\u3000\u30003 Lijiang Yulong Tourism Co.Ltd(002033) 00203)
Event: on the evening of April 28, the company released the 2021 annual report and the forecast of the first quarterly report of 2022.
The performance of 2q1 decreased by 148% year-on-year in 2021, and the performance decreased by 29% year-on-year in 2021
In 2021, the company achieved a revenue of 3.75 billion yuan, a year-on-year decrease of 9%, and a net profit loss attributable to the parent company of 232 million yuan, a year-on-year decrease of 148%. Among them, Q4’s single quarter revenue was about 1.663 billion yuan, a year-on-year decrease of 5%, and the parent company’s net profit loss was 171 million yuan, a year-on-year decrease of 138%. The decline in revenue was mainly due to the statement of subsidiaries Anpu and Zhongke optoelectronics, and the performance from profit to loss was mainly due to the provision of 92.88 million yuan for goodwill impairment, superimposed by a significant increase in R & D expenses.
In 2022, Q1 achieved a revenue of 502 million yuan, a year-on-year decrease of 4%, and the net profit attributable to the parent company was 59 million yuan, a year-on-year increase of 29%. The performance loss is mainly due to: 1) adjusted by the income standard, the financial expenses increased by 131% year-on-year; 2) R & D expenses increased, with a year-on-year increase of 24%; 3) The joint venture suffered losses and the investment income declined.
The profitability of the subsidiary PHYU has improved rapidly and is expected to become the main growth point of the company in the future
In 2021, the subsidiary PHYU technology achieved a revenue of 961 million yuan, a year-on-year increase of 63%, and a net profit of about 124 million yuan, a year-on-year increase of 122%. In 2021, the amount of newly signed orders of the company was about 4.1 billion yuan, including about 1.34 billion yuan of newly signed orders of spectral education technology, with a year-on-year increase of about 65%. In 2022, the revenue is expected to continue to increase rapidly. In the first quarter, the revenue of spectrum education is about 100 million yuan, and the newly signed orders are 200 million yuan, with a year-on-year increase of about 74%. Order guarantee has strong certainty of the company’s profitability, and spectral education is expected to become the main profit growth point of the company in the future.
Leading domestic scientific analysis instruments and actively expanding the fields of life sciences; Under the strong R & D strategy, the company actively expands new fields such as life sciences and semiconductors. In terms of life sciences, two products of PHYU have obtained class II medical device certificates. The full-automatic capillary electrophoresis instrument of jutuo biology, a subsidiary, obtained the class I medical device registration certificate in December 2021. In the future, the full-automatic nucleic acid mass spectrometry detection system is expected to submit class II Certificate Registration in mid-2022. The single molecule flow immunoanalyzer is also in the process of research and development and is expected to be put on the market in 2022; In terms of semiconductors, the first triple quadrupole ICP-MS in 2021 has been delivered to semiconductor upstream suppliers, and preliminary verification has been carried out in major chip manufacturing enterprises in China; In terms of industry and environment, the company further iterated and updated its old products to consolidate its position in the industry. Up to now, the company has invested about 2.5 billion yuan in R & D and nearly 100 technical platforms. With the expansion of downstream fields, the company, as the leader of domestic scientific analysis instruments with independent control, will continue to benefit from the localization and replacement of high-end scientific analysis instruments, and the market share is expected to be further improved.
Profit forecast
It is estimated that the company’s revenue from 2022 to 2024 will be 4.6/57/6.9 billion yuan, with a year-on-year increase of 22% / 24% / 21%; The net profit attributable to the parent company was RMB 200 / 270 / 360 million respectively, with a year-on-year increase of 187% / 35% / 31%, corresponding to P / E 37 / 27 / 21x. Maintain the company’s “overweight” rating.
Risk tips
1) the layout of the life science sector is not as expected; 2) Competition intensifies and gross profit margin further declines
