\u3000\u3 Shengda Resources Co.Ltd(000603) 108 Shanghai Runda Medical Technology Co.Ltd(603108) )
Event: the company released the annual report of 2021, and the performance basically met our expectations. In 2021, the company achieved a revenue of 8.86 billion yuan, a year-on-year increase of 25.33%; The net profit attributable to the parent company was 380 million yuan, a year-on-year increase of 15.23%, and the net profit not attributable to the parent company was 371 million yuan, a year-on-year increase of 14.92%. In the first quarter of 2022, the company achieved a revenue of 2.169 billion yuan, a year-on-year increase of 7.34%; The net profit attributable to the parent company was 41 million yuan, a year-on-year decrease of 53.96%, and the net profit not attributable to the parent company was 37 million yuan, a year-on-year decrease of 56.37%.
Comments:
IVD comprehensive service provider is the leader, and its core business is growing steadily: in 2021, the company achieved an operating revenue of 8.86 billion yuan, a year-on-year increase of 25.33%, and a net profit attributable to the parent company of 380 million yuan, a year-on-year increase of 15.23%. In 2021, the epidemic situation in the whole country will continue to be effectively controlled, and all businesses of the company will recover rapidly. From the perspective of centralized business and inspection center, the annual net revenue increased by about 2.5 billion yuan and 2.5 billion yuan, respectively; The industrial sector achieved an operating revenue of 502 million yuan, with a year-on-year increase of 21.19%. The company’s independent brand sales channels were expanded, and the synergy of intensive business appeared; The business income of the third-party laboratory was 353 million yuan, with a year-on-year increase of 125.60%, and the contribution of covid-19 related businesses increased.
The advantages of Commercial comprehensive services are obvious, and the investment in self-produced business R & D is high: by the end of 2021, the company has served more than 4000 medical institutions, including 391 core customers who provide overall operation and management services for in-hospital laboratories, and has accumulated high-quality customer resources nationwide. In addition, the company continues to increase the research and development of self-produced products, continuously upgrade the technology of the original products, and based on differentiated competition. In 2021, the company’s R & D expenditure was 123 million yuan, with a year-on-year increase of 40.88%. On the basis of consolidating the leading position of saccharification, quality control and other products in China, the company continued to make new breakthroughs in the fields of clinical mass spectrometer and digital inspection information system, and launched arp-6465md triple four-level rod clinical mass spectrometer, mq-8000 new generation glycosylated hemoglobin instrument, Runda Huijian artificial intelligence interpretation inspection report system and other products.
Build a platform for internal business integration and lay out new areas for external strategic cooperation: in terms of internal management, the company plans to transfer 11 shares to Hangzhou Huizhong Diagnostic Technology Co., Ltd., a wholly-owned subsidiary of the company, so as to give full play to the platform value and after-sales advantages accumulated by the company’s channels, strengthen the integration of self-produced business and improve the overall operation efficiency of self-produced business in the industrial sector. In terms of external cooperation, the company has launched business cooperation with the global IVD giant orsendor to accelerate the layout in the IVD product market; The company has also reached strategic cooperation with Beijing Leadman Biochemistry Co.Ltd(300289) , solar biology, Shanghai Children’s Medical Center, Shanghai Meihua women’s and children’s Hospital, etc., so as to fully realize the sharing and win-win of upstream and downstream resources in the supply chain; In addition, the company has carried out in-depth cooperation with kailaipu on clinical mass spectrometry business to strengthen the layout in new fields.
Profit forecast, valuation and rating: considering that the epidemic situation in East China and Northeast China in the first quarter of 22 years will have a great impact on the company’s revenue and may affect the progress of the company’s relevant channel expansion, we lowered the company’s EPS from 22 to 23 years to 0.72/0.87 yuan (the original forecast was 0.88/1.10 yuan, down 18% / 21% respectively), and introduced a 24-year EPS of 1.03 yuan, a year-on-year increase of 9.73% / 21.35% / 17.43%. Considering that the company is the leader of IVD comprehensive service provider, The channel advantages of the commercial sector are obvious, and the endogenous extension of the industrial sector makes efforts on the product side, which brings greater flexibility to the performance and continues to maintain the “buy” rating.
Risk warning: product promotion is less than expected risk, and market competition intensifies risk.
