\u3000\u3 China Vanke Co.Ltd(000002) 690 Hefei Meiya Optoelectronic Technology Inc(002690) )
Event: the company released the first quarterly report of 2022, realizing an operating revenue of 402 million yuan, with a year-on-year increase of 14.86%, a net profit attributable to the parent of 114 million yuan, with a year-on-year increase of 5.93%, and a deduction of 106 million yuan of non attributable net profit, with a year-on-year increase of 7.25%; In line with market expectations.
The performance of 2022q1 is dragged down by the epidemic in China, and the company is optimistic about its long-term growth attribute for a long time.
(1) growth analysis: in the first quarter of 2022, the company’s revenue increased by 14.86% year-on-year, and the net profit attributable to the parent company increased by 5.93% year-on-year. The main reasons are as follows: ① the epidemic situation in some parts of China has affected the demand for some oral diagnosis and treatment, and the shortage of logistics has led to an increase in the number of goods issued. By the end of March 2021, the company’s inventory had reached 432 million yuan, an increase of 22.64% compared with the end of 2021. It can be seen that the actual shipment level of the company is higher than the current income level; ② In December 2021, the company completed equity incentive and began to amortize equity incentive expenses in 2022q1, resulting in an increase in expense level; ③ The depreciation of US $2022q1 increased the exchange loss of the company. The financial expenses of the company in 2022q1 were 2.0454 million yuan, a year-on-year increase of 149.78%.
(2) profitability analysis: in the first quarter of 2022, the gross profit margin of the company’s sales was 49.89%, down 2.06 PCT year-on-year, mainly due to the increase in logistics costs caused by the epidemic in some parts of China; The net sales interest rate was 28.27%, down 2.38pct year-on-year, mainly because ① the amortization of equity incentive expenses led to the increase of management expense rate, and the exchange loss led to the increase of financial expense rate. The sales / management / financial expense rates were 9.06%, 4.95% and 0.51% respectively, with a year-on-year decrease of -1.50pct, + 1.11pct and + 1.68pct respectively; ② The scale of cash management of idle funds decreased, resulting in a year-on-year decrease of 35.19% in investment income.
(3) analysis of operating capacity and operating cash flow: under the epidemic situation, logistics affects product turnover, and the turnover days of accounts receivable increased slightly. The turnover days of accounts receivable of the company in the first quarter of 2022 was 48.52 days, an increase of 5.29 days year-on-year; The net cash flow generated from operating activities was -147 million yuan, a year-on-year decrease of 165.55%, mainly due to the tight supply chain under the epidemic, and the company prepared and inventory materials and accessories according to the business progress.
The company attaches great importance to the development of medical industry from a strategic perspective, and the sales of oral CBCT has achieved rapid growth.
(1) South China Dental Exhibition is still popular, and we look forward to the sales of subsequent exhibitions. In March 2022, the company appeared at the South China oral exhibition with “oral CBCT one-stop doctor-patient communication solution”. Through the functions of “three-dimensional panorama”, “directional observation” and “panoramic disease analysis”, the patients can see the disease at a glance; With the help of scientific facial analysis system and accurate VTO postoperative simulation, patients can be safe and assured; The original “root bone peeling” function can also visually display the operation process and greatly improve the efficiency of doctor-patient communication. The company’s new CBCT solution has received extensive attention and praise, driving the growth of CBCT sales. We look forward to the follow-up oral exhibitions in Beijing and Shanghai. We expect oral CBCT to maintain a rapid growth trend.
(2) in the context of food security, a new American Asian color sorter was released. In April 2022, the new Meiya color sorter was released, with engineering design, intelligent factory building and standardized production. The structure of the whole machine is highly stable and reliable; Innovative digital electrical topology is adopted, which can control the sudden failure of core components from the source and ensure the stable and reliable operation of the production line; Reliability guarantee and independent technological innovation make the performance advantages of high precision, low take-out and large output stable for a long time. We expect the color sorter to maintain stable growth.
Maintain the “buy” rating. We estimate that the company’s revenue from 2022 to 2024 will be 2.169 billion yuan, 2.594 billion yuan and 3.064 billion yuan respectively; Year on year growth of 19.65%, 19.61% and 18.08%; The net profit attributable to the parent company was 641 million yuan, 794 million yuan and 944 million yuan respectively, with a year-on-year increase of 25.41%, 23.81% and 19.01%; EPS is 0.94 yuan, 1.17 yuan and 1.39 yuan respectively; According to the share price on April 26, 2022, the corresponding PE is 21.6, 17.5 and 14.7 times respectively. Oral racetrack has the attribute of growth. As the leader of oral digital equipment, the company has a definite premium and maintains the “buy” rating.
Risk warning: covid-19 epidemic prevention and control is not as expected; The development of food testing industry is less than expected; Overseas business development is less than expected; The development of Chinese oral CBCT industry is less than expected; The risk of intensified competition in China’s oral CBCT market; The development of chair side repair system is less than expected; The uncertain impact of exchange gains and losses on the company’s performance; The uncertain impact of other operating income on the company’s performance.
