\u3000\u3 Guocheng Mining Co.Ltd(000688) 677 Qingdao Novelbeam Technology Co.Ltd(688677) )
Event: the company announced in its 2021 annual report that in 2021, it realized an operating revenue of 310 million yuan, a year-on-year increase of 12.53%, and a net profit attributable to the parent company of 118 million yuan, a year-on-year increase of 22.19%. In Q1 2022, the company realized an operating revenue of 93 million yuan, a year-on-year increase of 39.21%, and a net profit attributable to the parent company of 35.792 million yuan, a year-on-year increase of 36.98%. The company’s performance is in line with market expectations.
The rate of R & D expenses increased significantly, and the net interest rate showed an upward trend. The management expense ratio of the company in 2021 was 10.99%, with a year-on-year increase of 1.43pct; The sales expense ratio was 3.34%, with a year-on-year increase of 1.38pct; Financial expenses were -0.26%, down 2.09pct year-on-year; The R & D expense ratio was 13.35%, an increase of 2.11 PCT year-on-year. In 2021, the gross profit margin of the company was 63.49%, a year-on-year decrease of 0.20pct, and the net profit margin was 37.83%, a year-on-year increase of 2.95pct, and the net profit margin continued to rise.
The company actively carries out the development, registration and industrialization of endoscope light source system and camera system. Among them, the endoscope cold light source b600 has obtained the product registration and production license in November 2021, with complete dual licenses; 4K Ultra HD fluorescent camera system has obtained product registration and production license in February 2022, with complete dual licenses; Combined with 4K white light and fluorescent laparoscope, which have been sold in China, an independent brand endoscope complete machine system integrating optical, mechanical, computer and computer technology has been formed. This part of the business has strong growth, which is expected to improve the concentration of low-end products and dependence on imports in China’s endoscope market, further enhance the company’s competitive advantage, enable the company to expand China’s incremental market while maintaining the growth of endoscope medical device series sales, and deeply participate in the technical innovation in China’s medical device field.
Maintain the “buy” rating. EPS is expected to be 2.00/2.83/3.95 yuan in the next three years, maintaining the “buy” rating.
Risk warning: industry competition intensifies the risk; Covid-19 epidemic development uncertainty risk; Industry policy risk; R & D is less than expected risk; Medical malpractice risk;
