\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 29 Jafron Biomedical Co.Ltd(300529) )
Event: the company released the report for the first quarter of 2022. In the first quarter of 2022, it achieved an operating revenue of 700 million yuan, a year-on-year increase of 20.5%; The net profit attributable to the parent company was 340 million yuan, a year-on-year increase of 18.3%; The net profit deducted from non parent company was 320 million yuan, with a year-on-year increase of 17.8%; The net cash flow from operating activities was 130 million yuan, a year-on-year decrease of 45%.
Affected by the scattered epidemic situation in various regions and the high base, the performance growth slowed down. The slowdown of the company’s revenue growth in the 22q1 quarter is mainly due to the frequent sporadic epidemics in Beijing, Jilin, Shenzhen, Shanghai and other regions in 2022q1, and the difficulties of the company’s salesperson’s travel, which superimposes the high base effect of the company’s performance exceeding expectations in 2021q1, but the compound growth rate of the company’s revenue side from 2020q1 to 2022q1 remains at a level of more than 33%. The net cash flow from operating activities decreased by 45% year-on-year, mainly because the company increased the purchase amount of raw materials under the condition of frequent epidemic, and the cash paid for purchasing goods and receiving labor services increased by 95% year-on-year; And the company’s increase in employee compensation at the beginning of 2022. It is expected that on the premise that the epidemic situation in various places will be alleviated in the future, the rigid demand attribute of the company’s kidney disease products will quickly recover, and the field of liver disease will also resume rapid growth.
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 1.7 billion yuan, 2.3 billion yuan and 3.1 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.
