\u3000\u30003 Hunan Yujing Machinery Co.Ltd(002943) 00294)
Event: the company released the first quarterly report of 2022 and realized an operating revenue of 655 million yuan, a year-on-year increase of + 4.89%; The net profit attributable to the parent company was 104 million yuan, a year-on-year increase of + 2.80%; Deducting the net profit not attributable to the parent company of 108 million yuan, a year-on-year increase of + 9.58%; Operating net cash flow was 22 million yuan, a year-on-year increase of - 86.10%; EPS0. 21 yuan. The performance is in line with market expectations.
Comments:
The revenue and profit in the first quarter maintained a steady growth, and the expansion of smart factories showed confidence: the company's revenue and profit in the first quarter maintained a steady growth trend, but it is estimated that the sales work in some regions may be affected by covid-19 epidemic. With the subsequent epidemic gradually controlled, the growth rate of the company's blood products business is expected to increase. In 2022q1, the company obtained 16 batches of albumin, which was flat year-on-year; 18 batches of jingc, an increase of 8 batches year-on-year; There were 14 batches of fibrinogen, an increase of 3 batches year-on-year. Q1's net operating cash flow decreased significantly, mainly due to the increase in procurement and the recovery of Danxia biological plasma advance payment in the same period of last year, resulting in a year-on-year increase of 57.02% in cash paid for purchasing goods and receiving labor services. On March 23, 2022, the company passed the proposal on changing the investment project of raised funds and other proposals. It plans to invest all the unused raised funds of RMB 996 million from the "1000 ton blood products intelligent factory construction project" (the original project) into the "blood products intelligent factory (phase I) construction project". The designed annual slurry investment of the new factory is increased to 1800 tons, which fully digests the growth of plasma volume, demonstrating the company's sufficient confidence.
Product R & D continues to advance, and the echelon of blood products is growing: the company's listing application for human coagulation factor VIII entered the first round of supplementary information on March 2022, and is expected to be approved for listing in the near future; Intravenous injection of human immunoglobulin (IVIG) (10%) will publicize the phase III clinical trial scheme in 2022.3 to evaluate the efficacy and safety of the product in the treatment of primary immune thrombocytopenia in adults and adolescents (≥ 12 years old); Von Willebrand factor (VWF) was approved for clinical use in August 2021, and its clinical work is being carried out in an orderly manner recently. With the increasing abundance of blood products, the company's comprehensive utilization rate of plasma will continue to improve, laying a solid foundation for the company's long-term development.
Profit forecast, valuation and rating: considering that covid-19 epidemic has certain uncertainty on the company's sales, pulp collection and other business activities, the company slightly lowered its EPS forecast from 2022 to 2024 to 0.95/1.13/1.36 (the original forecast was 1.00/1.19/1.42 yuan, down 5% / 5% / 4% respectively), with a year-on-year increase of 40.90% / 19.41% / 19.81%, and the current price corresponding to PE was 27 / 23 / 19 times respectively, maintaining the "buy" rating.
Risk warning: the slurry recovery is lower than expected; The progress of developing blood products is slower than expected; The risk of lowering the price of diabetes or biochemical drugs.
