\u3000\u30003 Hunan Yujing Machinery Co.Ltd(002943) 00294)
Core conclusion
The performance of the comprehensive medical industry group dominated by blood products has grown steadily for a long time Boya Bio-Pharmaceutical Group Co.Ltd(300294) is a comprehensive medical industry group dominated by blood products business and integrating biochemical drugs, chemical drugs and API. In 2020, the company's performance was greatly impacted by the epidemic, and recovered from 2021. The annual operating revenue was 2.651 billion yuan, a year-on-year increase of 5.47%, and the net profit attributable to the parent company was 345 million yuan, a year-on-year increase of 32.48%.
The blood products industry has been in short supply for a long time, and the scale of the industry continues to expand. The blood products industry is strictly regulated and has high barriers to entry. China's actual demand for plasma exceeds 14000 tons. The whole industry will realize about 9390 tons of plasma collection in 2021, and the gap between supply and demand exists for a long time. In the past two years, blood products have been greatly affected by the epidemic, and the plasma collection volume of the industry has stagnated. With the gradual elimination of the impact of the epidemic, the aging population and the improvement of residents' consumption level, the blood products industry will maintain stable growth.
The company takes the lead in the industry in terms of per ton pulp efficiency, and China Resources takes the lead to improve the pulp expansion capacity. The company has outstanding technical capabilities, rich R & D pipelines and the gross profit margin of products is at the leading level in the industry. In the past, the company was subject to the slow increase of slurry collection, and after China Resources took over, the company's slurry expansion capacity is expected to be improved. The company has 14 pulp stations, with a pulp extraction capacity of 420 tons in 2021. The company aims to have a pulp extraction scale of more than 1000 tons during the 14th Five Year Plan period. On the other hand, the company's production capacity continues to expand, with an existing albumin static propylene production capacity of 600 tons. The company plans to build a 1800 ton intelligent factory to ensure the company's long-term slurry feeding capacity.
Profit forecast and rating: regardless of the expansion of the company's new pulp station, the company's net profit attributable to the parent company is expected to be RMB 511 / 626 / 753 million from 2022 to 2024, with a year-on-year increase of 48% / 22% / 20%. Give the company 40 times of the net profit attributable to the parent company in 2022, corresponding to the target price of 40 yuan / share. Give a "buy" rating.
Risk tip: the expansion progress of pulp station is slow, the R & D of new products is slower than expected, the capacity construction is slow, and the change of Danxia pulp supply relationship fails.
