\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 95 Autek China Inc(300595) )
Event: the company issued the 2021 annual report, and the performance met expectations. In 2021, the company achieved an operating revenue of 1.295 billion yuan, a year-on-year increase of 48.74%; The net profit attributable to the parent company was 555 million yuan, a year-on-year increase of 28.02%; Net profit deducted from non parent company was 488 million yuan, with a year-on-year increase of 22.87%; Gross profit margin 76.69% / -1.86pct; The net interest rate is 45.68% / -5.31pct, which is mainly affected by non business factors such as the consolidation of subsidiaries' low gross profit businesses and income tax expenses. In Q4 alone, the company achieved an operating revenue of 299 million yuan, a year-on-year increase of 13.20%; The net profit attributable to the parent company was 112 million yuan, a year-on-year decrease of 28.27%; The net profit deducted from non parent company was 102 million yuan, a year-on-year decrease of 27.68%, which was significantly affected by the negative impact of the epidemic.
The construction of distribution channels and self owned visual terminals was further strengthened. In 2021, the company's cornea shaping lens and medical revenue business line achieved a total revenue of 847 million yuan, a year-on-year increase of 44.87%. By participating in cooc2021, visionchina 2021 and other national academic conferences, many provincial and municipal academic conferences on ophthalmology and optometry, as well as academic exchange and promotion meetings between Chinese chain hospitals and regional leading hospitals, holding various training lectures, carrying out technical visits, holding the 9th dream David fitting technology competition and other ways, the company has strengthened technology promotion and support, and added more than 200 cooperation terminals without equity relationship. At the same time, through investment and self construction, the company has expanded 110 optoelectronic terminals with equity participation, holding and self operation. By the end of the reporting period, the company had established cooperative relations with more than 1400 terminals, of which more than 350 terminals participated in and held shares, laying the foundation for the continuous growth of the company's business.
The research and development of new products is progressing smoothly, and we look forward to the increment brought by large-scale volume after listing. (1) Hard lens: the research and development of self-produced lens alternative materials has been completed, and the self inspection is qualified. The full performance inspection is being carried out in the testing center of the State Food and drug administration; The clinical trial of ultra-high oxygen permeable keratoscope has been completed, and most samples have been enrolled and clinical observation has been carried out; The registration test of scleral lens has been completed and clinical trials are being prepared. (2) Nursing products: hard mirror lubricant has completed clinical trial and applied for registration, which is under approval; The registration inspection and application for registration of class III medical devices of hard mirror flushing liquid have been completed and have entered the technical review; The intelligent ultrasonic hard mirror cleaning instrument II has been developed and put into the market, and good market feedback has been obtained. (3) Other products: the application of atropine eye drops in Hefei Kangshi eye hospital has been accepted; Anhui ouwu, a holding subsidiary, has completed the prototype trial production of China's first 308 nm excimer laser for the treatment of vitiligo and other skin diseases; Anhui Oz, a holding subsidiary, has completed the prototype trial production of terahertz respiratory and heartbeat monitoring system for real-time monitoring of non-contact vital signs in hospitals and families.
Investment suggestion: buy - a investment rating. We expect that the revenue growth rate of the company from 2022 to 2024 will be 33.1%, 32.8% and 30.3% respectively, and the net profit growth rate will be 31.7%, 33.0% and 30.9% respectively, with outstanding growth; Give an investment rating of buy-a. The six-month target price is 38.66 yuan, equivalent to 45 times the dynamic P / E ratio in 2022.
Risk warning: uncertainty of epidemic situation; The company's subsequent orders are less than expected; R & D progress is less than expected.
