\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 85 Amoy Diagnostics Co.Ltd(300685) )
Events
The company released its 2021 annual report. In 2021, it realized a revenue of 917 million yuan (+ 26%), a net profit attributable to the parent company of 240 million yuan (+ 33%), and a net profit not attributable to the parent company of 216 million yuan (+ 46%); Q4 achieved revenue of RMB 271 million (+ 11%) in a single quarter, net profit attributable to parent company of RMB 63 million (+ 16%), net profit not attributable to parent company of RMB 54 million (+ 20%), and the performance met expectations.
Comments
The performance continued to grow steadily and the operating efficiency was improved. The company achieved steady growth in revenue and net profit in 2021, and the recovery of diagnosis and treatment flow promoted the recovery of performance. The 21-year management rate and sales rate were 7.09% and 32.93% respectively, and the business indicators were healthy. The company attached importance to R & D investment to ensure continuous innovation and iteration of products. During the year, the R & D rate was 17.01%, with a year-on-year increase of 1.22pct. The comprehensive gross profit margin of the company was 84.38%, and the net profit margin was 26.07%, with a year-on-year increase of 1.31pct, and the operation quality was steadily improved. In the fourth quarter, under the influence of the epidemic spread in many places at home and abroad, the performance still achieved steady growth, reflecting the company’s business resilience.
Products blossom at multiple points, and businesses outside China go hand in hand. ADX GSS independently developed by the company in 21 years ® The algorithm has obtained Chinese patent authorization, and the HRD products based on the platform have obtained EU IVDD certification; In June 21, the company’s pcr-11 gene product was approved in Japan and included in the Japanese medical insurance in January 22; In March 22, the company’s PD-L1 immunohistochemical reagent obtained the first certificate in China, opening up China’s growth space. Innovative products have been successively approved and patented and certified outside China, and their future performance is expected to accelerate.
With the continuous implementation of cooperation achievements in the field of diagnosis, continuous R & D and innovation can be expected in the future. The company continued to expand the innovative mode of “diagnosis and drug cooperation” with well-known pharmaceutical enterprises. In 21 years, the company’s drug clinical research service business achieved a revenue of 54.18 million yuan (+ 27%). At present, the company’s partners include Janssen China, Bohao biology, AstraZeneca, Pfizer and Johnson & Johnson. The cooperation areas cover China, Japan, South Korea and the European Union. The combination of strong and strong forces promotes the further improvement of R & D strength and the continuous high growth of performance.
Profit adjustment and investment suggestions
Considering the uncertainty of the epidemic situation, we lowered the company’s 23 profit forecast by 7.5%. It is estimated that the net profit attributable to the parent company in 22-24 years will be 302 million yuan, 381 million yuan and 481 million yuan, with a year-on-year increase of 26%, 26% and 26%; The corresponding years of PE are respectively 1.69-27 and 1.34 times of that of the current company, respectively. Maintain the “overweight” rating.
Risk tips
Risk of changes in industrial policies; New product development and registration risks; Overseas expansion is less than expected risk; The risk of intensified industry competition; Exchange rate risk, etc.
