\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 29 Jafron Biomedical Co.Ltd(300529) )
Performance Brief
On April 11, 2022, the company issued its annual report for 2021. In 2021, the company realized a revenue of 2.675 billion yuan, a year-on-year increase of + 37%; The net profit attributable to the parent company was 1.197 billion yuan, a year-on-year increase of + 37%; The net profit deducted from non parent company was 1.137 billion yuan, a year-on-year increase of + 35%;
Quarter by quarter, Q4 company achieved revenue of 894 million yuan in 2021, a year-on-year increase of + 41%, net profit attributable to parent company of 334 million yuan, a year-on-year increase of + 35%, net profit not attributable to parent company of 321 million yuan deducted, a year-on-year increase of + 33%.
Business analysis
Hemoperfusion products grew steadily, and liver disease and dialysis business increased rapidly. In 2021, the company’s business performance achieved steady growth, and its products have covered more than 6000 secondary and above hospitals across the country, and its brand influence has continued to improve. The revenue of hemoperfusion device was 2.319 billion yuan (+ 34%); The revenue of plasma bilirubin adsorber was 156 million yuan (+ 66%); The revenue of dialysis powder and liquid products was 54.17 million yuan (+ 79%). With the steady growth of traditional superior perfusion products, liver disease bs-330 and dialysis products are significantly increased.
The comprehensive profit margin remained stable, and the R & D investment increased significantly. In 2021, the company’s comprehensive gross profit margin reached 84.97%, and the annual net profit margin reached 44.70%. The profit margin was basically the same year-on-year, with high profitability and strong sustainability. The annual R & D expense rate of the company was 6.50%, with a year-on-year increase of 2.36 PCT, and the annual R & D investment increased by 115.2%. The company continues to pay attention to R & D investment, and will also focus on the research and development of inflammatory mediators, immunity, bilirubin, endotoxin, hypolipidemic, extracorporeal circulation power devices and other products in the future.
The promotion of new perfusion products is smooth, and the dialyzer products will be on the market soon. In 2021, the company promoted 4.5 million yuan of new products of uremia series, and achieved remarkable sales results in the new market of uremia series. The blood dialyzer production base in the north area of Zhuhai Jianfan park headquarters was completed and put into operation in July 2021, of which the first phase can achieve an annual output of 4 million dialyzers. In addition, in March 2022, the company’s blood dialyzer obtained CE certification. In the future, the dialyzer products are expected to be approved for listing in China, further opening up the market space of blood purification.
Profit adjustment and investment suggestions
We are optimistic about the development prospect of the company in the field of blood purification, and are expected to maintain the leading position in the blood perfusion device industry for a long time. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.604 billion, RMB 2.180 billion and RMB 2.871 billion respectively, with a year-on-year increase of 34%, 36% and 32%. The EPS will be RMB 1.99, RMB 2.71 and RMB 3.56 respectively, and the current price corresponding to PE will be 22, 16 and 12 times, maintaining the “buy” rating.
Risk tips
New product development fails to meet expectations; Risk of product price reduction caused by medical insurance fee control policy; The construction and use of production capacity did not meet expectations; Product promotion and demand did not meet expectations.
