\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 29 Jafron Biomedical Co.Ltd(300529) )
Performance Brief
On April 13, 2022, the company released the first quarter report of 2022. In 2022, Q1 company achieved revenue of 697 million yuan, a year-on-year increase of + 20.5%; The net profit attributable to the parent company was 335 million yuan, a year-on-year increase of + 18.3%; The net profit deducted from non parent company was 323 million yuan, a year-on-year increase of + 17.8%;
Business analysis
Affected by the epidemic in China, the short-term growth rate of product sales slowed down slightly. Due to the repeated outbreaks in some parts of China in the first quarter, we judged that the company's blood perfusion product promotion activities and patient treatment process were negatively affected. In the same period last year, the company achieved an increase of more than 50% in revenue and profit, and the current performance base is high. Therefore, the growth rate of the company's performance slowed down in the short term. It is expected that in the future, with the improvement of the epidemic situation in China, the demand for products will show a restorative growth.
R & D expenses increased significantly, and attention was paid to the development of new products and technologies. In the first quarter of 2022, the company's comprehensive gross profit margin reached 84.50%, the net profit margin reached 47.95%, and the profit margin remained basically stable. The company's Q1 R & D expense rate was 5.85%, increased by 2.24pct year-on-year, and the R & D expense increased by 95.0% year-on-year. The company attaches importance to the development of new product technology, the number of R & D team continues to grow, and the product application field continues to expand, which is expected to maintain the product advantage in the field of blood purification in the future.
Continue to implement equity incentive, and new products are expected to gradually support performance. The company announced and implemented a new stock option incentive plan at the beginning of the year, with 735 incentive objects covering a wide range. And set a high income growth target, with the full score corresponding to a compound income growth rate of more than 30% from 2022 to 2024. At present, new products such as Kha series and cytokine adsorption column CA series, which are specially used for uremia treatment, have been successfully approved and listed in China. In the future, new products are expected to gradually support the long-term performance growth of the company.
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 industry for a long time. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.545 billion, RMB 2.082 billion and RMB 2.761 billion respectively, with a year-on-year increase of 29%, 35% and 33%, and EPS of RMB 1.92, RMB 2.59 and RMB 3.42 respectively. The current price corresponding to PE is 25, 19 and 14 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.
