\u3000\u3 China Vanke Co.Ltd(000002) 690 Hefei Meiya Optoelectronic Technology Inc(002690) )
On March 30, the company released its annual report for 2021. The annual revenue was 1.813 billion yuan, a year-on-year increase of + 21%, the net profit attributable to the parent company was 511 million yuan, a year-on-year increase of + 17%, and the cash dividend was 540 million yuan;
CBCT sales grew rapidly and revenue growth was in line with expectations. The company's revenue increased rapidly in 21 years, which is in line with the expectations of our previous report. In terms of business, the company's color sorter / medical equipment CBCT / X-ray industrial testing equipment achieved revenue of RMB 1.056657/76 billion respectively, with a year-on-year increase of + 10% / 45% / 14% respectively. The rapid growth of CBCT sales benefited from the repair of the epidemic. The company carried out three large-scale online group purchase activities during the year, realizing the sales of 2177 sets of CBCT in total, and the cumulative sales over the years exceeded 10000 sets. The market expansion of public hospitals has made positive progress and entered the supply chain of many public hospitals such as the General Hospital of the southern theater of the people's Liberation Army and the oral cavity Hospital of Xi'an Jiaotong University. We calculate that the penetration rate of CBCT in China is less than 30%, and there is still much room for improvement in the future. In 21 years, the company's products were exported to Australia and Africa for the first time, and obtained the market access license from Japan. The global share also has great potential to increase;
The gross profit margin of the color sorter has declined due to adverse factors such as the epidemic and shipping, and the profitability is slightly lower than expected. In the 21st year, the company achieved an overall gross profit margin of 51.15% and a net profit margin of 28.18%, with a year-on-year increase of -0.66 and -1.10pct. In terms of business, the gross profit margin of color sorter business decreased slightly from -2.75pct to 45.95% year-on-year, which is the main reason for the slight decline of the overall gross profit margin. Our analysis may be due to the impact of the company's change of sales strategy and the increase of shipping costs under the epidemic, and the company's overseas sales gross profit margin decreased from 58.03% to 53.24%. CBCT maintained a high gross profit of 59%, with a slight year-on-year increase of 0.79pct, and the proportion of revenue increased from 30% last year to 36%. In terms of expense ratio, the company's sales / management / financial expense ratio was + 0.18, + 0.29 and -0.93pct respectively year-on-year. The three expenses remained basically stable, and the R & D expenses remained at a high level of + 18% year-on-year. The investment income decreased, mainly due to the decrease of bank financial management income;
Investment advice. We estimate that China's CBCT penetration rate is less than 30%, and there is still much room for improvement in the future. Based on the company's current profitability, the company slightly lowered its 22-23 year profit forecast and added a 24-year profit forecast. It is estimated that the company's net profit attributable to the parent company from 2022 to 2024 will be 640 million, 770 million and 900 million respectively, corresponding to 29, 24 and 20 times of PE under the current share price. The valuation level in 22 years is in the low range of nearly 10 years. Under the principle of prudence, the company's new business increment will not be considered in the profit forecast, but the long-term expansion of the company's new products such as mobile CT and surgical navigation is worth looking forward to, and the "overweight" rating will be maintained;
Risk tips: 1. Stricter policy supervision of dental industry; 2. Global epidemic recurrence; 3. The competition pattern of the industry has deteriorated more than expected.
