\u3000\u30003 Lijiang Yulong Tourism Co.Ltd(002033) 00203)
Performance review
On the evening of April 28, Focused Photonics (Hangzhou) Inc(300203) released the first quarterly report of 2022. During the reporting period, the company achieved a revenue of 502 million (- 4.16%, YoY), a net profit attributable to the parent company of – 59.04 million yuan (28.87%, YoY), and a net profit not attributable to the parent company of – 72.39 million yuan (16.60%, YoY).
Business analysis
The business of high-end scientific instruments continued to grow rapidly: 1) during the reporting period, the company’s subsidiary of high-end scientific instruments, PHYU technology, achieved a new contract of 200 million yuan (74%, YoY), a revenue of 100 million yuan and a net profit of – 402234 million yuan. The loss was mainly due to: ① the R & D personnel increased significantly compared with the same period last year; ② The revenue of scientific instrument business is seasonal. The revenue in the first quarter accounts for a small proportion of the whole year, but the cost distribution is relatively uniform, which affects the performance of Q1 profit end. 2) During the reporting period, the R & D expense rate of the company increased significantly by 6.21pct to 27.64% compared with the same period last year. R & D investment has been increased, and the company’s technological moat has been continuously consolidated. 3) Orderly expansion of downstream business: in March 22, the company LC-MS / MS obtained the class II medical device registration certificate; The automatic nucleic acid mass spectrometry detection system is expected to submit the registration of class II medical devices in the middle of 2022.
The business structure of the group has improved significantly: 1) the gross profit margin has increased significantly: the gross profit margin increased by 4.49pct to 46.82% compared with the same period last year, the highest in a single quarter in recent two years. At the beginning of the year, the company proposed to concentrate resources to develop the business of high-end analytical instruments, scientific instruments and related supporting products with competitive advantages, and gradually withdraw from the business of industrial water treatment engineering. The improvement of gross profit margin may be attributed to the decrease in the proportion of engineering business with low gross profit margin. 2) The sales expense rate decreased significantly, and the optimization and adjustment of internal sales personnel gradually took effect: the sales expense rate decreased by 3.99pct to 24.18% compared with the same period last year.
Other factors affecting the year-on-year change of profit side: 1) adjusted by the interpretation announcement of Income Standard No. 14, the financial expenses increased by 130.87% year-on-year to RMB 41.25 million. 2) The credit impairment loss decreased by 21.25 million yuan year-on-year.
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.
