Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) performance increased steadily, and the three major businesses performed well

\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 60 Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) )

Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) 2021: operating income of 25.27 billion yuan (+ 20.18%) and net profit attributable to parent company of 8 billion yuan (+ 20.19%). In 2022q1, the company realized an operating revenue of 6.94 billion yuan (+ 20.10%) and a net profit attributable to the parent company of 2.11 billion yuan (+ 22.74%). The three main businesses of the company achieved performance growth in 2021. The life and information support business benefited from the continuous growth of China’s new medical infrastructure business, the rapid increase of new products in vitro diagnosis business, and the continuous high-end breakthrough of medical imaging business.

Key points supporting rating

The performance grew steadily on the basis of a high base Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) 2021 achieved an operating revenue of 25.27 billion yuan, a year-on-year increase of 20.18%, and realized a net profit attributable to the parent company of 8 billion yuan, a year-on-year increase of 20.19%. In the single quarter of 2021q4, the operating revenue was 5.88 billion yuan, with a year-on-year increase of 18.46%, and the net profit attributable to the parent company was 1.338 billion yuan, with a year-on-year increase of 3.41%. In the fourth quarter, the growth rate of the profit side was lower than that of the revenue side, which was due to the increase in the proportion of sales expenses and R & D expenses. The company continued to grow steadily in the first quarter of 2022. In the single quarter of 2022q1, the operating revenue was 6.94 billion yuan, a year-on-year increase of 20.10%, and the net profit attributable to the parent company was 2.11 billion yuan, a year-on-year increase of 22.74%.

The three major businesses performed well. The life and information support business still achieved growth on a high base, reaching 11.15 billion yuan in 2021, a year-on-year increase of 11.47%, mainly due to the gradual development of China’s new medical infrastructure. Non epidemic related products restrained by the epidemic will gradually recover in 2021. The in vitro diagnosis business realized an operating revenue of 8.45 billion yuan in 2021, with a year-on-year increase of 27.12%. The global consumption of conventional reagents has recovered significantly, and the company’s bc-7500crp has increased rapidly. In the field of medical imaging, the operating revenue reached 5.43 billion yuan in 2021, with a year-on-year increase of 29.29%. Ultrasound procurement activities around the world also returned to normal. The company accelerated the high-end breakthrough of traditional ultrasound departments and emerging clinical departments in the Chinese market, and also started the process of breakthrough from medium and low-end customers to high-end customers in the overseas market

Adhere to R & D investment and continuously enrich products Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) has ten R & D centers with 3492 R & D engineers in Shenzhen, Wuhan, Nanjing, Beijing, Xi’an, Chengdu, Silicon Valley, New Jersey, Seattle and Europe. In 2021, the construction of Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) Wuhan Research Institute project is progressing smoothly, and it is planned to build the second largest R & D center of the company. The company invested 2.73 billion yuan in R & D in 2021, a year-on-year increase of 30.08%.

Valuation

It is expected that the net profit of the company in 2022, 2023 and 2024 will be 9.831 billion yuan, 11.882 billion yuan and 11.409 billion yuan respectively, and the EPS will be 8.108 yuan, 9.800 yuan and 11.884 yuan respectively.

Main risks of rating

Risk of price reduction in centralized purchase of consumables; Exchange rate fluctuation risk; The market expansion of new products is lower than expected; Risk of technology R & D failure; Overseas business risks.

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