\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 82 Guangzhou Wondfo Biotech Co.Ltd(300482) )
Event:
The company announced that in the annual report of 2021 and the report of the first quarter of 2022, the company achieved a revenue of 3.361 billion yuan in 2021, a year-on-year increase of 19.57%; The net profit attributable to the parent company was 634 million yuan, a year-on-year increase of 0.04%; The net profit attributable to the parent company after deduction was 551 million yuan, a year-on-year decrease of 6.74%.
In the first quarter of 2022, the company achieved a revenue of 2.625 billion yuan, a year-on-year increase of 276.87%; The net profit attributable to the parent company was 904 million yuan, a year-on-year increase of 481.32%; The net profit attributable to the parent company after deduction was 899 million yuan, a year-on-year increase of 535.50%.
Comments:
Traditional business has recovered significantly, and the growth rate of chronic disease management is the fastest
In terms of business, the company’s regular business revenue in 2021 was 1.916 billion yuan, a year-on-year increase of 38.18%. Among them: 1) the revenue of chronic disease management business was 916 million yuan, with a significant year-on-year increase of 60.72%; After the outbreak of co19, the demand for fluorescent detection products in some hospitals in China continued to increase significantly with the help of overseas epidemic control projects. 2) The business income of infectious diseases was 523 million yuan, a year-on-year increase of 27.95%; The demand for influenza testing programs in China is weakly affected by the epidemic, and inflammatory factors are growing steadily; As an important covid-19 auxiliary diagnostic index, the sales of overseas inflammatory factors increased significantly year-on-year. 3) The revenue from drug testing was 270 million yuan, a year-on-year increase of 12.16%; In 2021, the employment rate in the United States was affected by the epidemic, which brought fluctuations in the demand for drug testing products in the field of employment. However, the company actively expanded its sales channels in the United States and strengthened cooperation with scientific research institutions and online platforms. 4) The income from eugenics testing was 207 million yuan, a year-on-year increase of 23.86%; China has increased R & D and deepened the construction of online platforms; Promote the upgrading of products overseas and drive the rapid recovery of sales.
Covid-19 business continues to grow, and the demand for antigen detection in China increases
In 2021, the company’s covid-19 business achieved a sales revenue of 1.145 billion yuan, a year-on-year increase of 9.61%. In 2021, the demand for covid-19 antigen self-test products in Europe increased rapidly. The company seized this opportunity and actively promoted the access and registration of covid-19 self-test products in European countries. At present, the company’s covid-19 antigen self-test products have passed the EU CE certification and obtained covid-19 antigen self-test certificates from Brazil, Russia, Australia, Thailand, Malaysia, Myanmar and other countries. The products have covered Europe, Asia, Latin America More than 100 countries and regions in the Middle East. In 2021, the epidemic situation occurred repeatedly in Hong Kong and the mainland of China in Q1, and the demand for covid-19 test kit of the company increased significantly, which is expected to continue to contribute revenue to the company.
The decline in the price of covid-19 products in Europe led to a decline in the gross profit margin
The gross profit margin of the company in 2021 was 58.46%, down 10.56 PCT year-on-year, of which the gross profit margin of infectious disease products decreased 21.33 PCT year-on-year, mainly due to the decline in the price of covid-19 antigen detection products in Europe in the second half of 21. In terms of expense ratio during the period, the company’s sales expense ratio in 2021 decreased by 3.28pct to 19.17% year-on-year, mainly due to the expansion and dilution of sales scale; The management expense ratio increased by 1.19pct to 7.91% year-on-year, mainly due to the amortization of equity incentive payment expenses; The financial expense ratio increased by 0.46pct to 1.46% year-on-year, mainly due to the amortization of interest on convertible bonds; The R & D expense ratio increased by 1.7pct to 11.64% year-on-year, and the R & D investment increased significantly. In 2021, Q1’s gross profit margin decreased by 6.59pct to 63.91%, sales expense ratio decreased by 11.64pct to 13.31%, management expense ratio decreased by 6.23pct to 2.80%, financial expense ratio decreased by 0.3pct to 0.29%, and R & D expense ratio decreased by 7.36pct to 4.51%.
The R & D investment has been continuously increased, and the layout of luminescence, molecule and pathology has been deepened
In 2021, the company’s R & D expenses were 391 million yuan, a year-on-year increase of 39.96%. By the end of the 21st century, the company’s chemiluminescence technology platform had obtained the registration certificates of more than 30 reagent projects, acquired Tianshen medical, expanded the innovative layout in the field of chemiluminescence, and the “single copy” luminescence products of Tianshen medical effectively cooperated with the company’s self-developed tubular luminescence. In the field of molecular diagnosis, the company’s self-developed youbosi U-box was approved in China in March 2022. Youkasi U-card appeared in major exhibitions. Catis carried out strategic cooperation with AstraZeneca on precision treatment. In the field of pathology business, the full-automatic immunohistochemical staining machine pa3600 and the secondary antibody system were listed in 2021. At present, they have been put into hospital for trial in many top three benchmark terminals across the country. In addition, the company also launched thromboelastography tlt-101 products to provide continuous impetus for the company’s future development.
Investment advice
Based on the growth of the company’s core business and the demand increment brought by covid-19 test, we raised the forecast of the company’s 22-year revenue of 4.88 billion yuan to 5.777 billion yuan, the forecast of 22-24 year revenue of 5.777/47.27/49.86 billion yuan respectively, and raised the 22-year EPS 2.5 billion yuan The forecast of 99 yuan is 3.25 yuan, and the EPS forecast of 22-24 years is 3.25/2.41/2.96 yuan respectively, corresponding to the stock price of 46.58 yuan on April 22, 2022, and PE is 14 / 19 / 16 times respectively. Considering that the company is a POCT leading company with continuous growth of core business and strong demand for covid-19, it still maintains the “buy” rating of the company.
Risk tips
Covid-19 detects that the competition of products intensifies the risk, the launch of new products is less than expected, and the risk of policy change
