\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 29 Jafron Biomedical Co.Ltd(300529) )
Event: on April 13, 2022, the company released the first quarterly report of 2022. 22q1 achieved an operating revenue of 697 million yuan, a year-on-year increase of 20.46%; The net profit attributable to the parent company was 335million yuan, with a year-on-year increase of 18.32%; Net profit deducted from non parent company was RMB 323 million, with a year-on-year increase of 17.83%.
The impact of high base combined with the disturbance of epidemic situation led to a slight slowdown in income growth. In 2022q1, the prevention and control of covid-19 in China continued to upgrade, and large-scale epidemics broke out successively in South China and East China, which caused certain difficulties for on-site treatment of patients with kidney disease, and the dialysis time and frequency of patients were forced to be reduced. In particular, most liver disease diagnosis and treatment were hung up in the infectious diseases department, and the deployment of epidemic prevention personnel led to insufficient doctor resources, which was obviously impacted by the epidemic, and non acute treatment such as critical disease perfusion was generally postponed; At the same time, the company's sales staff's publicity and education, product promotion and other activities also face great resistance. The supply and demand of irrigation products are negatively affected. Superimposed on the high base in the same period last year (21q1 revenue of 579 million yuan, a year-on-year increase of 52.79%), various factors led to the decline of the company's growth rate in the first quarter. At present, the epidemic situation in China is still severe. We believe that in the future, with the gradual easing of epidemic prevention and control in China, routine diagnosis and treatment activities will gradually resume, and perfusion products are expected to usher in rapid growth.
R & D investment continued to increase, and the profitability was stable as a whole. Since the beginning of 2022, the covid-19 epidemic closure management has had a certain impact on the offline promotion of the company's employees outside China, and the relevant expenses have narrowed. In the first quarter of 2022, the company's sales expense rate was 17.84%, a year-on-year decrease of 1.68pp, the management expense rate was 4.17%, a year-on-year decrease of 0.52pp, the financial expense rate was 0.14%, a year-on-year increase of 0.83pp, the R & D expense rate was 5.85%, and a year-on-year increase of 2.24pp. At the same time, the price rise of bulk raw materials and the adjustment of freight prices also had some impact on the company's gross profit margin. The gross profit margin of 22q1 company was 84.50%, down 0.72pp year-on-year, and the net profit margin was 47.95%, down 0.90pp year-on-year. We believe that with the optimization and upgrading of the company's manufacturing process and the continuous volume of high-end products such as ha330 and Kha, the company is expected to continue to maintain a high profit level in the future.
CE, a new hemodialysis product, was approved to accelerate the strategic layout of globalization. On March 30, 2022, the company's hollow fiber hemodialyzer (high pass) and hollow fiber hemodialyzer (low pass) obtained CE registration certificate for 24 product specifications, which are used for hemodialysis treatment of adult patients with acute and chronic renal failure, becoming the company's fourth blood purification product certified in Europe. The company attaches great importance to the multi-dimensional development of overseas markets. In terms of academic construction, the company has established an overseas Expert Committee on multi organ support therapy with 6 global top medical experts to assist in the development of overseas evidence-based medical evidence. At present, the company has established cooperation with 43 international experts and plans to start a number of overseas clinical studies; In terms of personnel team, the company is starting the construction of localization team and starting to build localization promotion teams in 10 benchmark countries. At present, the company has achieved product sales in more than 80 countries and has been included in the medical insurance catalogue by Germany, Greece, Russia and other countries. With the in-depth promotion of the company's multi-dimensional internationalization strategy, the overseas business is expected to continue to achieve high-speed growth and continuously open the growth space.
Profit forecast and investment suggestions: we predict that the company's revenue from 2022 to 2024 will be 3.602 billion yuan, 4.899 billion yuan and 6.406 billion yuan, with a year-on-year increase of 35%, 36% and 31%; The net profit attributable to the parent company was RMB 1.599 billion, 2.154 billion and 2.791 billion, with a year-on-year increase of 34%, 35% and 30%; The corresponding EPS is 1.99, 2.67 and 3.46 yuan. Considering that the company is a leading enterprise of hemoperfusion in China, the continuous improvement of the penetration rate of kidney disease and liver disease is expected to bring continuous performance increment to the company and maintain the buy rating.
Risk prompt event: single risk of product structure; Market competition risk; Market space measurement deviation risk; The public materials used in the research report may have the risk of information lag or untimely update.
