\u3000\u30 Zhongyan Technology Co.Ltd(003001) 71 Tofflon Science And Technology Group Co.Ltd(300171) )
Core view
The performance increased significantly, in line with market expectations. The operating revenue was 4.192 billion yuan, a year-on-year increase of 54.83%, and the net profit attributable to the parent company was 828 million yuan, a year-on-year increase of 78.59%; Net profit deducted from non parent company was 760 million yuan, with a year-on-year increase of 92.00%.
The revenue of Q1-Q4 increased by 42.36% / 59.45% / 58.83% / 55.32% year-on-year respectively, and the year-on-year growth rate of net profit attributable to parent company of Q1-Q4 was 134.28% / 83.95% / 87.69% / 53.78% respectively. The higher growth rate of Q1 profit was mainly due to the company's accelerated delivery and acceptance progress and the comprehensive impact of the company's stagnant delivery base of purification project affected by the epidemic in the previous period.
Purification engineering and equipment, medical equipment and consumables increased significantly, and injection single machine and food equipment increased steadily. In terms of products, bioengineering single machine and system, purification engineering and equipment, medical equipment and consumables increased significantly, with revenue of 907 / 557 / 499 million yuan respectively, a year-on-year increase of 304.91/92.73/104.51%. This is mainly due to the rapid growth of biological macromolecules and cell equipment. Injection machine and food equipment grew steadily, with a revenue of 1.381200 billion yuan, a year-on-year increase of 13.01/27.39%. Other businesses accounted for less, including inspection and packaging stand-alone and system, API stand-alone and system, after-sales service and accessories, oral solid stand-alone and system revenue were RMB 192 / 170 / 172 / 111 million respectively, with a year-on-year increase of 36.17 / - 28.57/22.86/113.46%.
The epidemic has driven the demand for pharmaceutical equipment outside China, and the Chinese and European markets have grown rapidly. It mainly benefited from the global development trend and production capacity construction of biological macromolecular drugs such as antibodies and vaccines. The company's biological stock solution related equipment obtained more market opportunities outside China. The Chinese market revenue was 3.151 billion yuan, 44.41% year-on-year, and the overseas revenue was 1.04 billion yuan, 98.10% year-on-year. The proportion of overseas income has gradually increased, and the proportion of overseas income has increased from 19.39% in 2020. To 24.81% in 2021. In terms of sales regions in major overseas markets, the revenue in Europe was 730 million yuan, 148.30% year-on-year, and that in Asia was 297 million yuan, 2.98% year-on-year.
The overall cost rate was effectively improved, and the R & D investment continued. The overall cost rate decreased slightly, effectively reducing the management cost rate. In 2021, the overall gross profit margin of the company was 46.1%, with a year-on-year increase of 4.34 percentage points, and the total expense rate of the company was 20.13%, with a decrease of 1.32 percentage points. The company's sales expense ratio was 4.62%, down 0.88 percentage points; The decrease of sales expense rate is mainly due to the scale effect, and the increase rate of sales expense is slightly lower than that of revenue; The financial expense rate is - 0.2%, with no significant change; The management expense ratio was 8.92%, down 1.27 percentage points, mainly due to the company's implementation of the concept of accurate management and improvement of management level, which reduced the proportion of management expenses; The R & D expense rate was 6.79%, an increase of 1.02 percentage points. The increase in R & D expenses was mainly due to the increase of multiple R & D projects and the increase in the number of R & D personnel, salary and equity incentive expenses.
Profit forecast and investment rating: the company is a domestic pharmaceutical leader, providing pharmaceutical technology, core equipment and system engineering for global pharmaceutical enterprises, with more than 10000 pharmaceutical equipment and pharmaceutical manufacturing systems, serving more than 2000 world-famous pharmaceutical enterprises in more than 40 countries and regions. The company is expected to open the international market and is optimistic about internationalization for a long time. The fixed asset investment in pharmaceutical manufacturing industry has accelerated significantly, and the pharmaceutical equipment industry is still in the boom cycle. From the early development of a single lyophilizer business, the company has driven the growth of injection single machine and system, bioengineering single machine and system, purification engineering and equipment, medical equipment and consumables. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.036/12.191438 billion respectively, EPS will be RMB 1.65/1.94/2.29 respectively, and the corresponding PE will be 22.91/19.46/16.50 times respectively. It will be covered for the first time and given the investment rating of "overweight".
Risk tip: the fixed asset investment in the pharmaceutical industry is less than expected, and the risk of gross profit margin decline caused by cyclical fluctuations
