\u3000\u3 China Vanke Co.Ltd(000002) 880 Shenzhen Weiguang Biological Products Co.Ltd(002880) )
Key investment points
Event: the company released the 2021 annual report and the first quarterly report of 2022: 1) in 2021, the revenue was 910 million yuan, a year-on-year increase of 0.3%, the net profit attributable to the parent was 210 million yuan, a year-on-year increase of 7.9%, and the non net profit deducted was 200 million yuan, a year-on-year increase of 6.9%; 2) In the first quarter of 2022, the revenue was 140 million yuan, a year-on-year decrease of 0.6%, the net profit attributable to the parent was 25.33 million yuan, a year-on-year decrease of 6.1%, and the non net profit deducted was 23.92 million yuan, a year-on-year decrease of 5.8%.
The gross profit margin continued to improve, and the performance in the first quarter was affected by the epidemic. In the fourth quarter of 2021, the revenue was 290 million yuan, a year-on-year decrease of 2.1%, the net profit attributable to the parent was 67.76 million yuan, a year-on-year decrease of 2.4%, and the non net profit deducted was 65.56 million yuan, a year-on-year decrease of 3.9%. In 2021, the gross profit margin of the company's sales was 40.9%, with a year-on-year increase of 3.7pp; The gross profit margin in the fourth quarter of 2021 was 41.2%, an increase of 0.2pp compared with the third quarter. The gross profit margin in the first quarter of 2022 was 42.9%, an increase of 1.7pp compared with the first quarter of 2022. The continuous increase in the gross profit margin was mainly due to the continuous increase in the proportion of revenue of fibrinogen and special exemption products. In 2021, the sales expense rate, management expense rate and R & D expense rate were 2.6%, 7.1% and 5.2% respectively, with a year-on-year increase of 0.4pp, 0.3pp and 0.2pp. It is expected that the increase in sales expense is due to the promotion of new products in the initial stage of listing. The annual net profit margin of sales was 22.6%, up 1.6pp year-on-year. The sales expense rate, management expense rate and R & D expense rate in the first quarter of 2022 were 3.2%, 11.1% and 7.6% respectively, which was mainly due to the relatively low proportion of revenue in the first quarter, and the slight decrease of revenue end of the company's delivery logistics affected by covid-19 epidemic in March 2022.
Actively promote the research and development of new products, and prothrombin complex and coagulation factor VIII are expected to be approved for listing in recent years. The company actively promotes the research and development of new products. Human prothrombin complex has passed clinical verification and is expected to be listed in 2022; Human coagulation factor VIII has completed phase III clinical research and is expected to submit its listing application within 2022; Gao Chunjing C plans to start clinical research in 2022, and human fibrin adhesive is expected to submit ind application in 2022. The listing of new products will improve the comprehensive utilization rate of raw plasma and further improve the profitability of the company.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 230 million yuan, 260 million yuan and 300 million yuan respectively, with a year-on-year increase of 12.4%, 13.3% and 16%, corresponding to EPS of 0.79 yuan, 0.90 yuan and 1.04 yuan respectively, maintaining the "buy" rating.
Risk warning: market competition intensifies the risk; Cooperation is less than expected risk; The blood product volume is less than the expected risk.
