\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 30 Beijing Chieftain Control Engineering Technology Co.Ltd(300430) )
Events
On April 25, 2022, the company released its annual report for 2021. The company achieved an operating revenue of 915 million yuan, a year-on-year increase of 19.73%; The net profit attributable to the parent company was 103 million yuan, a year-on-year increase of 70.24%; Net profit deducted from non parent company was 89 million yuan, with a year-on-year increase of 72.06%. In 2021q4, the company achieved an operating revenue of 299 million yuan, a year-on-year decrease of 2.06%; The net profit attributable to the parent company was 42 million yuan, a year-on-year increase of 4.95%; Net profit deducted from non parent company was 32 million yuan, a year-on-year decrease of 14.22%.
The intelligent manufacturing sector grew steadily, and the business enabling performance in the field of chemical synthesis improved
In 2021, the operating revenue of intelligent manufacturing sector was 693 million yuan, with a year-on-year increase of 15.86%; The net profit was 475855 million yuan, a year-on-year increase of 56.25%; The gross profit margin is about 29.11% and the net profit margin is about 6.87%. In 2021, the new orders signed by the intelligent manufacturing business segment were 822 million yuan, with a year-on-year increase of 14.64%. As of the end of the period, the cumulative unconfirmed revenue orders were 839 million yuan. Among them, the development momentum of chemical synthesis intelligent manufacturing business is strong. The newly signed orders in 2021 exceeded 100 million yuan, an increase of more than 40% over 2020.
Rehabilitation equipment: the urban business department deeply cultivates the traditional business, and the rural business department develops the grass-roots medical market
In 2021, the operating income of rehabilitation medical equipment was 223 million yuan, a year-on-year increase of 33.58%; The net profit was 561004 million yuan, a year-on-year increase of 78.59%, and the net profit margin was about 25.20%. The urban business department has deepened its traditional advantageous business areas and consolidated the foundation for enterprise development. The rural business department adopts a new business model to develop the grass-roots medical and health market, adopts “overall solution”, and features in-depth service to provide a full set of products and services required for operation and technical support before, during and after the construction of the project. 2021 is the first year of the development of the rural business department. During this period, many township health center projects were put into operation. By the end of the reporting period, the rural business department had 39 self owned sales personnel.
The policy supports rehabilitation, and the company actively distributes the blue ocean market of grass-roots rehabilitation equipment
National and provincial rehabilitation support policies have been issued one after another. In 2021, the state issued the notice on printing and distributing opinions on accelerating the development of rehabilitation medical work, and determined 15 provinces such as Beijing as pilot provinces. Subsequently, Henan, Zhejiang, Guangdong, Sichuan and other provinces also successively issued provincial rehabilitation support policies. According to China’s Health Statistics Yearbook, the number of township health centers reached 35762 in 2020. At present, the rehabilitation equipment market of township health centers is still in its infancy. The rural business department of the company develops grass-roots units, and the development of rehabilitation business can be expected.
Profit forecast and investment rating
We expect the company’s operating revenue to be RMB 1.078/12.52/1.469 billion from 2022 to 2024, with a year-on-year increase of 17.78% / 16.12% / 17.37%. Without considering the impact of equity incentive expenses, the net profit attributable to the parent company is expected to be RMB 130170/220 million. Optimistic about the development of the company’s grass-roots rehabilitation business and maintain the company’s “buy” rating.
Risk tips: the risk of repeated covid-19 epidemic, the risk that the implementation of policies is less than expected, the risk of fluctuations in the performance of pharmaceutical intelligent manufacturing business, the risk that the sales of rehabilitation devices are less than expected, and the risk of intensified market competition.
