\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 60 Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) )
Event: the company released the 2021 annual report and the first quarterly report of 2022. In 2021, the company achieved a revenue of 25.27 billion yuan, a year-on-year increase of 20.18%; The net profit attributable to the parent company was 8 billion yuan, a year-on-year increase of 20.19%; Net profit deducted from non parent company was 7.85 billion yuan, with a year-on-year increase of 20.04%; The gross profit margin was 65.01% and the net profit margin was 31.67%, basically unchanged year-on-year. In 2021q4, the company achieved a revenue of 5.88 billion yuan, a year-on-year increase of 18.5%; The net profit attributable to the parent company was 1.34 billion yuan, a year-on-year increase of 3.4%; Net profit deducted from non parent company was 1.3 billion yuan, with a year-on-year increase of 2.5%. In 2022q1, the company achieved a revenue of 6.94 billion yuan, a year-on-year increase of 20.1%; The net profit attributable to the parent company was 2.1 billion yuan, a year-on-year increase of 22.74%; Net profit deducted from non parent company was 2.07 billion yuan, with a year-on-year increase of 22.2%. During the reporting period, the company’s global high-end customer base continued to break through, and the market share of each business line continued to increase. Under the core competitiveness and cost performance advantages of the product portfolio, the company is gradually transforming from a “medical device product supplier” to a “solution provider to improve the overall diagnosis and treatment ability of medical institutions”.
Life information and support business: achieve stable growth, make continuous breakthroughs in the global high-end customer base, and make incremental contributions to China’s new medical infrastructure. In 2021, the company’s life information and support business achieved a revenue of 11.15 billion yuan, a year-on-year increase of 11.47%. During the period of fighting covid-19 epidemic, the company achieved a major breakthrough in the global high-end customer base and leapfrog improvement of brand influence, and the technical level of major products gradually entered the stage of global leadership. At the same time, China’s new medical infrastructure led by the expansion of large public hospitals has been gradually carried out. According to the company’s announcement: from the perspective of accessible market, the market space of China’s new medical infrastructure has exceeded 20 billion yuan by the end of the reporting period. The related products negatively affected by the epidemic recovered gradually during the reporting period, and the Seed Businesses of AED and minimally invasive surgery achieved rapid growth. In terms of new products, the company has achieved fruitful results. During the reporting period, the company launched ruizhilian ecosystem · intelligent monitoring +, vs 8 / 9 vital signs monitor, umed defibrillator, benefusion e series infusion pump (EVP / ESP / EDS), high-end anesthesia machine A8 / A9, adult noninvasive ventilator, hypixelr1 4K ultra-high definition fluorescent endoscope camera system, hybasev8 new platform operating table, hyport R80 new suspension bridge type I, 4K digital operating room and other products.
In vitro diagnosis business: the rapid growth trend remains unchanged, which is the core driving force of the company’s long-term growth. In 2021, the company’s in vitro diagnosis business achieved a revenue of 8.45 billion yuan, a year-on-year increase of 27.12%. The volume of routine diagnosis and treatment, physical examination and surgery continued to recover worldwide, and the sales of conventional reagents recovered significantly. At the same time, it benefited from the rapid increase of bc-7500crp, a popular new product integrating high-end fluorescent five classification, automatic peripheral blood injection and high-speed CRP joint inspection. The company’s blood cell business surpassed the imported brand for the first time and became the first in China. The company has continuously increased R & D investment in the field of in vitro diagnosis. During the reporting period, the company launched new products such as fully automatic cell morphology analyzer MC-80, high-end fully automatic biochemical analyzer bs-2800m, high-end fully automatic chemiluminescence immunoanalyzer cl-8000i, fully automatic blood cell analyzer bc-7500cs and fully automatic urine analyzer eu-5600. A new generation of high-end coagulation analyzer and supporting reagents will be launched in 2022, It provides a solid foundation for the continuous and rapid growth of in vitro diagnosis business. In addition, the company’s acquisition of hytest, the world’s leading supplier of in vitro diagnostic antigen and antibody, gives the company a more comprehensive technological innovation ability. In the future, the company’s influence and competitive advantage in the global in vitro diagnostic industry are expected to further expand.
Medical imaging business: achieve restorative growth, high-end products are listed one after another, and gradually enter the harvest period. In 2021, the company’s medical imaging business achieved a revenue of 5.43 billion yuan, a year-on-year increase of 29.29%. With the gradual recovery of routine diagnosis and treatment and physical examination around the world, ultrasound procurement activities also returned to normal, driving the medical imaging business to achieve high restorative growth. In the Chinese market, the company accelerated high-end breakthroughs in traditional ultrasound departments and emerging clinical departments in the hospital. The proportion of secondary and tertiary hospitals in China’s ultrasound revenue increased year after year. The company’s ultrasound business surpassed the imported brand for the first time in the reporting period and became the second in China. In the international market, the new medium and high-end desktop ultrasonic i9 series quickly became a popular model after its launch; In Europe, CIS, Latin America and other markets, MX and me series of high-end portable ultrasound have been successfully installed in the high-end customer system. During the reporting period, the company mainly launched comprehensive ultrasonic application solution “Kunlun R7” (China), women’s and children’s application solution “Nuwa R7” (China), POC high-end flat-panel color ultrasound te9 (global), high-end notebook color ultrasound M10 (China), medium and low-end desktop color ultrasound dc-70 shear wave solution (global), and medium-end portable MX / me series to expand multiple application fields High end mobile drmobieye700 / 750 / 800 Series (China) and other new products. At the same time, “ruiyingyun + +” launched innovative ultrasonic section level remote quality control solutions and discipline alliance solutions for the first time.
Investment suggestion: Buy-A investment rating, 6-month target price of 358.93 yuan. We expect that the revenue growth rate of the company from 2022 to 2024 will be 20.4%, 20.2% and 20.1% respectively, and the net profit growth rate will be 20.9%, 20.6% and 20.3% respectively, with outstanding growth; Maintain the Buy-A investment rating, with a six-month target price of 358.93 yuan, equivalent to 45 times the dynamic P / E ratio in 2022.
Risk warning: uncertainty of epidemic situation; Uncertainty of subsequent orders of the company
