\u3000\u3 Guocheng Mining Co.Ltd(000688) 050 Eyebright Medical Technology(Beijing) Co.Ltd(688050) )
Performance review
On March 30, 2022, the company released the annual report of 2021 and the performance forecast of the first quarter of 2022. In 2021, the company achieved an operating revenue of 433 million yuan, a year-on-year increase of 58.61%, a net profit attributable to the parent company of 171 million yuan, a year-on-year increase of 77.45% compared with 2020, and a deduction of non net profit of 150 million yuan, a year-on-year increase of 66.67% compared with 2020. The performance growth in 2021 is in line with expectations.
Quarter by quarter, Q4 achieved an operating revenue of 108 million yuan, a year-on-year increase of 17.61%, a net profit attributable to the parent company of 31 million yuan, a year-on-year increase of 10.71%, deducting 26 million yuan of non net profit, a year-on-year increase of 13.04%. Q1 is expected to achieve a median operating income of 132 million yuan, a year-on-year increase of 57%, and a median net profit attributable to the parent company of 59 million yuan, a year-on-year increase of 62.5%. The performance growth in the first quarter exceeded expectations.
Business analysis
Intraocular lens has achieved rapid growth both at home and abroad, and the amount of angular plastic continues to increase. The revenue of "pronomin" and other series of intraocular lenses increased by 36.37% year-on-year, and the sales volume increased by 40.27% year-on-year. In China, the company was widely selected in the centralized belt procurement of intraocular lenses in various regions, the number of end customers continued to increase, and the sales volume increased steadily. Overseas, with the gradual recognition of astigmatism and EDOF related intraocular lenses by customers, the sales volume increased significantly when the overseas epidemic is still severe, Compared with the same period last year, the sales volume increased by more than 50%. "Punuo pupil" series corneal shaping lenses continue to be used in large quantities with their superior product performance. "Punuo pupil" corneal shaping lens increased by 159.54% year-on-year, and the sales volume increased by 110.64% year-on-year.
CAITONG series products have obtained nmpa registration certificates of several models. The color pupil products of Tianyan pharmaceutical under the company have been registered with nmpa of several models. Tianyan has the international leading fully automated production equipment and adopts the full molding manufacturing process. At present, it has the production capacity of 40 million color pupils per year. After the completion of phase II expansion, it will reach the production capacity of more than 100 million color pupils per year.
The company has made continuous breakthroughs in the field of myopia prevention and control, and defocus lens is expected to become a new growth point. Defocus lens is an important supplement to OK lens. The company's newly developed Puro pupil microlens gradient defocus lens is expected to be delivered gradually, and this product is expected to become a new growth point of the company in the field of myopia prevention and control.
Profit adjustment and investment suggestions
Considering that the company is expected to be listed in 23 years and I CL crystal is expected to be listed in 24 years and gradually contribute to the performance increment, we reduce the net profit of 23 years by 6%. It is expected that the net profit attributable to the parent company from 2022 to 2024 will be 228 million yuan, 304 million yuan and 398 million yuan respectively, with a year-on-year increase of 40%, 33% and 31% respectively. Maintain the "overweight" rating.
Risk tips
Procurement risk of intraocular lens belt; Market promotion is not as expected; Product R & D was approved less than expected.
