\u3000\u3 Guocheng Mining Co.Ltd(000688) 301 Iray Technology Company Limited(688301) )
Event: the company released the first quarterly report of 2022. In the first quarter of 2022, the company realized an operating revenue of 327 million yuan, a year-on-year increase of 46.27%, a net profit attributable to the parent company of 101 million yuan, a year-on-year increase of 35.47%, and a net profit deducted from the non attributable to the parent company of 112 million yuan, a year-on-year increase of 65.10%; Exceeding market expectations.
In the first quarter of 2022, the performance exceeded expectations and the profitability continued to rise.
(1) growth analysis: in the first quarter of 2022, the company's revenue increased by 46.27% year-on-year, mainly because the income of dynamic detectors such as dentistry, industry and medical treatment maintained a high growth rate, and static detectors such as general radiation and mouth maintained a stable growth; The net profit attributable to the parent company increased by 35.47% year-on-year, and the net profit excluding non attributable to the parent company increased by 65.10% year-on-year; The main reasons are as follows: ① the company completed equity incentive in the fourth quarter of 2021, and the cost of equity incentive in the first quarter of 2022 exceeded 14 million yuan. After excluding the impact of share based payment expenses, the growth rate of net profit attributable to the parent was 54.49%, and the growth rate of net profit excluding non attributable to the parent was 86.05%; ② As a strategic investor, the company subscribed Zhuhai Cosmx Battery Co.Ltd(688772) 2406400 shares, which were listed on the science and Innovation Board on October 15, 2021, with a sales restriction period of 36 months, corresponding to a gain of 823483 million yuan from changes in fair value in 2021 and a loss of 396164 million yuan from changes in fair value in the first quarter of 2022.
(2) profitability analysis: the gross profit margin of sales in 2021 was 57.28%, with a year-on-year increase of 6.62pct, mainly due to the rapid growth of high gross profit dynamic products, prominent scale advantages and further decline in cost rate; The net sales interest rate was 30.99%, down 2.94 PCT year-on-year, mainly because: ① equity incentive led to the increase of management expense rate, and the sales / management / financial expense rate was 5.16%, 6.05% and - 0.25% respectively, with a year-on-year decrease of -0.81 PCT, + 0.87 PCT and + 4.19 PCT respectively; ② Zhuhai Cosmx Battery Co.Ltd(688772) the decline in share price caused a loss of 396164 million yuan from changes in fair value.
(3) analysis of operating capacity and operating cash flow: with the rapid growth of the income scale of key customers, the turnover days of accounts receivable of the company increased to 70.03 days in the first quarter of 2022, with a year-on-year increase of 15.89 days; Under the tight supply chain, the company prepared and inventory materials and accessories according to the business progress, which affected the company's cash flow level. The net cash flow generated by the company's operating activities was 335618 million yuan, a year-on-year decrease of 50.00%.
(4) continuously increase R & D investment. In the first quarter of 2022, the company's R & D expenses were 524282 million yuan, with a year-on-year increase of 119.19%, accounting for 16.05% of operating revenue, with a year-on-year increase of 5.34 PCT; This is mainly because the company has further expanded its R & D team and the share based payment expenses of R & D personnel have increased. Through technological progress, the company has continuously improved product performance and expanded new products. While ensuring the technical advantages of amorphous silicon detector, the company has increased investment in sensor technologies and products such as igzo, CMOS and flexible substrate, and the product quality has reached the industry-leading level. At the same time, systematic product definition and development for different application markets have been gradually carried out for new core components such as high-voltage generator and CT collimator, and some progress has been made.
Benefiting from the growth of downstream oral cavity, lithium battery and semiconductor demand, the X-ray flat panel detector market ushered in a new growth point.
(1) X-ray flat panel detectors are widely used downstream, with a market space of US $2.8 billion in 2024. Digital X-ray flat panel detector can receive X-rays and convert them into digital signals, which is the key to the imaging quality and efficiency of imaging equipment; It can be widely used in the field of production of cbdm, battery and other fields, such as non-destructive testing in the field of oral cavity and radiation therapy, and can be widely used in the field of production of cbdm, battery and other fields. According to yole's statistics, it is estimated that by 2024, the global market scale of digital X-ray detectors will reach 2.8 billion US dollars, of which the market scale of digital X-ray detectors for medical use will reach 2 billion US dollars, and the market scale of digital X-ray detectors for industrial and security inspection will reach 800 million US dollars.
(2) the market of digital X-ray detector is relatively concentrated, and the company is the leader of domestic X-ray detector. According to the statistics of hismarkit, the market share of the top five detector suppliers in the global medical field exceeds 50%; Foreign giants mainly include wanruishi and trixell, while local enterprises mainly include companies and Careray Digital Medical Technology Co.Ltd(688607) . Chinese manufacturers represented by the company have high product cost performance advantages and perfect after-sales service support, and break the market monopoly of foreign brands with the advantages of independent innovation ability and localized service. In 2021, the company was recognized as a national specialized new "little giant" enterprise and a "single champion" in the manufacturing industry. It is a real leader in domestic X-ray detectors.
Maintain the "overweight" rating. We estimate that the company's revenue from 2022 to 2024 will be 1.605 billion yuan, 2.089 billion yuan and 2.621 billion yuan respectively; Year on year growth of 35.20%, 30.10% and 25.49% respectively; The net profit attributable to the parent company was 629 million yuan, 853 million yuan and 1094 million yuan respectively, with a year-on-year increase of 30.04%, 35.45% and 28.35% respectively; EPS is 8.68 yuan, 11.75 yuan and 15.08 yuan respectively; According to the share price on April 25, 2022, the corresponding PE is 36.6, 27.0 and 21.0 times respectively. The company is a leader in China's flat panel detector industry. It has made continuous breakthroughs in products and technology, and has successfully realized the domestic substitution in the field of general radiation. In the future, it is expected to realize the domestic substitution in the global medical and industrial mainframe factories, including dentistry, new energy batteries, semiconductors, orthopedic C-arm, gastrointestinal machine, breast, radiotherapy and other fields. Guided by the development trend of the whole industry chain technology, the company also has arranged the core parts of image host such as high-voltage, ionization chamber, beam limiter and linear accelerator. The future growth space can be expected to maintain the "overweight" rating.
Risk tips: the risk of product price decline, the risk of poor R & D and sales of new products, the risk of intellectual property protection and disclosure of core technologies, the risk of Sino US trade friction, the risk of market competition, the risk of exchange rate fluctuation, the risk of industry prosperity falling short of expectations, the risk of raw material supply, the risk of covid-19 epidemic, etc.
