\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 95 Autek China Inc(300595) )
Event: in the first quarter of 2022, the company realized an operating revenue of 371 million yuan, a year-on-year increase of 29.4%, a net profit attributable to the parent of 148 million yuan, a year-on-year increase of 7.2%, deducting 138 million yuan of non attributable net profit, a year-on-year increase of 28.7%, and a net cash flow from operating activities of 160 million yuan, a year-on-year increase of 0.65%. Performance growth exceeded our expectations.
The impact of Q1 epidemic is limited, and the company’s performance is growing steadily: the application of the company’s main product corneal plastic lens is in the rising channel, and the product sales and marketing service terminal revenue are still increasing. The main reasons for the slower growth of net profit attributable to the parent company than income and deduction are as follows: 1) in the same period of last year, the financial management income of idle funds was confirmed to be about 16.32 million yuan, and the interest income of bank deposits was about 430000 yuan, which decreased by about 4.15 million yuan year-on-year; 2) In the same period of last year, the company transferred the equity of its subsidiaries and recognized the investment income of about 20 million, which is one-time and unsustainable.
Actively expand the downstream visual terminals and increase the proportion of direct sales: in recent years, the company has actively expanded the downstream through the acquisition of visual terminals. In 2021, the company added more than 300 cooperative terminals. At present, the total number of terminals that have established cooperative relations is more than 1400, including more than 350 visual terminals that participate in and hold shares. In 2021, the company’s direct sales revenue was 828 million, the gross profit margin reached 80.65%, 11.2pct higher than the gross profit margin of distribution, and the proportion of direct sales increased to 64%, A year-on-year increase of 53.66%. It is expected to expand no less than 100 visual terminals in 2022. If the additional issuance plan is implemented, the number of visual terminals controlled by the company will be greatly increased, which will promote the continuous growth of the company’s performance.
Profit forecast and investment rating: considering the impact of the epidemic on the company’s performance, we adjusted the company’s net profit attributable to the parent company from 872 / 1160 million yuan to 721 / 921 million yuan from 2022 to 2023. It is estimated that the net profit attributable to the parent company in 2024 will be 1.131 billion yuan, and the PE valuation corresponding to the current market value will be 35 / 28 / 22 times respectively. Maintain the “overweight” rating.
Risk warning: the epidemic control is less than the expected risk; The risk of intensified industry competition; Policy risk, etc
