit margin, and equity incentive affects apparent profit growth. The annual gross profit margin of the company is 85.21% (-0.76pct). If the influence of share based payment is excluded, the gross profit margin of Chinese business is 79.77% (+ 1.72pct) and that of foreign business is 89.50% (basically the same). On the expense side, the annual sales / management / R & D / wealth expense ratio was 3.68% / 12.66% / 15.37% / – 0.08% respectively, with a year-on-year change of 1.12 / – 0.49 / 1.28 / – 0.26 PCT. in addition to the impact of equity incentive expenses on various businesses, the R & D expenses also entered phase II due to the self-developed peg irinotecan, with a year-on-year increase of + 105.22%. The net interest rate of the whole year after deducting non assets was 44.75%, which was basically flat year-on-year. The annual gross profit margin of the company is 76.69% (- 1.86pct), of which the gross profit margin of OK lens is 89.66% (- 0.55pct), mainly due to the inspection, re inspection, trial wearing and transfer out of materials with high gross profit in the past; The gross profit margin of nursing products was 54.83% (-0.65 PCT), which was relatively stable; General frame mirror and other gross profit margin 61.90% (-11.29pct), mainly the income transfer from the wholesale business with low and medium gross profit of consolidated subsidiaries; The gross profit margin of medical services is 72.30% (+ 19.29pct), and the examination, re examination, trial wearing and material transfer in of high gross profit.
On the expense side, the annual sales / management / R & D / wealth expense ratio was 18.83% / 7.95% / 2.11% / 0.29% respectively, with a year-on-year change of 0.42 / – 0.50 / – 0.07/0.37 PCT, and the overall annual net profit rate after non deduction was 37.67% (- 7.93 PCT). The net profit rate in the second half of the year, especially in the fourth quarter, was relatively low. It is expected that it is mainly affected by the income tax and expense sharing related to equity incentive. In the second half of the year, the two together affected the company’s profit of about 44 million yuan.
Investment and M & a continued to expand its own visual terminals, and R & D progressed smoothly. In the past 21 years, the proportion of direct sales increased to 64.00% (+ 2.05pct). Throughout the year, the company established 78 new subsidiaries and acquired 30 new subsidiaries, with a decrease of 22; There are more than 300 new cooperation terminals. At present, the total number of terminals that have established cooperation relations is more than 1400, including more than 350 terminals that participate in and hold shares.
In terms of R & D, the R & D of self-produced lens materials has been completed and is in the full performance inspection stage of the food and drug administration. It is expected that small batch trial will be completed in 22 years, the clinical trial of self-produced lubricant has been completed and applied for registration, the registration approval is expected to be completed in 22 years, the clinical trial of ultra-high oxygen permeable OK mirror has been completed, most samples have been included in the group, the application for in-hospital preparations of atropine eye drops has been accepted, and most preclinical R & D work is expected to be completed in 22 years.
Maintain the “buy” rating. The company is a pioneer of domestic corneal shaping lenses. After years of operation, it has formed well-known corneal contact lens brands such as dream David, dreamvision and Japanese David, and formed a strong sales channel through distribution and self-employed M & A. It is a scarce target in the field of ophthalmology in China. It is estimated that the net profit attributable to the parent company in 22-24 years will be RMB 763 / 10.00 / 1.329 billion, corresponding to 40 / 30 / 23 times of the current PE, maintaining the “buy” rating.
Risk warning. Product sales are less than expected; The progress of terminal expansion is less than expected; New product development is not as expected; Competitive pressure is greater than expected.
