\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 32 Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) )
Event: the company released its 2021 annual report, and achieved an operating revenue of 2.545 billion yuan (- 15.97%, year-on-year in brackets, the same below); The net profit attributable to the parent company was 974 million yuan (+ 3.68%); Deduct the net profit not attributable to the parent company of RMB 883 million (+ 3.06%), and the net operating cash flow of RMB 773 million (- 20.83%). At the same time, the company released its first quarterly report. In 2022q1, the revenue was 743 million yuan (+ 39.53%); The net profit was 286 million yuan (+ 98.17%), and the performance recovered rapidly in 2022.
China maintained a rapid recovery and continued to accelerate overseas expansion: in 2021, the company achieved a revenue of 1.779 billion yuan (+ 30%) in China and 1673 newly installed machines (+ 22%), including 601 X8 installed machines (+ 48%). After the implementation of the new sales strategy, the sales of X8 and other large machines accelerated significantly, and the sales of large machines accounted for 51%; The cumulative installed capacity exceeds 9800 (+ 21%); 1290 tertiary hospitals were served, with a coverage rate of 52%; Under the interference of the epidemic situation, the expansion of the hospital is good. Overseas, the company's strategic transformation, reducing covid-19 business and relying on the installation demand brought by the epidemic + building overseas sales channels to accelerate the breakthrough of conventional business. Among them, India has become the first overseas country with an income of more than 100 million yuan. In 2021, the overseas business realized a revenue of 468 million yuan (- 18%), excluding covid-19 business, a year-on-year increase of + 39%, including the revenue of conventional reagents + 60%; The cumulative installed capacity exceeds 10800 units (+ 2884 units, + 36%).
The performance accelerated quarter by quarter and the profitability rebounded significantly: with the reduction of the impact of the epidemic, the performance of 2022q1 company recovered beyond expectations, and completed the sales of 1648 sets of automatic light-emitting instruments, including 148 sets of X8. The sales proportion of the company's high-end model X8 gradually increased, and the coverage rate of class III first-class hospitals reached 54.11%. The profitability of the company began to recover significantly from 2021q4. With the change of equipment sales strategy and the reduction of the impact of the epidemic, the gross profit margin of 2022q1 increased by 1.12pct to 72.11%; Benefiting from the reduction of equity incentive expenses, the net profit in 2022q1 increased by 9.94pct to 41.53% year-on-year.
R & D investment continues to increase, and the release rhythm of reagent pipeline is good: the company invested 215 million yuan (+ 42%) in R & D in 2021; Ten products have been approved for listing, nine of which are chemiluminescence reagents, continuously increasing the advantages of the company's wide detection range. A total of 145 chemiluminescence reagent projects and 61 biochemical reagent registration certificates have been approved. It is one of the enterprises with the widest coverage in China. In terms of equipment, the company accelerated the R & D and registration of new medium-sized equipment maglumi X6, and continued to develop biochemical analyzer and immune biochemical assembly line.
The growth rate of domestic and foreign companies is expected to be 3.2-2.9 times that of domestic and foreign companies, and the growth rate of pilot companies is expected to be 1.2-1.2 times that of domestic and foreign companies, respectively, with a strong growth rate of 1.2-1.2 times that of "1.6-2.1%", and the market value of PE companies is expected to be expanded for the first time, with a corresponding growth rate of 1.2-2.8 times that of domestic and foreign companies, respectively, and the market value of PE companies is expected to be expanded for the first time.
Risk warning: overseas sales are less than expected; Fierce competition leads to price decline; Policy risks such as volume procurement.
