\u3000\u3 China Vanke Co.Ltd(000002) 690 Hefei Meiya Optoelectronic Technology Inc(002690) )
Event: the company released its annual report for 2021: in 2021, the company achieved a revenue of 1.813 billion yuan, a year-on-year increase of 21.18%; The net profit attributable to the parent company was 511 million yuan, a year-on-year increase of 16.64%; Net profit deducted from non parent company was 483 million yuan, with a year-on-year increase of 24.06%. Achieve earnings per share of 0.76 yuan.
Event comments:
Oral CBCT sales reached a new high over the years, and the proportion of revenue and gross profit further increased. In 2021, the company’s color sorter, high-end medical imaging equipment and industrial testing equipment achieved revenue of 1.056 billion yuan, 657 million yuan and 76 million yuan respectively, with year-on-year growth rates of 10.32%, 44.57% and 13.84% respectively, accounting for 58.27%, 36.23% and 4.18% of revenue and 52.35%, 41.79% and 4.75% of gross profit respectively. In 2021, the company’s high-end medical imaging equipment developed rapidly, and its revenue and gross profit increased by 5.86pct and 7.67pct respectively compared with 2020. In 2021, the company achieved a total sales performance of 2177 sets in three large-scale oral CBCT online group purchase activities, setting a new high over the years. The gross profit margin of the high-end medical imaging equipment sector remained stable, reaching 59% in 2021, with a year-on-year increase of 0.79pct. By the end of 2021, the company’s cumulative sales of oral CBCT had exceeded 10000 over the years, opening a new era of localization of oral CBCT. At the same time, the company actively expanded the global market. In 2021, oral CBCT was exported to Australia and Africa for the first time, and obtained the market access license of Japan.
The color sorter maintained stable growth and the gross profit margin decreased. In 2021, the company released a new generation of Meiya color sorter, multispectral material sorter, second generation tea sorting Siasun Robot&Automation Co.Ltd(300024) and other innovative equipment produced by intelligent factory. The color sorter business maintained stable growth, with a year-on-year growth rate of 10.32%, accounting for 5.73 PCT and 7.81 pct of revenue and gross profit respectively compared with 2020. In 2021, the gross profit margin of color sorter business decreased by 2.75pct year-on-year, which was mainly affected by the price rise of upstream raw materials and the rise of shipping costs.
Costs and expenses affect the overall profitability of the company. In 2021, the company’s sales cost rate increased by 0.66pct year-on-year and 4.3pct compared with 2019. During 2021, the cost rate decreased by 0.62pct year-on-year and increased by 1.09pct compared with 2019. In terms of breakdown, the rate of administrative expenses increased by 0.29pct year-on-year, 0.74pct year-on-year compared with 2019, the rate of financial expenses decreased by 0.93pct year-on-year, 1.12pct year-on-year compared with 2019, and the rate of sales expenses increased by 0.18pct year-on-year. The company’s gross profit margin and net profit margin decreased by 0.66pct and 1.1pct respectively year-on-year.
Investment suggestions:
We expect that the net profit attributable to the parent company from 2022 to 2024 will be RMB 613 / 721 / 831 million respectively, EPS will be RMB 0.90/1.06/1.23 respectively, and the current share price corresponds to 30 / 25 / 22 times of PE. Considering that the company’s color sorter business maintained stable growth and the oral CBCT business returned to high growth, we raised its investment rating to “buy”.
Risk tips:
Intensified competition in the color sorter industry, less than expected overseas expansion, and force majeure factors such as the epidemic slowed down the growth of the oral CBCT industry, and the promotion of oral scanners was less than expected
