\u3000\u30003 Beijing Unistrong Science & Technology Co.Ltd(002383) 00238)
Key investment points
Event: the company released the annual report of 2021 and the first quarterly report of 2022, and achieved an operating revenue of 490 million yuan (+ 11.9%) in 2021; The net profit attributable to the shareholders of the listed company was 73.687 million yuan (+ 58.1%); The net profit attributable to the shareholders of the listed company after deducting non profits was 51.146 million yuan (+ 49.5%). In the first quarter of 2022, the operating revenue was 120 million yuan (- 4.3%); The net profit attributable to the shareholders of the listed company was 21.78 million yuan (+ 19.4%), and the net profit attributable to the shareholders of the listed company after deduction was 2016 million yuan (+ 25.1%).
The gross profit margin and net profit margin increased steadily, and the expense rate was well controlled. Gross profit margin in 2021 is 75.1% (+ 2.6pp); The net interest rate is 10.4% (+ 2.6pp). The expense rate is relatively stable, with sales expense rate of 37.9% (- 3.6pp), management expense rate of 21.2% (+ 2PP) and R & D expense rate of 9.53% (+ 1.7pp).
Benvemod negotiated the price of medical insurance, and the sales volume increased nearly threefold. Benvemod cream successfully entered the national category B Medical Insurance catalogue. The new medical insurance price of 138 yuan / piece will be implemented from March 1, 2021, with a price drop of 72%. After the price drop, the price ratio is prominent. Benvemod achieved an operating revenue of 29.927 million yuan in 2021. In 2020, the sales volume of the product was 100000, and the sales volume increased to nearly 400000 in 2021.
The biomaterial sector grew steadily, strengthened cost control and responded to local centralized procurement. The biomaterials sector achieved an operating revenue of about 300 million yuan in 2021, an overall increase of 25.51% over 2020. Among them, the income of biological dural patch was 130 million yuan; The income of type B dural patch was 53.56 million yuan; The revenue of thoracic general surgery repair membrane was 34.24 million yuan (+ 48.26%). The company actively responded to centralized purchase and strengthened cost control.
The overall performance of the ophthalmology sector is stable, increasing the promotion of high-end products and actively introducing new products. The ophthalmology sector achieved an operating revenue of 104658 million yuan and a net profit of 27.829 million yuan in 2021. Xiangle Airui series intraocular lenses won the bid for many products in almost all joint centralized procurement, greatly increasing the market share; Aishuming series products have been promoted all over the country, among which higher-end products continue to be promoted in the non-public medical system, and the sales have increased steadily. In terms of new product introduction, the clinical trial of tekia intraocular lens in the United States has been completed and the submission of registration data has been started.
The performance of agency products has increased rapidly, and actively expand agency varieties to promote income growth. With the help of the company’s original sales channel resources and the expansion of agent categories, the sales revenue of Shenwai agent (intracranial pressure monitoring) products reached 71.39 million yuan, an increase of 51.7% over the same period last year, driving the growth of the company’s overall performance. The company actively expands other agent varieties and constantly enriches the product line.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1 / 1.2/160 million yuan, EPS will be 0.36/0.46/0.6 yuan, and the corresponding PE will be 42x / 33x / 26x. The growth of all sectors of the company is steady, and benvemod’s coverage is expected to increase significantly after entering medical insurance. Maintain the “buy” rating.
Risk warning: benvemod’s large volume is less than expected, the purchase of consumables with quantity fails to win the bid or the price reduction exceeds the expected risk, and the risk of R & D failure.
