\u3000\u3 Guocheng Mining Co.Ltd(000688) 139 Qingdao Haier Biomedical Co.Ltd(688139) )
Event: the company released the first quarterly report of 2022, and the performance basically met the expectations. In the first quarter of 2022, the company realized an operating revenue of 5.5% 600 million yuan, a year-on-year increase of 36.22%; The net profit attributable to the parent company was 110 million yuan, a year-on-year decrease of 73%; Deduct the net profit not attributable to the parent company of 100 million yuan, with a year-on-year increase of 7.5%; The gross profit margin was 50.53%, basically stable year-on-year; The net interest rate after deduction was 17.97%, a year-on-year decrease of 4.8pct, mainly due to non operating factors such as the accrual of equity incentive expenses.
After deducting the non operating factors, the net profit of the parent company will reach 45%. The accrual of equity incentive expenses and the holding period income and disposal income generated by the associated enterprise mesa are important factors affecting the profit side growth of the company in the current period. If the equity incentive expenses recognized in 2022q1 and the holding period income and disposal income of the associated enterprise mesa recognized in 2021q1 are deducted in the same caliber, the net profit deducted from non attributable parent company of the company in 2022q1 is expected to reach about 120 million yuan, with a year-on-year growth rate of 45% +.
The business of the Internet of things continued to grow at a high rate, and breakthroughs were made in the diversification of users and the enrichment of solutions.
In 2022q1, the company's life science digital scene revenue increased by 46.78% year-on-year, and the medical innovation digital scene revenue increased by 27.39% year-on-year; China's market revenue increased by 33.33% year-on-year, and the overseas market increased by 42.18% year-on-year. Among them, the business income of Internet of things increased by 88.42%, and its proportion in revenue further increased to 35.33%. In terms of Life Science Digital scene, in the first quarter, the company's sample automation scheme was implemented in users such as Southern Ocean laboratory; The smart laboratory scheme has blossomed in many user groups such as disease control, universities and animal husbandry research institutes, and has reached cooperation with Yibang biology to jointly build China's first high-level P3 laboratory intelligent management system. In terms of digital scene of medical innovation, the company promotes the replication of smart vaccination programs in Yunnan, Henan and other places; Successively launch scenarios such as nucleic acid sampling and antigen detection; Promote the implementation of smart blood management scheme in hospitals and blood stations in Jiangsu, Sichuan and other places; The smart operating room management scheme is implemented in the Oriental Hospital Affiliated to Tongji University.
Investment suggestion: buy - a investment rating. We expect that the revenue growth rate of the company from 2022 to 2024 will be 36.6%, 33.3% and 31.4% respectively, and the net profit growth rate will be - 28.8%, 37.2% and 34.0% respectively, with outstanding growth; Give an investment rating of buy-a. The six-month target price is 66.45 yuan, equivalent to 35 times the dynamic P / E ratio in 2022.
Risk warning: uncertainty of epidemic situation; The company's subsequent orders are less than expected; The progress of new products is not as expected.
