\u3000\u3 Guocheng Mining Co.Ltd(000688) 050 Eyebright Medical Technology(Beijing) Co.Ltd(688050) )
Event:
On March 31, the company released the annual report for 2021 and the performance forecast for the first quarter of 2022. In 2021, the company realized an operating revenue of 433 million yuan, a year-on-year increase of 58.61%, and a net profit attributable to the parent company of 171 million yuan, a year-on-year increase of 77.45%. The net profit attributable to the parent company after deduction was 150 million yuan, a year-on-year increase of 66.9%. It is estimated that in the first quarter of 2022, the company’s operating revenue will be 127 million yuan to 136 million yuan, with a year-on-year increase of 50.46% – 61.12%, and the net profit attributable to the parent company will be 55 million yuan to 62 million yuan, with a year-on-year increase of 52.75% – 72.19%. The performance is better than expected.
Comments:
The sales volume of products is growing rapidly, focusing on the continuous layout of R & D
In 2021, the company’s sales of intraocular lens and corneal shaping lens were stable. The gross profit margin of the company reached 84.29%, basically unchanged year-on-year; Continuously increase the R & D layout. In 2021, the sales expense rate was 20.76%, a year-on-year decrease of 0.21 percentage points, and the management expense rate was 12.09%, a year-on-year decrease of 2.11 percentage points; The R & D expense rate was 11.09%, an increase of 1.01 percentage points year-on-year, and the operating cash flow was 219 million yuan, an increase of 77.78%, an increase of more than the same period of last year, and the sales collection was good.
The product matrix of intraocular lens continues to upgrade, and the products are widely won the bid to promote sales
In 2021, the sales volume of the company’s intraocular lens products reached 701300, with a year-on-year increase of 40.27%, and the sales revenue was 305 million yuan, with a year-on-year increase of 36.37%. Due to the wide selection of products in centralized volume procurement, the sales growth was promoted. In 2021, several models of single piece hydrophobic aspheric intraocular lens aw-uv and foldable one-piece intraocular lens were approved for listing. Aspheric diffractive multifocal intraocular lens entered the product registration stage, and the intraocular lens continued to upgrade to the middle and high end.
The proportion of OK lens has increased, the color pupil business has officially started production, and the defocus lens has been listed to broaden the product line
In 2021, the sales volume of corneal shaping lens products (also known as OK lens) reached 215200 pieces, with a year-on-year increase of 110.64%, and the sales revenue was 107 million yuan, with a year-on-year increase of 159.54%. The reduction of the proportion of trial wearing pieces promoted the increase of the average sales unit price, and the gross profit margin of corneal shaping lens business increased by 9.22 percentage points. The company has officially registered and put into operation the “hydrophilic color contact lens” and has obtained the “three color contact lens” business license. At the same time, the company independently developed high oxygen silicone hydrogel contact lens products are also in normal progress. A functional lens released at the end of 2021 – ibright ® Puno pupil ® The release of defocus lens adopts the same myopia control principle as that of OK lens. Through peripheral defocus, the growth of eye axis and the deepening of myopia are slowed down, covering patients who are unwilling to wear OK lens and Puro pupil ® Microlens defocus lenses were also prepared in November 2021 to lay out the high-end defocus lens market.
Profit forecast and investment rating:
We expect that the company’s operating revenue from 2022 to 2024 will be RMB 658 / 985 / 1343 million respectively, and the net profit attributable to the parent company will be RMB 277 / 404 / 531 million respectively, maintaining the “buy” rating.
Risk warning: the progress of product research and development is less than expected, the sales promotion is less than expected, and the risk of failure to win the bid for core products in volume procurement.
