\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 88 Winner Medical Co.Ltd(300888) )
Event:
The company issued the annual report of 2021 and the first quarterly report of 2022.
Comments:
The revenue increased slightly in the first quarter, and the profit declined due to the impact of the high base of Q1 last year
In 2021, the company realized an operating revenue of 8.037 billion, a year-on-year decrease of 35.87%; The net profit attributable to the parent company was 1.239 billion, a year-on-year decrease of 67.48%, and the gross profit margin in 2021 was 49.88%, a decrease of 9.67pct compared with 2020, mainly due to the decline in the price of disease control and prevention products; The net interest rate is 15.40%. In Q1 2022, the company achieved revenue of 2.332 billion, a year-on-year increase of 2.37%; The net profit attributable to the parent company was 357 million, a year-on-year decrease of 25.69%; After excluding equity incentive expenses, the net profit attributable to the parent increased by 66.55% month on month. The decrease in net profit was mainly due to the delivery of high price orders signed in the second half of 2020 in 2021q1, raising the base of gross profit margin and net profit margin in 2021q1.
The medical consumables business goes hand in hand with the endogenous extension, and the channels of the consumer goods sector are diversified
Medical consumables business achieved a revenue of 3.922 billion in 2021, a year-on-year decrease of 56.03%, mainly due to the impact of fluctuations in protective products, an increase of 160.69% compared with that before the epidemic in 2019. In 2022, Q1 achieved a revenue of 1.407 billion, a year-on-year decrease of 1.71%, of which overseas fell 47.66% in the first quarter due to the impact of last year's high base, while China increased by 34.00% year-on-year, of which hospital sales increased by 59.20% year-on-year. The company's medical brand continues to improve its popularity in the Chinese market, and the coverage of hospitals and pharmacies has increased. In terms of products, high-end wound dressing increased by 64.59% year-on-year. With the landing of the company's acquisition of 55% equity of Longtai medical, it is expected to be included in the consolidated statements in the third quarter. In the healthy living consumption sector, the revenue reached 4.054 billion in 2021, with a year-on-year increase of 15.27%. After excluding mask products of the same caliber, it increased by 24.82% year-on-year; In 2022, Q1 achieved revenue of 890 million, with a year-on-year increase of 8.76%. In terms of channels, diversified channel layout in the cotton era and Wuxi Online Offline Communication Information Technology Co.Ltd(300959) complementary advantages. Offline, 81 offline chain stores were added in 2021, with the revenue of offline stores increasing by 29.34% year-on-year, and the sales revenue of supermarket channels increasing by 51.18% year-on-year; Online, e-commerce channels increased by 8.69% year-on-year in 2021, of which self owned platforms increased by 44.85% year-on-year.
In the first quarter, offline channels maintained a good growth trend, especially business supermarket channels, while online channels fell 8.01% year-on-year due to the impact of the epidemic on Logistics in some cities and the reconstruction of platform traffic. In terms of products, textile products such as sanitary napkins, baby products, baby clothing and adult clothing performed strongly in 21 years, with a growth rate of 30-50%. The growth rate of cotton soft napkins slowed down due to the intensification of market competition.
Investment advice and profit forecast
We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 1.208/1.936/1.844 billion yuan; EPS is 3.26/3.89/4.60 and pe18 / 15 / 13X respectively; Maintain the "buy" rating.
Risk tips
The industry competition intensifies and the channel expansion is less than expected
