\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 63 Maccura Biotechnology Co.Ltd(300463) )
Performance Brief
On April 19, the company released its 2021 annual report. In 2021, it realized a revenue of 3.981 billion yuan (+7.47%), a net profit attributable to the parent company of 957million yuan (+20.49%), and a net profit not attributable to the parent company of 947million yuan (+21.83%); Q4 achieved revenue of 971 million yuan (- 17.28%) in a single quarter, net profit attributable to parent company of 160 million yuan (- 29.58%) and net profit not attributable to parent company of 164 million yuan (- 25.91%).
Business analysis
The company’s performance remained stable and the volume of independent products was obvious. In 2021, China’s epidemic prevention and control policies remained unchanged on the whole, the epidemic situation was repeated in some areas, the company’s business activities were steadily promoted, and the overall performance remained stable. The company continued to promote the marketing and channel construction of independent products and optimize the revenue structure. During the reporting period, the sales revenue of independent products reached 2.300 billion yuan (+ 24.08%), of which the sales revenue of covid-19 products was 711 million yuan (+ 24.19%), the sales revenue of agency products was 1.635 billion yuan (- 9.76%), and 86% of the net profit came from the contribution of independent products.
R & D investment continued to increase and business indicators were healthy. The company implemented the layout of the whole product line and enhanced its core competitiveness, with a total R & D investment of 264 million yuan, a year-on-year increase of 12.45%, and obtained 42 new product registration certificates. Among them, the R & D investment of immune, biochemical, molecular and rapid detection platforms increased rapidly; During the period, the operating indicators were healthy, with the sales expense rate of 15.99% (+ 1.93pt), the management expense rate of 9.44% (+ 1.22pt), the financial expense rate of 1.45% (+ 0.01pt) and the R & D expense rate of 5.21% (+ 0.27pt).
China has launched a number of new products to consolidate its competitive advantage in the field of clinical testing. The company mainly released labasf9000 automatic blood analysis assembly line and labasf9000x automatic blood analysis workstation, and added as120 automatic film pushing and dyeing machine function module, which can form a series of blood detection products with medium and low-speed 5-series instruments and high-speed 8-series instruments to meet the personalized needs of customers; The approved full-automatic specific protein analyzer P100 / p100s and full-automatic urine analysis system U2000 / u2000s fully meet the needs of laboratory automation and diversification, and further consolidate the company’s competitiveness in the field of clinical testing.
Profit adjustment and investment suggestions
Considering that covid-19 income may gradually decline in 22 and 23 years, the company’s profit in 22-23 years will be reduced by 14% and 23%. It is expected that the company’s net profit attributable to the parent company will be RMB 1.076 billion, 1.205 billion and 1.386 billion in 20222024, with a year-on-year increase of 13%, 12% and 15%. The corresponding PE is 13, 12 and 9 times, maintaining the “overweight” rating.
Risk tips
Risk of volume procurement; Covid-19 mutant strain causes the risk of epidemic rebound; Risk of raw material supply; Product price reduction risk, overseas expansion is less than expected risk.
