\u3000\u30003 Lijiang Yulong Tourism Co.Ltd(002033) 00203)
Performance review
On the evening of April 27, Focused Photonics (Hangzhou) Inc(300203) released the annual report of 2021. During the reporting period, the company achieved a revenue of 3.75 billion yuan (- 8.55%, YoY), a net profit attributable to the parent company of -232 million yuan (- 147.51%, YoY), and a net profit not attributable to the parent company of -352 million yuan (- 523.47%, YoY).
Business analysis
The business unit of high-end scientific instruments has made continuous breakthroughs. Financial side: during the reporting period, the company’s high-end scientific instrument subsidiary PHYU technology achieved a revenue of 961 million yuan (63%, YoY) and a net profit of 124 million yuan (122%, YoY). Business side: 1) during the reporting period, ICP-MS / MS has been sold in semiconductor upstream suppliers. 2) In December of 21 and March of 22, ICP-MS and LC-MS / MS obtained the registration certificate of class II medical devices respectively; The automatic nucleic acid mass spectrometry detection system is expected to submit the registration of class II medical devices in the middle of 2022. 3) In the 21st year, the company released full spectrum flow cytometry and mass spectrometry flow cytometry, and promoted the research on cell scientific research and clinical application, such as cell typing and characterization, tumor cell screening, etc. 4) In December 21, the automatic capillary electrophoresis instrument obtained the Filing Certificate of class I medical devices, and achieved a breakthrough in localization in this field. The equipment can be used for screening and diagnosis of multiple myeloma, thalassemia and diabetes, as well as quality analysis of blood products. 5) During the reporting period, the company’s R & D personnel increased by 25% to 1487, and continued to consolidate the company’s technical moat.
Adjust the business focus, and the non instrument business dragged down the net profit performance: 1) goodwill impairment: in order to focus on the high-end scientific instrument business and gradually withdraw from the environmental engineering and equipment sector, the related subsidiaries Huachun, xinbaili and Three Gorges environmental protection were impaired by a total of 91.46 million yuan; The impairment of China Avionics Systems Co.Ltd(600372) is 1.42 million yuan. 2) The gross profit margin of non instrument business decreased: the gross profit margin of engineering equipment business (revenue accounting for 25.7%) decreased by 11.92pct to 15.78% year-on-year, and the gross profit margin of operation service business (revenue accounting for 15.31%) decreased by 7.13pct to 39.06% year-on-year. 3) Adjusted by the interpretation announcement of Income Standard No. 14, the financial expenses increased by 71.02% year-on-year to 174 million yuan. In addition, the company has concentrated its resources and organized a special team to dispose of the stripped part of PPP projects, which are advancing in an orderly manner.
Investment advice and profit forecast
It is estimated that the net profit attributable to the parent company in 22-24 years will be 220 / 380 / 468 million yuan respectively, the corresponding EPS will be 0.49/0.84/1.04 yuan respectively, and the corresponding PE will be 34 / 20 / 16 times respectively, maintaining the “buy” rating of the company.
Risk tips
The industrialization progress is less than expected, the market competition intensifies, the import risk of core parts and components, the lower than expected downstream application demand, the impairment of goodwill, the reduction and equity freeze of the actual controller, the impairment risk of PPP, etc.
