\u3000\u3 China Vanke Co.Ltd(000002) 690 Hefei Meiya Optoelectronic Technology Inc(002690) )
Event: the company released the annual report of 2021.
Oral CT business grew rapidly, and the revenue side achieved steady growth in 2021
In 2021, the company achieved an operating revenue of 1.813 billion yuan, with a year-on-year increase of 21.18%, slightly lower than our expectation. According to the products: ① in 2021, the company’s oral CT business (medical equipment) achieved an income of 657 million yuan, with a year-on-year increase of 44.57%, with an outstanding performance, accounting for 36.23% of the revenue, with a year-on-year increase of + 5.86pct, mainly due to the recovery of China’s oral industry and strong demand for CBCT. In 2021, the company was in South China, Beijing Shanghai Dental Exhibition has obtained 2177 CBCT orders in total, and we expect to achieve sales of about 3000 sets in the whole year. The rapid growth of oral CT business is the main reason for the stable growth of the company’s revenue in 2021; ② The export revenue of overseas color selection business was 3.9 billion yuan, which was lower than the expected year-on-year growth of 1.5 billion yuan, mainly due to the fact that the export revenue of overseas color selection business was 1.5 billion yuan, which was lower than the expected year-on-year growth of 1.5 billion yuan; ③ The income of X-ray industrial testing machines and accessories reached 76 / 24 million yuan respectively, with a year-on-year increase of + 13.84% and + 35.82% respectively, continuing a good growth momentum.
The profit level decreased slightly and continued the tradition of high dividends to give back to shareholders
In 2021, the company realized a net profit attributable to the parent company of 511 million yuan, with a year-on-year increase of 16.64%, slightly lower than our expectation. The net profit margin of the company in 2021 was 28.19%, with a year-on-year decrease of -1.10pct. The profit level decreased slightly: ① at the gross profit end, the overall gross profit margin of the company in 2021 was 51.15%, with a year-on-year decrease of -0.66pct. The gross profit margins of color sorter and oral CT were -2.75pct and + 0.79pct respectively year-on-year. The decrease of gross profit margin of color sorter was mainly related to the increase of raw; ② On the expense side, the expense rate of the company during 2021 was 23.68%, with a year-on-year increase of -0.62pct, mainly due to the weakening impact of exchange losses and the financial expense rate of -0.93pct; ③ The net investment income of the company in 2021 was 26 million yuan, which was lower than that in 2020 (43 million yuan), and also affected the net interest rate in 2021.
In terms of dividends, the company’s cash dividend in 2021 was 541 million yuan, accounting for about 106% of the net profit attributable to the parent company in that year. Since the listing, the company’s cumulative cash dividend exceeded 2.5 billion yuan, which was better returned to shareholders.
Equity incentive is good for the long-term development of the company, and public hospitals + overseas markets continue to make breakthroughs
The company implemented the restricted stock incentive plan in 2021 and granted 2.268 million shares to 243 core backbone employees for the first time; At the same time, the company set reserved rights and interests at the top of the restricted stock incentive plan in 2021 to enhance the sustainability and flexibility of the incentive. In terms of assessment, the growth rate of the company’s operating revenue from 2022 to 2023 compared with that in 2020 shall not be less than 40% and 60%. In the long run, the company has made positive progress in the market expansion of public hospitals. Many public hospitals such as the General Hospital of the southern theater of the people’s Liberation Army and the Stomatological Hospital of Xi’an Jiaotong University have become the users of the company’s oral CBCT. Oral CBCT has been exported to Australia and Africa for the first time and obtained the market access permit from Japan. While opening the growth space of the company’s CBCT, it also helps to promote other medical equipment of the follow-up company.
Profit forecast and investment rating: considering the impact of epidemic and other factors, we predict that the net profit attributable to the parent company from 2022 to 2024 will be 6.20 (down 13%), 7.48 (down 12%) and 893 million yuan respectively, and the corresponding dynamic PE of the current stock price is 30, 25 and 21 times respectively. Based on the good growth of the company, maintain the “buy” rating.
Risk tip: CBCT shipments are less than expected, and the overseas export of color sorter fluctuates, etc.
