\u3000\u3 Guocheng Mining Co.Ltd(000688) 050 Eyebright Medical Technology(Beijing) Co.Ltd(688050) )
Event:
On April 20, the company released the first quarterly report of 2022. In the first quarter, the operating revenue was 131 million yuan, an increase of 55.54% year-on-year; The net profit attributable to the parent company was 586903 million yuan, a year-on-year increase of 63%; The net profit attributable to the parent company after deduction was 522039 million yuan, with a year-on-year increase of 65.15%. The operating revenue and net profit of the company maintained rapid growth in the first quarter.
Comments:
The sales volume of products is steadily improving, and the operating expenses are gradually optimized
In the first quarter, the company's "pronomin" series intraocular lens and "pronomin pupil" corneal shaping lens products were sold
The volume increased rapidly, the operating revenue increased significantly by 55.54% year-on-year, and the company's gross profit margin was 85.12%, basically unchanged year-on-year; The company's sales expense rate in the first quarter was 13.58%, down 2.08 percentage points year-on-year, and the management expense rate was 10.24%, down 2.27 percentage points year-on-year; The R & D expense ratio was 9.61%, down 3.24 percentage points year-on-year. Due to the company's appropriate optimization of sales, management and R & D expenses, the operating cash flow increased by 33.95%.
R & D and innovation continued to advance, and the layout of myopia prevention and control product line was strong
In the first quarter of 2022, the company's R & D expenditure was 126162 million yuan, a year-on-year increase of 16.32%. The company's R & D investment promoted the orderly promotion of products under research. In terms of intraocular lens, clinical trials of aspherical depth of field (EDOF) intraocular lens products are being launched in China in the first quarter of 2022. Aspherical diffractive multifocal intraocular lens, phakic intraocular lens and aspherical trifocal astigmatism correction intraocular lens have entered the stage of clinical trial. In terms of corneal shaping lens, the company actively arranges the relevant nursing products of corneal shaping lens. Among them, "punuotong Ximing" multi-functional rigid contact lens nursing solution has obtained three types of medical device registration certificate and production license, and is being marketed.
Colorful pupil and defocus lens are vigorously arranged to create rich pipelines in multiple dimensions
The company has actively expanded the "color pupil" business. The subsidiary "Tianyan medicine" has submitted three color contact lens products (semi annual, monthly and daily) to the State Food and Drug Administration for registration. In addition, the company has accelerated the R & D Progress of the company's high oxygen permeable silicon hydrogel soft corneal contact lens, which is expected to lay a foundation for later business growth. At the end of 2021, the company released functional lens - ibright ® Puno pupil ® Defocus lens is expected to achieve revenue growth in 2022, and the clinical trials of ophthalmic sodium hyaluronate gel and other products are also steadily advancing. The company's product layout is a complete product line of high, medium and low end, which is controllable under the influence of centralized purchase. We believe that after the product is listed, it is expected to achieve rapid growth in this field and drive the company's performance to continue to improve.
Profit forecast and investment rating
We expect that the company's operating revenue from 2022 to 2024 will be RMB 658 / 985 / 1343 million respectively, and the net profit attributable to the parent company will be RMB 277 / 404 / 531 million respectively, maintaining the "buy" rating.
Risk warning: the risk that the product R & D progress is less than expected, the product sales promotion is less than expected, and the core products fail to win the bid in volume procurement
