\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 29 Jafron Biomedical Co.Ltd(300529) )
Event: the company issued the annual report for 2021, and the performance was in line with expectations. In 2021, the company achieved an operating revenue of 2.675 billion yuan, a year-on-year increase of 37.15%; The net profit attributable to the parent company was 1.197 billion yuan, a year-on-year increase of 36.74%; Net profit deducted from non parent company was 1.137 billion yuan, with a year-on-year increase of 35.17%; The net operating cash flow was 1.249 billion yuan, a year-on-year increase of 30.49%. In Q4, the company achieved an operating revenue of 894 million yuan, a year-on-year increase of 40.63%; The net profit attributable to the parent company was 334 million yuan, a year-on-year increase of 34.66%; Net profit deducted from non parent company was 321 million yuan, with a year-on-year increase of 32.82%; The net operating cash flow was 583 million yuan, a year-on-year increase of 25.92%.
During the period, the expense rate remained stable as a whole under the year-on-year caliber, and the R & D investment increased significantly. In 2021, the company achieved gross profit rate of 84.97% / -0.27pcts and net profit rate of 44.70% / -0.05pcts; Sales expense ratio 22.37%/-1.64pcts; The management fee rate is 4.90% / - 1.20pcts; The R & D expense ratio was 6.50% / + 2.36 PCTs. In 2021, the company increased R & D investment and added 7 new product registration certificates. The R & D expense reached 174 million yuan, a year-on-year increase of 115.17%; The financial expense rate is -0.46% / + 0.93pcts.
The kidney disease business achieved steady and rapid growth, and the high growth trend of liver disease and critical illness business remained unchanged. In terms of business, the company's nephrology business achieved a sales revenue of 1.724 billion yuan in 2021, with a year-on-year increase of 27.70%, accounting for 64.55%. Among them, new nephrology products have entered more than 400 hospitals and been used. During the reporting period, the sales revenue exceeded 45.29 million yuan, and the new product market development effect is remarkable; The sales revenue of Hepatology business reached 310 million yuan, a year-on-year increase of 69.19%, and the proportion has increased to 11.62%; The critical illness business achieved a sales revenue of 173 million yuan, a year-on-year increase of 63.89%, accounting for 6.48%. Among them, the cytokine adsorption column was officially put on sale in December 2021. Although the year-on-year growth rate of kidney disease business slowed down slightly under the base factor, the hemoperfusion products of Hepatology, critical illness and other indications still maintained a high growth rate, accounting for an increasing proportion of the company's total revenue. Theoretically, uremia is only a small part of the clinical application of hemoperfusion. Hemoperfusion has many other application possibilities. In addition to the liver and critical diseases mentioned above, it also includes surgery, sepsis, blood lipid purification, lupus erythematosus and other autoimmune diseases. China kidney disease business is only the "preface" in the development process of hemoperfusion of the company. Although kidney disease accounts for a relatively high proportion at this stage and has a significant impact on medium and short-term performance, we should also see the clinical application prospect of hemoperfusion technology itself and the growth brought by internationalization to the company in the long term.
High speed and large volume of overseas business and continuous improvement of internationalization level. In 2021, the company achieved a sales revenue of 128 million yuan in the international market, with a year-on-year increase of 137.99%, accounting for 4.78% of the company's main business revenue. By the end of the reporting period, the company had achieved product sales in more than 80 countries, and the products had been included in the relevant medical insurance catalogue of 11 countries, including Germany, Russia and Greece. In terms of overseas team building, the company newly hired Caroline Xiaokui Jin as the company's deputy general manager, responsible for the company's international marketing promotion, scientific research cooperation, investment and business. Caroline Jin once worked in Bayer America, bidi Asia Pacific and Baxter global business division. She has rich experience and resources in the international blood purification industry and "adds strength to the company's overseas business expansion". At the same time, the company accelerated the construction of "localization team" and began to build localization promotion teams in 10 benchmark countries. In terms of international platform construction, the company has registered and established Jianfan International Co., Ltd. in Macao, which will be used as a platform to build a global service and business platform. In terms of international academic promotion, in June 2021, the company and six global top experts jointly established the overseas Expert Committee of multi organ support therapy (most) to help promote the company's hemoperfusion technology and products worldwide, and carry out overseas evidence-based medical evidence and clinical research. In addition, the company has also built a medical exchange platform "Jianfan club". Up to now, more than 4000 international experts and medical staff have become registered members. The company has established cooperation with 43 international experts and plans to start a number of overseas clinical studies. The above measures are expected to have a far-reaching and positive impact on the promotion of the company's products all over the world.
Investment suggestion: buy - a investment rating. We expect that the revenue growth rate of the company from 2022 to 2024 will be 35.4%, 33.9% and 32.3% respectively, and the net profit growth rate will be 32.3%, 31.9% and 31.2% respectively, with outstanding growth; Maintain the investment rating of Buy-A, and the six-month target price is 49.15 yuan, which is equivalent to 25 times the dynamic P / E ratio in 2022.
Risk warning: uncertainty of epidemic situation; Uncertainty of subsequent orders.
