\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 95 Autek China Inc(300595) )
Event: the company released the first quarterly report of 2022, and the performance exceeded expectations. In 2022q1, the company achieved a revenue of 370 million yuan, a year-on-year increase of 29.35%; The net profit attributable to the parent company was 148 million yuan, a year-on-year increase of 7.24%; Net profit deducted from non parent company was 138 million yuan, with a year-on-year increase of 28.66%; The gross profit margin was 77.56%, and the net profit margin after deducting non profits was 37.1%, which remained basically stable year-on-year.
The profit side is significantly affected by non business operating factors such as epidemic situation and investment income. In 2022q1, affected by the regional epidemic, some regions adopted the epidemic prevention and control policy of restricting or stopping the normal operation of Ophthalmology and optometry service institutions, which affected the sales of Q1 corneal plastic lens products and optometry service revenue of the company. In addition, the growth of revenue in 2022q1 is basically synchronized with the growth of net profit deducted from non parent company, but the growth rate of net profit attributable to parent company is relatively low, which is mainly affected by non business reasons: (1) in the same period of 2021, the company transferred the equity of subsidiaries and recognized the investment income of about 20 million, forming an apparent high base; (2) In 2022q1, the company confirmed that the financial income of idle funds was about 10.41 million yuan and the interest income of bank deposits was about 2.19 million yuan. This income decreased by about 4.15 million yuan year-on-year, mainly because the company adjusted the structure of idle funds financial products, reduced the amount of non breakeven financial products with high yield and increased the amount of breakeven financial products.
The construction of channel network and terminal was further strengthened. By participating in cooc2021, visionchina 2021 and other national academic conferences, many provincial and municipal academic conferences on ophthalmology and optometry, as well as academic exchange and promotion meetings between Chinese chain hospitals and regional leading hospitals, holding various training lectures, carrying out technical visits, holding the 9th dream David fitting technology competition and other ways, the company has strengthened technology promotion and support, and added more than 200 cooperation terminals without equity relationship. At the same time, through investment and self construction, the company has expanded 110 optoelectronic terminals with equity participation, holding and self operation. By the end of the reporting period, the company had established cooperative relations with more than 1400 terminals, of which more than 350 terminals participated in and held shares, laying the foundation for the continuous growth of the company’s business. According to the company’s announcement, in the next five years, the company plans to invest 1.78 billion yuan to strengthen the layout of optometry centers in Anhui, Jiangsu, Hubei, Shandong, Fujian, Shaanxi, Guangdong and Henan, and build 1348 optometry service terminals, including 336 county-level optometry service terminals and 1012 community-level optometry service terminals, so as to further expand the company’s strategic layout in the country.
The research and development of new products is progressing smoothly, and we look forward to the increment brought by large-scale volume after listing. (1) Hard lens: the research and development of self-produced lens alternative materials has been completed, and the self inspection is qualified. The full performance inspection is being carried out in the testing center of the State Food and drug administration; The clinical trial of ultra-high oxygen permeable keratoscope has been completed, and most samples have been enrolled and clinical observation has been carried out; The registration test of scleral lens has been completed and clinical trials are being prepared. (2) Nursing products: hard mirror lubricant has completed clinical trial and applied for registration, which is under approval; The registration inspection and application for registration of class III medical devices of hard mirror flushing liquid have been completed and have entered the technical review; The intelligent ultrasonic hard mirror cleaning instrument II has been developed and put into the market, and good market feedback has been obtained. (3) Other products: the application of atropine eye drops in Hefei Kangshi eye hospital has been accepted; Anhui ouwu, a holding subsidiary, has completed the prototype trial production of China’s first 308 nm excimer laser for the treatment of vitiligo and other skin diseases; Anhui Oz, a holding subsidiary, has completed the prototype trial production of terahertz respiratory and heartbeat monitoring system for real-time monitoring of non-contact vital signs in hospitals and families.
Investment suggestion: buy – a investment rating. We expect that the revenue growth rate of the company from 2022 to 2024 will be 33.1%, 32.8% and 30.3% respectively, and the net profit growth rate will be 31.7%, 33.0% and 30.9% respectively, with outstanding growth; Give an investment rating of buy-a. The six-month target price is 38.66 yuan, equivalent to 45 times the dynamic P / E ratio in 2022.
Risk warning: uncertainty of epidemic situation; The company’s subsequent orders are less than expected; R & D progress is less than expected.
