\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 32 Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) )
Performance
On April 21, the company released the annual report of 2021 and the report of the first quarter of 2022. In 2021, the revenue was 2.545 billion yuan (+ 15.97%), and the net profit attributable to the parent company was 974 million yuan (+ 3.68%); Q4 achieved a revenue of 652 million yuan (+ 4.31%) and a net profit attributable to the parent company of 308 million yuan (+ 27.91%) in a single quarter. The performance was in line with expectations.
In the first quarter of 2022, the revenue was 743 million yuan (+ 39.53%), the net profit attributable to the parent company was 308 million yuan (+ 83.64%), and the net profit not attributable to the parent company was 286 million yuan (+ 98.17%), which exceeded the expectation.
Comments
The amount of high-speed aircraft is fast, and the top three coverage rate continues to break through. The company actively adjusted the instrument sales policy to promote the rapid growth of the number of installed machines in China. In 2021, the company completed the sales / installation of 1673 full-automatic chemiluminescence instruments, of which 601 were sold / installed by maglumix8, with a year-on-year increase of 47.67%. In the first quarter of 2022, the company completed the sales / installation of 1648 full-automatic chemiluminescence instruments, of which 148 were sold / installed by maglumix8. As of Q1 of 22, the number of customers of the company's third-class hospitals in the Chinese market had reached 855, and the coverage rate of third-class hospitals had increased to 54.11%.
The cost rate index is healthy, and the R & D cost is increased. In 2021, the company's sales expense rate was 14.53% (+ 1.01pt), management expense rate was 15.02% (- 1.25pt), financial expense rate was 1.14% (- 0.06pt), R & D expense rate was 8.45% (+ 1.59pt), and R & D continued to increase. The net profit margin of Q1 in 22 years was 42.45%, with a year-on-year increase of 10PCT, and the operation quality improved steadily.
Continuous research and development, optimization and enrichment of product lines, and the registered new products are expected to be enabled. In order to consolidate and improve the company's competitiveness in the field of immunodiagnosis and continue to track the technical development direction in this field, the company continued to carry out instrument research and development. In 2022, maglumix6 and 1600 speed automatic biochemical analyzer biosaysc8, which innovatively used the innovative suspension cleaning structure, were registered in China. If approved, they are expected to continue to empower the company.
Profit adjustment and investment suggestions
We are optimistic that the company's high-speed machine will drive the large-scale sales of reagents in the future. It is expected that the company will realize the net profit attributable to the parent company of 1.382 billion yuan, 1.838 billion yuan and 2.379 billion yuan in 22-24 years, with a year-on-year increase of 42%, 33% and 29%. The corresponding PE is 19, 15 and 11 times. Maintain the "buy" rating.
Risk tips
Risk of volume procurement; Covid-19 mutant strain causes the risk of epidemic rebound; Risk of raw material supply; Product price reduction risk, overseas expansion is less than expected risk.
