\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 32 Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) )
In 2021, the company achieved an operating revenue of 2.545 billion yuan, with a year-on-year increase of 15.97%. After deducting the business revenue of covid-19 luminous reagent, the company increased by 32.22% year-on-year. In terms of reagent sales, the revenue in the Chinese market was 1.433 billion yuan, with a year-on-year increase of 26.36%, 468 million yuan in the overseas market, with a year-on-year decrease of – 18.05%, and 402 million yuan in the overseas market (excluding covid-19 luminous reagent), with a year-on-year increase of 60; The net profit attributable to the parent company was 974 million yuan, a year-on-year increase of 3.68%; The net profit deducted from non parent company was 883 million yuan, with a year-on-year increase of 3.06%. In 2021, the gross profit margin of the company’s reagent products remained stable, and the gross profit margin of its main business decreased by 6.12% year-on-year (due to the overall reduction of the sales price of instruments); In 2022, Q1 achieved a revenue of 743 million yuan, a year-on-year increase of 39.53%, a net profit attributable to the parent company of 308 million yuan, a year-on-year increase of 83.46%, and a net profit not attributable to the parent company of 286 million yuan, a year-on-year increase of 98.17%.
Key points supporting rating
The sales of high-speed chemiluminescence analyzers continued to make efforts to expand the number of large medical terminal customers and reagent sales in China. In 2021, the company installed 601 high-speed chemiluminescence analyzers maglimix8 in the Chinese market, with a year-on-year increase of 47.67%. In Q1 2022, the company sold / installed 148 maglimix8. In 2021, the company had more than 7700 end customers in China. By the end of 2012, the number of end customers in Q1 China market had exceeded 7900 (6700 + in 2020). In 2021, China had accumulated more than 9800 chemiluminescence immunoassay instruments (8100 in 2020), of which 1209 were tertiary hospitals, and the coverage rate of tertiary hospitals in China reached 52.41%. By the end of 2012, the number of tertiary hospitals in Q1 had reached 855, The coverage rate of class III hospitals increased to 54.11% (726 class III hospitals in 2020, with a coverage rate of 47.89%). In 2021, China’s reagent sales increased by 26.36% year-on-year, and the reagent consumption of single machine increased significantly.
After deducting the influence of covid-19 reagent sales in the overseas market, the growth is rapid, and the brand strength continues to improve. In 2021, the company’s overseas covid-19 luminous detection reagent revenue decreased from 320 million to 66 million yuan. After deducting the impact of covid-19 luminous reagent sales, the overseas reagent revenue increased by 60.05% year-on-year and grew rapidly. In 2021, the company sold 2884 full-automatic chemiluminescence instruments overseas, with a year-on-year increase of 54.39%. So far, the company has provided services for medical terminals in 147 countries and regions (145 in 2020) in overseas markets, and has sold more than 10800 chemiluminescence immunoassay instruments (7900 in 2020).
Gradient model configuration, large and small models to meet the needs of different end customers. In 2021, maglumix3 achieved a cumulative sales / installed capacity of 763 units in China’s foreign markets. The company’s new generation X series automatic chemiluminescence instruments have excellent performance and have been widely recognized by the market. In addition, maglumix6, 1600 speed automatic biochemical analyzer biossaysc8 and modular biochemical immunoassay system biolumicx8 designed with innovative heavy suspension cleaning structure are registered in China.
Valuation
We expect the net profit attributable to the parent company from 2022 to 2024 to be 1.357, 1.832 and 2.309 billion yuan, corresponding to EPS of 173, 233 and 294 yuan. Maintain buy rating.
Main risks of rating
Industry policy risk; Risk of new product R & D and registration; Dealer sales model risk; Intensified market competition
Risks; Technology substitution risk; Covid-19 epidemic uncertainty risk, etc.
