\u3000\u3 Shengda Resources Co.Ltd(000603) 108 Shanghai Runda Medical Technology Co.Ltd(603108) )
In 2022, Q1 company achieved a revenue of 2.169 billion yuan, a year-on-year increase of 7.34%, and the net profit attributable to the parent company was 413259 million yuan, a year-on-year decrease of 53.96%. The net profit deducted from non parent company was 371658 million yuan, a year-on-year decrease of 56.37%, and the net cash flow from operating activities was - 334 million yuan, a year-on-year decrease of 64.86%.
Key points supporting rating
The performance of the epidemic factors was damaged, and the core value of the company was not affected. The company's intensive / regional inspection center and other service businesses and industrial sector businesses have developed together. As the leader of comprehensive services of medical laboratories in Chinese hospitals, the company's value is prominent under the environment of medical insurance fee control. Since March of the first quarter of 22, the epidemic situation in Shanghai and Northeast China has been serious. In particular, the Shanghai region has strictly followed and implemented the national dynamic clearing guidelines and policies and adopted global static management measures. The terminal medical activities of the hospital have decreased significantly, and the demand for routine testing in the hospital has decreased significantly. Considering the large proportion of the company's business in East China (especially in Shanghai), the short-term performance of the company is damaged, but the core value remains unchanged.
The service end customers have expanded steadily, and ICL business deserves attention. At present, the company has provided intensive mode solutions to more than 40 regional inspection centers, and the number of customers of intensive and regional inspection centers has exceeded 391 (378 in 2020); As a supplement to the company's intensive business and regional testing center business, the third-party laboratory business brought performance increment due to covid-19 testing business in 2021. With the continuation of the epidemic in 2022, nucleic acid testing business still exists.
There has been a breakthrough in the industrial sector in 21 years and continued to be optimistic about the coordinated development of the industrial sector and the service sector in 22 years. The industrial sector includes IVD product R & D and production business and digital inspection information system business. In 2021, the company continued to make new breakthroughs in product fields such as clinical mass spectrometer and digital inspection information system. Arp-6465md triple quadrupole clinical mass spectrometer, a new generation of glycosylated hemoglobin meter mq-8000 and Runda Huijian artificial intelligence interpretation test report system have been launched one after another. The expansion of the company's own brand business sales channels and the synergy of the existing intensive and district inspection business have driven the growth of business revenue in the industrial sector. 2022 is still worth looking forward to.
Valuation
Considering that the company's business is greatly affected by covid-19 epidemic, we lowered the profit expectation. It is estimated that the company's net profit attributable to the parent company from 2022 to 2024 will be 400 / 494 / 578 million yuan (it was originally estimated that the company's net profit attributable to the parent company from 2022 to 2023 will be 579 / 643 million yuan), and gave an overweight rating.
Main risks of rating
The risk of accounts receivable recovery, the risk that the development of end customers is less than expected, the risk that the development of new products in the industrial sector is less than expected, the risk of business integration uncertainty, the risk of industrial policies, the risk of covid-19 epidemic uncertainty, etc.
