\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 60 Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) )
2021 annual report and 2022 first quarter report:
In 2021, the company achieved an operating revenue of 25.270 billion yuan, a year-on-year increase of 20.18%; The total profit was 9.017 billion yuan, a year-on-year increase of 21.22%; The net profit attributable to the parent company was 8.002 billion yuan, a year-on-year increase of 20.19%; The net profit attributable to the parent company after deducting non-profit was 7.85 billion yuan, a year-on-year increase of 20.04%; The basic earnings per share was 6.59 yuan, a year-on-year increase of 20.26%. In 2022, Q1 company achieved an operating revenue of 6.943 billion yuan, a year-on-year increase of 20.10%; The net profit attributable to the parent company was 2.105 billion yuan, a year-on-year increase of 22.74%; The net profit attributable to the parent company after deducting non-profit was 2.072 billion yuan, with a year-on-year increase of 22.20%; The basic earnings per share was 1.74 yuan, a year-on-year increase of 23.17%.
The demand for routine medical treatment continued to recover, and the three core businesses grew rapidly. In 2021, the company’s life information and support products achieved an operating revenue of 11.153 billion yuan, a year-on-year increase of 11.47%; The gross profit margin was 66.39%, a year-on-year decrease of 1.59 percentage points. In vitro diagnostic products achieved an operating revenue of 8.449 billion yuan, a year-on-year increase of 27.12%; The gross profit margin was 62.51%, an increase of 2.78 percentage points year-on-year. Medical imaging products achieved an operating revenue of 5.426 billion yuan, a year-on-year increase of 29.29%; The gross profit margin was 66.34%, an increase of 0.16 percentage points year-on-year. As the epidemic situation eased, the demand for routine diagnosis procurement continued to increase, and the company’s routine medical imaging business accelerated the recovery. With the continuous promotion of new medical infrastructure and the rapid growth of emerging businesses such as AED and minimally invasive surgery, the three core businesses of the company have achieved rapid growth and the overall performance of the company has improved rapidly.
Epitaxial M & A, layout the upstream R & D end of IVD industry. During the reporting period, the company acquired 100% equity of hytest invest oy, a world-famous IVD upstream raw material supplier. After the merger, the company strengthened the advantage of industrial chain integration through hytest’s IVD raw material self-development and self-production capacity.
Share repurchase + equity incentive transfer confidence. Since the beginning of 2021, the company has launched a share repurchase of 1 billion yuan twice, and launched equity incentive schemes for key employees. The plan requires that the compound growth rate of the company’s net profit attributable to the parent company from 2021 to 2024 shall not be less than 20%. The company launched the equity incentive scheme, which conveyed the confidence of the company’s long-term sustainable development.
The number of overseas customers continued to increase. In 2021, the company seized the wave of new medical infrastructure, broke through more than 700 new high-end customers in Europe and emerging market countries, achieved horizontal product breakthroughs of more than 700 high-end customers, and further consolidated its overseas market position. In the future, the company is expected to further enhance its overseas market penetration and thicken its performance.
Investment suggestion: we expect the diluted EPS of the company from 2022 to 2024 to be 8.02 yuan, 9.63 yuan and 11.55 yuan respectively, and the corresponding dynamic P / E ratios are 37.38 times, 31.12 times and 25.94 times respectively. The medical device market has been growing steadily for a long time. Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) as a leading medical device enterprise in China, it continues to benefit from the high market boom and maintains the buy rating.
Risk tips: policy risk, risk of overseas market fluctuation, risk of lower R & D than expected, risk of aggravating Sino US trade friction
