\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 60 Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) )
Event: in 2021, the company realized an operating revenue of 25.27 billion, a year-on-year increase of 20.18%, and the net profit attributable to the parent company was 8 billion, a year-on-year increase of 20.19%; In 2022q1, the operating revenue was 6.94 billion, with a year-on-year increase of 20.1%, the net profit attributable to the parent company was 2.11 billion, with a year-on-year increase of 22.74%, and the non net profit deducted was 2.07 billion, with a year-on-year increase of 22.2%.
Comments:
The performance continued to grow steadily, and 22q1 continued its steady growth trend: in 2021, the company’s performance continued the high growth trend in 2020. In 22q1, various businesses outside China recovered significantly, the revenue continued to grow steadily, the scale effect led to the optimization of net interest rate (year-on-year + 0.67pct), and the profit growth was faster than the income of 2.64pct, which was in line with the previously released equity incentive target.
Conventional business recovery + new medical infrastructure drive growth, and 22q1 China’s high growth continues: from the perspective of production line, the whole year of 2021 benefited from the development of new medical infrastructure in China, and the income of life information and support business reached 11.15 billion (+ 11.47%), with an increase of more than 55% after deducting anti epidemic products; The recovery of routine ultrasound procurement and reagent consumption was accelerated. The revenue of in vitro diagnosis business was 8.45 billion (+ 27.12%), excluding the increase of 40% of anti epidemic related products, the revenue of medical imaging business was 5.43 billion (+ 29.29%). In terms of subregions, benefiting from the development of new medical infrastructure and the recovery of conventional procurement, China achieved an income of 15.26 billion (+ 37.34%), an increase of more than 40% after deducting anti epidemic products; Affected by the high overseas base and repeated epidemics, overseas revenue reached 10.01 billion (+ 0.96%), an increase of more than 35% after deducting anti epidemic products. 22q1 sustained recovery based on routine procurement, outstanding performance of high-end R-Series ultrasound, accelerated breakthrough of IVD business in tertiary hospitals, and rapid growth of medical imaging and in vitro diagnosis; High end products performed well + new medical infrastructure continued to expand, and 22q1 Chinese market continued its high growth trend.
“SanRui” has accelerated, with significant platform empowerment, helping to build new medical infrastructure. By the end of 2021, the number of “ruizhilian” it solution signing hospitals had exceeded 200, with an increase of more than 150 in only 21 years; “Ruiying cloud” image cloud platform has a cumulative installed capacity of more than 1300 sets, with an additional 1100 sets in 21 years; “Ruizhijian” it solution has been installed in nearly 60 hospitals since it was launched in 2021, 60% of which are tertiary hospitals. The reconstruction and expansion of large public hospitals with new medical infrastructure is mainly based on large hospital level projects, and the company’s “SanRui” ecological platform has obvious advantages in cooperating with equipment admission.
Continue to increase high-end R & D investment and accelerate the process of Globalization: in 2021, the R & D investment of the company was 2.73 billion (+ 30%), the R & D innovation and upgrading of the company continued to enter the deep-water area of technology, and the high-end categories continued to make breakthroughs. The lifeline newly launched global competitive categories such as “ruizhilian” ecosystem · intelligent monitoring +, vs 8 / 9 vital signs monitor, high-end anesthesia machine A8 / A9, and high-end biochemical, chemiluminescence Cell analysis and coagulation high-end category + hytest acquisition to build an integrated competitive advantage of IVD high-end industrial chain; Medical imaging launched comprehensive “Kunlun R7”, women’s and children’s “Nuwa R7”, POC high-end flat-panel color ultrasound te9 (global), high-end notebook color ultrasound M10 (China) and other high-end products to accelerate the high-end breakthrough of color ultrasound. In 2021, Europe and emerging market countries continued to break through more than 700 new high-end customers. The company continued to expand its global brand strength and market share, and the globalization process continued to deepen.
Investment suggestion and Valuation: the company’s three pillar businesses have significant leading advantages, the new medical infrastructure continues to contribute to the increment, the conventional business outside China has recovered significantly, and the national sales of row is expected to replicate the growth rhythm of China after 2015. It is estimated that the revenue in 202224 will be 30.96/37.77/45.7 billion respectively, with a year-on-year increase of 22.5% / 22% / 21%; The net profit attributable to the parent company was 9.73/11.77/14.18 billion respectively, with a year-on-year increase of 21.5% / 21% / 20.5%, and the corresponding PE was 41 / 34 / 28 times respectively. Maintain the “buy” rating.
Risk warning: the new medical infrastructure is not as expected; Overseas epidemic recovery is less than expected; The R & D and sales of new products were lower than expected, and the price reduction of centralized purchase was higher than expected.
