\u3000\u3 Guocheng Mining Co.Ltd(000688) 139 Qingdao Haier Biomedical Co.Ltd(688139) )
Key investment points
Event: on the evening of April 28, 2022, Qingdao Haier Biomedical Co.Ltd(688139) released the first quarter report of 2022, and the company achieved a revenue of 563 million yuan, a year-on-year increase of 36.22%; The net profit attributable to the parent company was 114 million yuan, a year-on-year decrease of 72.96%; Net profit deducted from non parent company was 101 million yuan, with a year-on-year increase of 7.53%. After deducting the influence of mesa equity income and equity incentive expenses, the net profit attributable to the parent company increased by 37.70% year-on-year and the net profit not attributable to the parent company increased by 45.12% year-on-year.
Performance continued to maintain high growth. In terms of application scenarios, the company adopted new division standards. The revenue of the company’s life science business (including sample automation and smart laboratory) was 270 million yuan, with a year-on-year increase of 46.78%, and the revenue of medical innovation business (including smart public health, smart blood and digital hospital) was 291 million yuan, with a year-on-year increase of 27.39%. The company’s Internet of things business revenue was 199 million yuan, with a year-on-year increase of 88%, and the proportion of revenue further increased to 35.33%; In terms of subregions, the company’s revenue in the Chinese market was 381 million yuan, a year-on-year increase of 33.33%, and that in the overseas market was 179 million yuan, a year-on-year increase of 42.18%. In addition, the gross profit margin of Q1 of the company in 2022 was 50.53%, which was 0.31pct higher than that of Q1 in 2021. The pressure of the continuous rise of raw materials in the upstream decreased, and the cost efficiency increased significantly; Compared with Q1 in 2021, after reducing the equity incentive expenses, the sales expense ratio decreased by 0.64pct, the management expense ratio decreased by 1.56pct year-on-year, and the R & D expense ratio increased from 9.99% to 10.61%.
Risks and challenges coexist under the epidemic situation, and the annual performance expectation remains unchanged. Affected by the epidemic in the first quarter, the promotion of the company’s Internet of things business has slowed down relatively, but we believe that the industry space and demand have not changed. The sample automation scheme of Q1 company has been implemented in the South Ocean laboratory and has reached cooperation with Yibang biology to jointly build China’s first high-level P3 laboratory intelligent management system; Vaccine networks in Yunnan, Henan and other places, and blood networks in Jiangsu, Sichuan and other places have successfully replicated the model. The smart operating room has landed in Dongfang Hospital. With the weakening impact of the epidemic, it is expected to maintain high-speed growth throughout the year; In addition, the company continues to expand its business scenarios and seize the opportunity of the epidemic. The demand for covid-19 vaccine mobile vaccination scheme is still on. With the normalization of nucleic acid sampling in some provinces and cities in China, the company’s nucleic acid sampling module is expected to contribute considerable revenue in Q2; The first flight of air temperature controlled containers has been completed with airworthiness certificate, and it is expected to gradually increase the volume in 2-3 years; At the same time, the layout of overseas business was further accelerated, with 49 new channel networks. Overall, we believe that the company’s high performance and growth trend will not change.
Profit forecast and investment rating: we believe that the rapid development trend of the company remains unchanged, and the net profit attributable to the parent company from 2022 to 2024 is expected to be 596, 791 and 1039 million yuan respectively. The current market value corresponds to 39.34, 29.65 and 22.58 times of PE, maintaining the “buy” rating.
Risk tip: business expansion is not as expected, covid-19 epidemic situation is repeated, raw material prices rise, etc
