\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 82 Guangzhou Wondfo Biotech Co.Ltd(300482) )
Performance review
On April 24, the company released its 21st Annual Report and its 22nd Q1 report. In the 21st year, the income was 3.361 billion yuan (+ 20%), and the net profit attributable to the parent company was 634 million yuan (+ 0.04%); 22q4 achieved a revenue of 854 million yuan (+ 34%) and a net profit attributable to the parent company of 07 million yuan (- 89%) in a single quarter, and the performance was in line with expectations. In Q1 of 22 years, the revenue was 2.625 billion yuan (+ 277%), the net profit attributable to the parent company was 904 million yuan (+ 481%), and the net profit not attributable to the parent company was 899 million yuan (+ 536%).
Business analysis
The four conventional production lines grew steadily, and covid-19 antigen was exported to China. Covid-19 epidemic was effectively controlled in 2021, and the company's routine business continued to recover with the demand for sample testing, of which the chronic disease business revenue was 916 million (+ 61%), and the installed capacity of foreign immunofluorescence increased significantly; The revenue of infectious disease business was 523 million (+ 28%); The drug detection business was greatly affected by covid-19 in the United States, with a revenue of 270 million yuan (+ 12%); Eugenics business income 207 million (+ 24%). The company's antigen products have actively contributed to the global covid-19 anti epidemic and epidemic prevention, and covid-19 testing business has significantly contributed to performance growth.
Business indicators are healthy and staff incentives are in place. In 2021, the sales expense ratio was 19.17% (- 3.28pct), the management expense ratio was 19.55% (+ 2.89pct), the financial expense ratio was 1.46% (+ 0.46pct), and the R & D expense ratio was 11.64% (+ 1.70pct). The increase of management and financial expenses was due to the increase of relevant expenses of the company's employee equity incentive plan and other projects due to the needs of business operation, and the company's business indicators were healthy.
Improve business layout and open up space for long-term development. The company continues to make a comprehensive layout in chemiluminescence, molecular diagnosis and pathology business. It has wholly acquired Shenzhen Tianshen Medical Devices Co., Ltd. and launched a variety of products such as thromboelastograph tlt-101, automatic rapid nucleic acid amplification and detection system u-boxdx, automatic immunohistochemical staining machine pa3600 and secondary antibody system, so as to further improve the layout and open up space for long-term development.
Profit adjustment and investment suggestions
Considering the income of covid-19 antigen in the future, the company's 22-year profit forecast is raised by 96%. It is expected that the company's net profit attributable to the parent company will be 1.875 billion yuan, 1.231 billion yuan and 1.237 billion yuan in 22-24 years, with a year-on-year increase of 195%, - 34% and 1%, and the corresponding PE is 11, 17 and 17 times respectively. Maintain the "buy" rating.
Risk tips
If the demand for overseas or Chinese covid-19 testing goes down, the company's covid-19 performance may be lower than the expected risk; The market pattern of antigen detection deteriorates, and there is a downward risk of volume and price; New technologies replace antigen detection and reduce the market space risk; Overseas business expansion is less than expected, conventional business recovery is less than expected, exchange rate risk, Sino US trade friction risk, R & D is less than expected, etc.
