\u3000\u3 Shengda Resources Co.Ltd(000603) 658 Autobio Diagnostics Co.Ltd(603658) )
Matters:
\u3000\u30001. The company released the annual report of 2021: the annual revenue was 3.766 billion yuan (+ 26.45%), the attributable net profit was 974 million yuan (+ 30.20%), and the attributable net profit after deduction was 957 million yuan (+ 41.03%). Meet expectations. The dividend plan is 7.2 yuan (including tax) for every 10 shares.
\u3000\u30002. The company released the first quarterly report of 2022: Q1 achieved a revenue of 1.031 billion yuan (+ 26.21%), a net profit of 240 million yuan (+ 40.07%), and a net profit of 232 million yuan (+ 37.36%) after deduction.
Ping An View:
The demand for routine testing has recovered, and the main production lines have achieved rapid growth
Despite the repeated outbreaks of the epidemic in China in 2021, on the whole, the demand for routine testing in medical institutions has recovered compared with the previous year, driving the rapid growth of the company’s products. The core business of immunodiagnostic reagents achieved a revenue of 1.806 billion yuan (+ 29.29%). Considering that the sales of two traditional businesses, sector luminescence and enzyme immunity, decreased year by year, it is estimated that the sales of magnetic particle luminescence reagents reached more than 1.7 billion yuan, a year-on-year increase of more than 30%. Among other product lines, the revenue from microbiology was 260 million yuan (+ 30.88%), the revenue from biochemistry was 186 million yuan (+ 36.58%), and the sales of the newly launched molecular diagnosis was 206987 million yuan within the year. The gross profit margin of the whole reagent is 65.94% (- 1.21pp).
In the single quarter of 2021q4, the company achieved a revenue of 1.071 billion yuan (+ 15.03%) and an attributable net profit of 257 million yuan (+ 10.11%). In 2020q4, the revenue base is relatively high, and the sales expense rate (18.89%, + 3.81pp) and R & D expense rate (13.37%, + 1.90pp) increased significantly during the period, resulting in a slowdown in the growth rate in the single quarter.
The spread of the epidemic in 2022q1 still has a negative impact, and the company’s performance is ideal
In 2022q1, sporadic outbreaks occurred in many places in China, which had a negative impact on the routine diagnosis and treatment of hospitals and the logistics and transportation between regions. In this context, the company still achieved an increase of more than 26% and achieved ideal performance. From the perspective of business volume, Q1 luminescence still achieved a smooth growth of more than 20%, and molecular diagnostic equipment and reagents achieved a good growth in the case of huge demand for nucleic acid detection.
The overall gross profit margin of Q1 company was 58.26% (+ 0.79pp), and the expense rates of sales (18.34%, -0.53pp), management (3.67%, -0.96pp) and R & D (11.71%, -0.99pp) decreased, which promoted the profit side of the company to grow faster than the income side.
The launch of high-speed light-emitting instruments and the layout of multiple product lines have been effective
The 600 speed luminescence analyzer developed by the company has successfully obtained the registration certificate. In the past few years, the company’s magnetic particle luminescence analysis equipment has been focusing on the 200 speed a2000plus. The relatively slow test speed is not conducive to the company’s impact on the high-grade hospital market. The listing of 600 speed equipment is expected to accelerate the pace of the company’s development of medium and high-grade hospitals, and its high output capacity of single equipment can also improve the company’s reagent sales. In addition, as the core test item of the laboratory department, the recognition of relevant equipment by the hospital will also indirectly help other product lines enter the hospital, so as to realize the overall supply of the laboratory department.
Antu has also made full preparations on the non luminous product line. In addition to the cooperation in the fields of coagulation and biochemistry, POCT has also been successfully involved in the fields of molecular diagnosis and biochemistry. With the integration measures such as assembly line and intelligent information system, the company has basically possessed the overall supply capacity of the laboratory department and realized the evolution from product manufacturer to overall solution provider.
Maintain a “recommended” rating. Considering the routine business development of Chinese medical institutions and the acceleration of the promotion of the company’s multi product lines, the profit forecast for 2024 is adjusted and added. It is estimated that the company’s EPS from 2022 to 2024 will be 2.14, 2.74 and 3.49 yuan (formerly 2.35 and 3.12 yuan from 2022 to 2023), maintaining the “recommended” rating.
Risk tips: 1) the approval progress of new product registration is not controlled by the company. If the approval progress is not up to expectations, the current performance of the enterprise may be affected; 2) If the product promotion effect fails to meet the expectation, it may have a negative impact on the development of the company; 3) There is a possibility of price reduction of products. If the price reduction is large, it may affect the performance of the company.
