\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 60 Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) )
In 2021, the company’s revenue was 25.270 billion yuan (+ 20.18%), the net profit attributable to the parent company was 8.002 billion yuan (+ 20.19%), and the net profit not attributable to the parent company was 7.85 billion yuan (+ 20.04%). The single Q4 revenue was 5.878 billion yuan (+ 18.46%), the net profit attributable to the parent company was 1.339 billion yuan (+ 3.41%), the net profit not attributable to the parent company was 1.306 billion yuan (+ 2.46%), and the contract liabilities at the end of 2021 were 2.408 billion yuan. In 2021, the income of life information support was 11.153 billion yuan (+ 11.47%), in vitro diagnosis was 8.449 billion yuan (+ 27.12%), and medical imaging was 5.426 billion yuan (+ 29.29%).
In 2022, the company’s Q1 revenue was 6.943 billion yuan (+ 20.10%), the net profit attributable to the parent company was 2.105 billion yuan (+ 22.74%), the net profit not attributable to the parent company was 2.072 billion yuan (+ 22.20%), and the contract liabilities in 2022q1 were 2.179 billion yuan. Benefiting from the brilliant performance of high-end products and the development of new medical infrastructure, the Chinese market achieved rapid growth in the first quarter; Overseas routine businesses have also fully recovered to the pre epidemic level, and the North American market has achieved rapid growth due to the major breakthrough of high-end medical consortium customers.
We believe that in the post epidemic era, the new global medical infrastructure will accelerate the development process of the industry. The Ministry of finance of the people’s Republic of China has issued several notices on Issuing the budget of subsidy funds in 2022 in advance. The subsidy funds available for the field of health and health in 2022 are as high as 87.251 billion yuan, including 7.989 billion yuan for the comprehensive reform of public hospitals, 4.842.6 billion yuan for the capacity-building of medical and health institutions, 58.855 billion yuan for the construction of basic public health and 15.57 billion yuan for the prevention and control of major infectious diseases. Dozens of public hospitals directly under the National Health Commission are expected to increase their business income by more than 11% year-on-year in 2022, and their operation is still improving. In Europe, the EU has launched the eu4health plan, which is expected to invest 9.4 billion euros in seven years (20212027) to establish a resilient health system in the EU, of which 3.1 billion euros is used for the strategic reserve of medical materials. Spain, France and Italy all have funds to support the construction of medical facilities.
In January 2022, the company announced the employee stock ownership plan (Draft), and the performance evaluation target is that the growth rate of net profit attributable to the parent company in 22 years, 23 years and 24 years is not less than 20%, 44% and 73% respectively.
Profit forecast and investment suggestions. We estimate that the EPS of 22-24 years will be 7.95 yuan, 9.58 yuan and 11.55 yuan respectively, and the growth rate of net profit attributable to the parent company will be 20.5%, 20.5% and 20.5%. Referring to the valuation of comparable companies and considering the high outlook and leading position of the company in the corneal shaping lens industry, we give the company 43 times PE in 2022, corresponding to the target price of 341.75 (down 23%), maintaining the rating of “better than the market”.
Risk tip: the epidemic affects the needs of customers at home and abroad, and the performance is less than expected.
