Huakang medical (301235)
Event:
The company released the annual report of 2021. The annual revenue was 861 million (year-on-year + 12.99%), the net profit attributable to the parent was 81 million (year-on-year + 54.67%), and the net profit deducted from non attributable to the parent was 78 million (year-on-year + 54.19%), and the performance was in line with expectations. The company plans to pay 1 yuan for every 10 shares.
Comments:
Recovery of medical purification business drives performance growth
The company’s core business medical purification system integration achieved a revenue of 706 million (year-on-year + 54.40%), accounting for 81.99% of the company’s operating revenue (60.01% in 20 years). In 21 years, compared with 20 years, the covid-19 epidemic situation in China has been alleviated as a whole, and the hospital purification integration project has been implemented gradually throughout the country; Benefiting from the trend of China’s new medical infrastructure and the increasing demand for public health weaknesses, medical purification projects need to be considered in the construction stage of secondary and above hospitals. We believe that the increase of new hospitals in 22-23 years will increase the demand for purification projects and promote the business development of the company.
The project integration ability was further improved
Huakang medical has been deeply engaged in the medical purification industry for more than ten years. Through project accumulation, customized professional design ability and on-site engineering implementation, it has achieved dynamic adaptation and flexible management. The delivery and disassembly of medical purification projects are divided into “11 task points”. The on-site management implements the dynamic supervision of “Project Manager 6 + 2 responsibility system”, which makes the whole process management standardized and standardized, and the overall gross profit margin increases from 33.08% to 37.26%, The net profit deducted from non parent company increased significantly (YoY + 54.19%), and the refined process management is expected to enable the company to maintain this gross profit margin in the future.
Maintain “buy” rating
Medical purification is the earliest link in the industrial chain of new medical infrastructure. The company is the industry leader and is expected to benefit from it. It is expected that the revenue growth rate in 22 years will reach 86.53% year-on-year. We expect the net profit of the company in 22-24 years to be 156 / 3.00/380 million respectively, corresponding to the closing price on April 6, PE is 36 / 19 / 15 times and cagr56.5 times in three years Maintain the “buy” rating of 07%.
Risk tips
Debt repayment risk, large balance of accounts receivable risk, change risk of preferential tax policies, increased market competition risk, main business qualification failure to renew risk, customer concentration risk, etc.
