\u3000\u30003 Anhui Fengyuan Pharmaceutical Co.Ltd(000153) 00015)
Matters:
The company released the annual report of 2021: in 2021, the company realized a revenue of 15.001 billion yuan (+ 25.93%); The net profit attributable to shareholders of listed companies was 2.323 billion yuan (+ 34.78%); Deduct non net profit of RMB 2.783 billion (+ 30.59%). In the fourth quarter and single quarter, the company realized revenue of 3.404 billion yuan (+ 1.72%); The net profit attributable to the shareholders of the listed company was 320 million yuan (+ 79.92%); Deduct non net profit of 608 million yuan (+ 10.49%). The company released the first quarterly report of 2022: the company achieved revenue of 4.169 billion yuan (+ 18.72%); The net profit attributable to the shareholders of the listed company was 611 million yuan (+ 26.15%); Deduct non net profit of 623 million yuan (+ 22.49%). The company’s distribution plan is: take 5406107855 as the base, distribute cash dividend of 1.2 yuan (including tax) to all shareholders for every 10 shares, and increase 3 shares for every 10 shares to all shareholders with capital reserve.
Ping An View:
Endogenous superimposed epitaxial mergers and acquisitions, and the performance maintained a high growth rate: in 2021, the number of outpatients of the company was 101961 million, with a year-on-year increase of 35.07%; The number of operations was 817300, a year-on-year increase of 17.64%. While the company’s business recovered rapidly from the epidemic, it strengthened mergers and acquisitions. In 2021, it acquired 25 hospitals and clinics, thus maintaining a high growth rate of the company’s performance Aier Eye Hospital Group Co.Ltd(300015) all projects achieved growth throughout the year, including refractive project revenue of 5.520 billion yuan (+ 26.92%), cataract business of 2.191 billion yuan (11.72%), anterior segment project of 1.456 billion yuan (+ 21.29%), posterior segment project of 995 million yuan (+ 21.69%), and optometry service project of 3.378 billion yuan (37.68%).
The company’s gross profit margin increased, or brought about by the improvement of high value-added services: the company’s gross profit margin increased in 2021, from 51.03% in the same period last year to 51.92%. We believe that the main reason is the increase in the proportion of high gross profit products. The company’s optometry and refraction are projects with high gross profit in ophthalmology. The proportion of refractive project revenue of 2021 company increased to 36.80% from 36.51% in the same period last year; The proportion of optometry business increased from 20.60% to 22.52%. The increase of the proportion of high value-added business promotes the increase of the company’s gross profit margin.
Issued the equity incentive plan, and the development period of Aier in the “new decade”: on March 25, 2022, the company deliberated and approved the proposal on granting reserved restricted shares to incentive objects, and granted 15558943 restricted shares to 1146 incentive objects who met the grant conditions at the grant price of 20.71 yuan / share. The interests of employees and the company are highly consistent and contribute to the long-term development of the company.
Profit forecast and rating: China’s ophthalmic medical services have grown rapidly in recent years. Considering the large number of people suffering from ophthalmic diseases in China, the industry will maintain rapid growth in the future Aier Eye Hospital Group Co.Ltd(300015) national layout, it is a leading enterprise in China’s ophthalmic medical service institutions. The company’s existing expansion model can help its rapid, low-risk and high-quality development. The company’s main business segments: refraction, optometry and cataract surgery have a broad market, with rapid growth in recent years, helping the company’s performance grow steadily. Considering the impact of the epidemic, we lowered the company’s profit forecast (the original forecast of the company’s net profit from 2022 to 2023 was 3.164 billion yuan and 4.370 billion yuan respectively), and the net profit from 2022 to 2024 is expected to be 3.164 billion yuan, 4.113 billion yuan and 5.449 billion yuan respectively. Considering the good development prospect of the company’s industry and the leading position of the company in the ophthalmic medical service industry, we maintain the “recommended” rating of the company.
Risk tips: 1) risk that the industry growth is lower than expected: the growth rate of ophthalmic medical service industry may be lower than expected, which will affect the growth of the company’s performance. 2) Risk that the progress of acquisition and new hospitals is lower than expected: when acquiring new hospitals, the acquisition may not be smooth and cannot be completed on schedule due to a series of reasons, or some hospital clinics cannot complete the acquisition, thus affecting the growth of the company’s performance. 3) Risk of covid-19 outbreak: if covid-19 outbreak occurs again, it may affect the normal operation of the company, thus affecting the performance growth of the company.
