\u3000\u3 Guocheng Mining Co.Ltd(000688) 050 Eyebright Medical Technology(Beijing) Co.Ltd(688050) )
Performance review
On April 20, 2022, the company released the first quarterly report of 2021, realizing an operating revenue of 131 million yuan, a year-on-year increase of 55.54%, and a net profit attributable to the parent company of 59 million yuan, a year-on-year increase of 63%. The performance growth in the first quarter exceeded expectations, and the deduction of non net profit was 52 million yuan, a year-on-year increase of 65%.
Business analysis
The intraocular lens grew rapidly and the angular plastic continued to increase. The sales of "pronomin" series intraocular lenses and "pronomin pupil" corneal shaping lenses increased. In the first quarter, the covid-19 epidemic in China affected a wide area and lasted a long time, resulting in a reduction in the number of patients with cataract and myopia, which affected the growth of the company's performance to a certain extent. Among them, in China, the number of end customers of the company continued to increase, and the sales volume increased steadily. Overseas, astigmatism and EDOF related intraocular lenses were gradually recognized by customers.
During the period, the expense rate decreased and the profitability was further improved. In the first quarter of 2021, the gross profit margin was 85.12% (+ 2.04pct), the net profit margin was 43.39% (+ 0.58%), the sales expense rate was 13.58% (- 2.08pct), the management expense rate was 10.24% (- 2.27pct), and the R & D expense rate was 9.61% (- 3.24pct).
CAITONG series products have obtained nmpa registration certificates of several models. The color pupil products of Tianyan pharmaceutical under the company have been registered with nmpa of several models. Tianyan has the international leading fully automated production equipment and adopts the full molding manufacturing process. At present, it has the production capacity of 40 million color pupils per year. After the completion of phase II expansion, it will reach the production capacity of more than 100 million color pupils per year.
The company has made continuous breakthroughs in the field of myopia prevention and control, and defocus lens is expected to become a new growth point. Defocus lens is an important supplement to OK lens. The company's newly developed Puro pupil microlens gradient defocus lens is expected to be delivered gradually, and this product is expected to become a new growth point of the company in the field of myopia prevention and control. "Punuotong Ximing" multi-functional rigid contact lens care solution has obtained three types of medical device registration certificate and production license, and is being marketed. Clinical trials of aspheric depth of field (EDOF) intraocular lens are being launched in China.
Profit adjustment and investment suggestions
Considering that the company is rich in products under research and is expected to be listed gradually to contribute to the increase of performance, we expect the net profit attributable to the parent company from 2022 to 2024 to be 241 million yuan, 318 million yuan and 413 million yuan respectively, with a year-on-year increase of 41%, 32% and 30% respectively. Maintain the "overweight" rating.
Risk tips
Procurement risk of intraocular lens volume; Market promotion is not as expected; Product R & D was approved less than expected
