\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 29 Jafron Biomedical Co.Ltd(300529) )
Key investment points
Event: the company released its 2021 annual report. In 2021, it realized an operating revenue of 2.68 billion yuan, a year-on-year increase of 37.2%; The net profit attributable to the parent company was 1.2 billion yuan, a year-on-year increase of 36.8%; The net profit deducted from non parent company was 1.14 billion yuan, with a year-on-year increase of 35.2%; The net cash flow from operating activities was 1.25 billion yuan, a year-on-year increase of 30.5%.
The perfusion device has a rapid volume in the field of multiple diseases and can continue to grow in the future. 1) Quarterly, the company's Q1 / Q2 / Q3 / Q4 single quarter revenue was 5.8/6.1/5.9/890 million yuan (+ 52.8% / + 24.2% / + 33.2% / + 40.6%), and the net profit attributable to the parent company in the single quarter was 2.8/3.4/2.4/330 million yuan (+ 53.6% / + 31.5% / + 30.1% / + 34.7%). The company's perfusion device products are just in demand, and still achieve brilliant performance under the influence of the epidemic, and the overall performance is in line with market expectations. By product, in 2021, the company achieved a revenue of 1.72 billion yuan (+27.7%) in the field of kidney disease, accounting for 65%; The income of liver disease reached 310 million yuan (+ 69.2%), accounting for 11.6%; The revenue of critical illness field reached 170 million yuan (+ 63.9%), accounting for 6.5%. Each disease field has covered thousands of medical institutions, and there is consensus among experts in corresponding fields to provide academic promotion support for the company. At present, the company's product penetration is still low, and it is expected to further improve the penetration in the future. 2) In terms of profitability, the company's gross profit margin in 2021 was 85% (+ 0.02pp) and remained basically stable. The sales expense rate was 22.4% (- 1.6pp), which was mainly due to the decline of the company's promotion expenses and advertising expenses under the influence of the epidemic. The management expense ratio was 4.9% (- 1.2pp), which remained stable. The R & D expense rate was 6.5% (+ 2.4pp), which was mainly due to the increase of R & D expenses in the company's new perfusion device regulations. The financial expense ratio was - 0.46% (+ 0.9pp) and remained stable. The net interest rate of the company in 2021 was 44.7% (-- 0.1pp), and its profitability remained stable.
Launch the equity incentive plan to boost the enthusiasm of the company's employees. This equity incentive plan is the sixth equity incentive since the listing of the company. Compared with the previous five times, this incentive is the one with the largest number of people covered and stock options granted by the company, and the performance evaluation indicators remain at a high level, reflecting the company's confidence in the sustained and high growth and development of the enterprise. We believe that this incentive plan is conducive to improving the enthusiasm of the company's employees, deeply binding the interests of employees, giving play to synergy and promoting the accelerated development of the company.
The raw material base was completed and started to form an integrated chain. The project of Jianshu company covers an area of 58 Mu and a construction area of 28000 square meters. It will build four high-level resin automation production lines. After reaching the production level, it will become a raw material production base with the level of process automation in the fine chemical industry. Hubei Huanggang hemodialysis powder and liquid product base, Zhuhai Jinding blood purification product production base and Zhuhai Gaolan Port raw material production base are also under active construction, which will further improve the company's raw material cost control ability. In the future, with the increase of the company's product penetration and no bottleneck limit on production capacity, a variety of products will jointly contribute to the performance increment.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.67 billion yuan, 2.25 billion yuan and 3.08 billion yuan respectively, and the CAGR of the net profit attributable to the parent company in the next three years will be 35%, maintaining the "buy" rating.
Risk warning: the risk of single product structure; The sales of hemoperfusion products were less than expected; Risk of product price reduction.
