\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 29 Jafron Biomedical Co.Ltd(300529) )
Event:
Recently, the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the operating revenue was 2.675 billion yuan, a year-on-year increase of 37.15%, the net profit attributable to the parent was 1.197 billion yuan, a year-on-year increase of 36.74%, and the net profit attributable to the parent after deduction was 1.137 billion yuan, a year-on-year increase of 35.17%; In 2022, Q1 achieved an operating revenue of 697 million yuan, a year-on-year increase of 20.46%; The net profit attributable to the parent company was 335 million yuan, a year-on-year increase of 18.32%; The net profit attributable to the parent company after deduction was RMB 323 million, with a year-on-year increase of 17.83%.
Comments:
The three main businesses grew steadily and consolidated the company's market leading position
In 2021, the company's overall business income and operating performance maintained steady growth. From the perspective of business:
① nephrotic series products achieved a total sales revenue of 1.724 billion yuan, with a year-on-year increase of 27.70%, covering more than 6000 large and medium-sized hospitals across the country. In 2021, three heavy medical supports were added, which improved the coverage and treatment frequency of the company's products.
② the sales revenue of liver disease related products reached 310 million yuan, with a year-on-year increase of 69.19%. It has covered more than 1500 hospitals. The related voyage projects, one city and one center projects and freshman plans are in orderly progress.
③ the sales revenue of core products in the field of critical illness was 173 million yuan, with a year-on-year increase of 63.89%, of which ha380 achieved a sales revenue of 656758 million yuan, with a year-on-year increase of 532.1%; The company will continue to increase investment and layout in the field of critical illness. At present, its products have covered more than 1000 hospitals.
R & D has yielded fruitful results, and the variety of blood purification products has been continuously enriched
The company has continuously increased investment in R & D projects, reaching 174 million yuan in 2021, a year-on-year increase of 115.17%, and 95.03% in 2022q1, reaching 407716 million yuan. Since 2021, the company has added 7 new product registration certificates and held 20 medical device product registration certificates. Among them, nongjing ™ As the first cytokine adsorption column product in China, it was grandly listed in December 2021 and highly praised by experts at home and abroad; In 2022, the hemodialysis concentrate and hemodialysis dry powder of the subsidiary Tianjin standard biological preparation Co., Ltd. successively obtained the registration certificate of medical devices, and the company's new product hollow fiber hemodialyzer obtained CE certification, further enriching the product categories of the company's blood purification industry chain.
Actively participated in the price negotiation in Shenzhen, and the perfusion device products were successfully linked in Zhejiang Province
We believe that the perfusion products have relatively strong consumption attributes, and no region has carried out large-scale centralized procurement. The price negotiation of similar products was carried out in Shenzhen in 2021, and the price decreased slightly, and the overall product price system of the company was stable. At the end of 2021, Zhejiang Province included renal related hemoperfusion devices into the price catalogue and medical insurance at the same time, boosting the sales of the company's products in Zhejiang.
Profit forecast and investment rating: we predict that the impact of the epidemic will continue, and slightly reduce the revenue and net profit forecast. It is estimated that the operating revenue of the company from 2022 to 2024 will be 3.601/48.70/6.589 billion yuan respectively (the value before 2022 / 2023 will be 3.746/5.210 billion yuan respectively), and the net profit attributable to the parent company will be 1.601/21.65/2.916 billion yuan respectively (the value before 2022 / 2023 will be 1.620/2.177 billion yuan respectively). Maintain the "buy" rating.
Risk warning: sales are less than expected; The progress of clinical trial is less than expected; Risk of product price decline
