\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 53 Jiangxi Sanxin Medtec Co.Ltd(300453) )
Event: the company released the first quarterly report of 2022. The Q1 revenue was 320 million yuan (+ 30.6%), the net profit attributable to the parent company was 47.45 million yuan (+ 39.4%), the net profit not attributable to the parent company was 46.77 million yuan (+ 53.2%), and the operating cash flow was 14.87 million yuan (+ 127%).
22q1 performance exceeded expectations and profitability continued to improve. In the first quarter of 2022, the growth rate of revenue was + 30.6%, and the growth rate of net profit attributable to the parent company was 39.4%, which exceeded the market expectation. This was mainly due to the company's continued efforts to expand the market of blood purification products, the continuous growth of the income of such products, the increase in the demand for foreign vaccine syringes and the significant increase in the income of injection products compared with the same period. From the perspective of profitability, the gross profit margin in 2022q1 was 35.8% (+ 3.1pp), which was mainly due to the increase in the proportion of vaccine injection business with high gross profit margin. The fourth rate was 16.2% (+ 1.3pp), of which the sales expense rate was 7.2% (- 1.7pp), the management expense rate was 5.9% (+ 2.7pp), the R & D expense rate was 2.9% (+ 0.7pp), and the final net profit margin attributable to the parent company was 14.8% (+ 0.9pp). The profitability continued to improve.
The blood purification business grew steadily, and there was a large demand for vaccine syringes abroad. In terms of business, the growth rate of blood purification products is expected to be 15% ~ 20% due to the impact of the epidemic and the decline in the prices of some products. Dialysis treatment is just needed by ESRD patients. With the release of the production capacity of the company's core products such as ventilators, dialysate and dialysis tubes, the core business is expected to maintain a steady growth trend; The revenue of injection products is expected to increase significantly year-on-year, mainly due to the sharp increase in the demand for vaccine syringes abroad.
The business space of blood purification is large, and the performance growth can be expected in the next few years. The company continues to improve the production efficiency of its wholly-owned subsidiary, while holding Chengdu Weisheng, a professional manufacturer of blood purification equipment, to create a complete ecological industrial chain of blood purification. There are more than 3 million ESRD patients in China. In 2020, there were 693000 dialysis people, and the treatment rate is less than 1 / 4. In the future, with the increase of penetration rate, the potential space of dialysis consumables market is expected to exceed 30 billion yuan. Capacity expansion and market development are expected to support the compound growth of the company's business of more than 30%.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 200 million, RMB 260 million and RMB 330 million respectively, the corresponding EPS will be RMB 0.51, RMB 0.65 and RMB 0.83, and the corresponding PE will be 20, 16 and 12 times. Considering the layout of the company's whole product line in the field of hemodialysis and high performance growth, the "buy" rating is maintained.
Risk tip: policy risk, shrinking demand for covid-19 vaccine syringes and intensified competition.
