\u3000\u3 Guocheng Mining Co.Ltd(000688) 050 Eyebright Medical Technology(Beijing) Co.Ltd(688050) )
2022q1 performance slightly exceeded expectations. In 2022q1, the revenue was 131 million yuan, a year-on-year increase of 55.54%, the net profit attributable to the parent was 59 million yuan, a year-on-year increase of 63%, and the net profit not attributable to the parent was 52 million yuan, a year-on-year increase of 65.15%. The absolute amount reached a record high in a single quarter.
Profitability continued to improve. The sales of OK lens is in rapid volume, and the sales of defocus lens has the advantage of channel coordination to maintain rapid growth. The gross profit margin of 2022q1 company was 85.12%, increased by 2.04 PCT year-on-year, increased by 0.83 PCT compared with the end of 2021, the sales expense ratio / management expense ratio / financial expense ratio was 13.58% / 19.85% / – 0.79%, decreased by 2.08/5.5/ – 0.7 PCT year-on-year, and the net profit margin was 43.39%, increased by 0.58 PCT year-on-year.
The “punuotong Ximing” multi-functional rigid contact lens care solution developed by the company has obtained three types of medical device registration certificate and production license, and is being marketed. The aspherical diffractive multifocal intraocular lens has been registered in the product registration phase. It is expected to be approved in the year. The products of lens intraocular lens and sodium hyaluronate gel gel are steadily advancing clinical trials. Clinical trials of aspheric depth of field (EDOF) intraocular lens are being launched in China.
Profit forecast and investment rating: it is estimated that the company’s revenue from 2022 to 2024 will be 624 million yuan, 907 million yuan and 1281 million yuan respectively, with a year-on-year increase of 44.1%, 45.4% and 41.2%, and the net profit attributable to the parent company will be 257 million yuan, 368 million yuan and 514 million yuan respectively, with a year-on-year increase of 50%, 43.3% and 39.6%, corresponding to 67.33, 47 and 33.66 times of PE. Considering that the company’s listed products are in a rapid volume period, the R & D pipeline enters the harvest period and is covered for the first time, a buy rating is given.
Stock price catalyst: new products get registration approval.
Risk factors: product quality and potential liability risks; Risks managed by dealers; The risk that the epidemic prevention and control affects the sales and the performance is lower than expected.
