\u3000\u3 Guocheng Mining Co.Ltd(000688) 050 Eyebright Medical Technology(Beijing) Co.Ltd(688050) )
Key investment points
Event: the company achieved a total operating revenue of 433 million yuan in 2021, with a year-on-year increase of 58.61%; The net profit attributable to the parent company was 171 million yuan, a year-on-year increase of 77.45%; Net profit deducted from non parent company was 150 million yuan, with a year-on-year increase of 66.91%. In Q4 alone, the company achieved a revenue of 108 million yuan, a year-on-year increase of 18.18%, and the net profit attributable to the parent company was 31 million yuan, a year-on-year increase of 11.23%.
Intraocular lens and corneal shaping lens business maintained a high growth momentum: in 2021, the income of intraocular lens was 305 million yuan, a year-on-year increase of 36.37%; The revenue of corneal plastic lens was 107 million yuan, a year-on-year increase of 159.54%; The income of other surgical products was 13.84 million yuan, a year-on-year increase of 90.69%; The revenue of other optoelectronic products was 5.65 million yuan, a year-on-year increase of 621.24%. The sales of intraocular lens was 71300, with a year-on-year increase of 40.27%; The sales volume of corneal shaping lenses (including trial wearing tablets) exceeded 200000, with a year-on-year increase of 110.64%.
Attach importance to R & D investment and promote the smooth development of products under research: in 2021, the total R & D investment of the company reached 663204 million yuan, with a year-on-year increase of 66.13% (including R & D expenses of 52 million yuan, with a year-on-year increase of 73.10%). Several new models of one-piece hydrophobic aspheric intraocular lens aw-uv and foldable one-piece intraocular lens have been approved for marketing, and the multi-functional hard contact lens care solution has obtained three types of medical device registration certificate in February 2022. Aspheric diffractive multifocal intraocular lens has entered the stage of product registration. The products of lens intraocular lens and ophthalmic sodium hyaluronate gel are steadily promoting clinical trials. The new aspheric triple focal astigmatism correction intraocular lens has entered the clinical trial stage.
The company released the performance forecast of 2022q1, and the intraocular lens and corneal plastic lens business still performed well: 22q1, affected by the covid-19 epidemic in China, the number of patients with cataract and myopia decreased, and the company’s performance still maintained rapid growth under the influence of the epidemic, mainly due to the continuous and rapid growth of the sales of the company’s core product “pronomin” and other series of intraocular lens and “pronomin” corneal plastic lens. According to the company’s 22q1 performance forecast, the 22q1 revenue is expected to be 127 million yuan to 136 million yuan, an increase of 50.46% to 61.12% year-on-year; It is estimated that the net profit attributable to the parent company in 22q1 will reach 55 million yuan to 62 million yuan, an increase of 52.75% to 72.19% year-on-year.
Profit forecast and investment rating: considering that the company is one of the leading ophthalmic devices and its core products are highly competitive in the market, we raised the company’s net profit attributable to the parent company from 212 / 285 million yuan to 248 / 340 million yuan in 20222023. It is expected that the net profit attributable to the parent company in 2024 will be 465 million yuan, corresponding to 73 / 53 / 39 times of PE in 20222024, maintaining the “buy” rating.
Risk tips: increased market competition, covid-19 epidemic and other force majeure risks.
