\u3000\u30003 Anhui Fengyuan Pharmaceutical Co.Ltd(000153) 00015)
2021 annual report and 2022 first quarterly report:
In 2021, the company achieved an operating revenue of RMB 15008094 million, with a year-on-year increase of 25.93%; The total profit was 3147754900 yuan, a year-on-year increase of 33.19%; The net profit attributable to the shareholders of the listed company was 233344 million yuan, a year-on-year increase of 34.78%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 27827120, with a year-on-year increase of 30.59%; The basic earnings per share was 0.43 yuan, a year-on-year increase of 32.82%. In 2022q1, the company achieved an operating revenue of 41686342 million yuan, a year-on-year increase of 18.72%; The net profit attributable to the shareholders of the listed company was 61.601 million yuan, a year-on-year increase of 26.15%.
High demand drives income growth, and marginal effect improves profitability. In 2021, the company’s medical service business achieved an operating revenue of 10161735600 yuan, a year-on-year increase of 22.02%; The gross profit margin was 50.39%, an increase of 1.11 percentage points over the same period last year. The operating revenue of visual service business was 33784545 million yuan, a year-on-year increase of 37.68%; The gross profit margin was 58.04%, an increase of 1.11 percentage points over the same period last year. The business of other diseases achieved an operating income of 1432708300 yuan, a year-on-year increase of 28.14%; The gross profit margin was 47.89%, down 2.80 percentage points from the same period last year. With the change of Chinese residents’ eye habits, the incidence rate of eye diseases is rising, and the eye market demand is also gradually increasing, which supports the rapid growth of the company’s eye medical service business, especially the optometry business and the excimer business in medical services. The company’s outpatient volume and operation volume increased rapidly, with a year-on-year increase of 35.07% and 17.64% respectively. Through the marginal effect, the company continued to reduce the cost of core businesses such as medical services, driving the rapid growth of the company’s performance.
Q1 performance is disturbed by the epidemic, and overseas business is progressing smoothly and worry free for a long time. The growth rate of operating revenue of 2022q1 company decreased compared with that of 2019q1 and 2021q1, mainly due to the repeated epidemic in China in March, the impact of flow restriction and other factors on Chinese hospitals, and the disturbance of relevant businesses of the company. In terms of overseas business, the company’s European business income increased rapidly. The overseas epidemic forced overseas customers to choose brand hospitals with higher safety, and the revenue increased by 39.24% year-on-year. In the long run, although the market demand has been restrained in the short term due to the impact of the epidemic, it has not eliminated the demand. After the epidemic in China is eased or fully unsealed, the company’s business is expected to recover, the company’s overseas business is progressing smoothly, and the endogenous extension prospect is expected.
Promote the strategic planning for the new decade and help the market of in vivo ophthalmology center sink. During the reporting period, the company continued to promote the strategic planning for the new decade. By building a world-class Ophthalmic Center and a national Ophthalmic Center, the company will drive the development of subordinate provincial capital ophthalmic centers and most prefecture level municipal ophthalmic hospitals, which is expected to further improve the company’s overall income capacity and support performance growth.
Investment suggestion: we expect that the EPS of the company after dilution from 2022 to 2024 (excluding the impact of conversion to share capital) will be 0.57 yuan, 0.72 yuan and 0.92 yuan respectively, and the corresponding dynamic P / E ratios will be 58.41 times, 46.36 times and 36.33 times respectively. The ophthalmic medical service industry maintains a high outlook. As a leading company in the ophthalmic medical service industry, the company continues to expand. The company’s main businesses are expected to continue to maintain a rapid growth trend and maintain a buy rating.
Risk tips: industry policy risk, medical malpractice risk, goodwill impairment risk, epidemic risk
