\u3000\u30 Shenzhen Guohua Network Security Technology Co.Ltd(000004) 03 Pacific Shuanglin Bio-Pharmacy Co.Ltd(000403) )
Key investment points
Event: 1) the company] released the first quarterly report of 2022, realizing revenue of 1.97 billion yuan, year-on-year + 87.8%, net profit attributable to parent company of 390 million yuan, year-on-year + 110.3%, deducting net profit attributable to non parent company of 260 million yuan, year-on-year + 61.4%. 2) The company released the first quarterly report of 2022, with a revenue of 500 million yuan, a year-on-year increase of + 75.7%, and a net profit attributable to the parent of 110 million yuan, a year-on-year increase of + 90%, deducting a net profit not attributable to the parent of 90 million yuan, a year-on-year increase of + 103.8%.
In 2021, the performance increased rapidly and the expense rate decreased. Quarterly, the company's revenue in Q1 / Q2 / Q3 / Q4 in 2021 was 2.9/5.1/5.5/630 billion yuan (+ 35.3% / 133.4% / 134.7% / 62.3%), and the net profit attributable to the parent company in each quarter was 0.6/1.2/1.3/0.9 billion yuan (125.7% / 215% / 213% / 6%) respectively. The low growth rate of profit in the fourth quarter was mainly due to the impairment of paisficho's goodwill. In terms of profitability, the gross profit margin of the company's sales in 2021 was 46.1%, down 2.8pp year-on-year, consistent with the overall change trend of the industry. In 2021, the four-year rate was 20.74%, with a year-on-year decrease of 6.7pp, of which the sales expense rate decreased by 3.5pp and the financial expense rate decreased by 2.4pp. Based on the above factors, the annual net interest rate was 19.9%, an increase of 2.5pp year-on-year.
Pasfico's operation was affected by the epidemic. In 2021, Guangdong Shuanglin achieved an annual revenue of 1.32 billion yuan and a net profit of 310 million yuan. On January 19, 2021, paisficho completed the industrial and commercial transfer of ownership and became a wholly-owned subsidiary of the company, which will be included in the scope of consolidated statements from February 1, 2021. In 2021, paisficho realized a revenue of 670 million yuan (+ 70%), deducting 100 million yuan of non parent net profit. In 2021, paisfieko was repeatedly impacted by covid-19 epidemic, and the collection of raw plasma and product sales were affected. Paisfieko actively fought against covid-19 epidemic and achieved good growth under the influence of covid-19 epidemic.
The scale of pulp mining leaps to the first echelon, and the number of products continues to be abundant. In 2021, the company's plasma collection volume is close to 900 tons, and it is expected that the plasma collection volume will exceed 1000 tons in 2022, quickly ranking among the first echelon in the blood products industry. Through strategic restructuring and strategic cooperation with Xinjiang Deyuan, the total number of products of the company has reached 10, the maximum number of Chinese blood products enterprises is 12 varieties, and the total number of pulp stations has reached 38. At present, it ranks among the top three in the industry. If we further cooperate with Xinjiang Deyuan to build pulp stations in the future, the number of pulp stations will be further increased. Guangdong Shuanglin has 7 varieties such as coagulation factor VIII, and pasfico has the production capacity of 9 varieties such as fibrinogen. The company continues to promote the research and development of new products. It is expected that the number of products will be further enriched in the future when new products are listed.
Profit forecast and investment suggestions: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 630 million yuan, 770 million yuan and 910 million yuan, and the EPS will be 0.86 yuan, 1.06 yuan and 1.24 yuan respectively, with corresponding valuations of 21 times, 17 times and 14 times respectively. Considering the high certainty of the company's pulp volume improvement, the "buy" rating is maintained.
Risk warning: covid-19 epidemic risk; Risks of intensified industry competition; Risk of rising costs; Policy risk
