\u3000\u3 Guocheng Mining Co.Ltd(000688) 626 Xiangyumedicalco.Ltd(688626) )
The company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved an operating revenue of 523 million yuan, a year-on-year increase of 5.65%; The net profit attributable to the parent company was 202 million yuan, a year-on-year increase of 2.87%; Net profit deducted from non parent company was 152 million, a year-on-year decrease of 2.37%. In 2022q1, the company realized an operating revenue of 85 million in a single quarter, a year-on-year decrease of 15.57%; The net profit attributable to the parent company was 09 million, a year-on-year decrease of 72.25%; Net profit deducted from non parent company was 05 million, a year-on-year decrease of 82.69%.
Affected by covid-19 epidemic in various places, the performance is under pressure in the short term
In 202119, the company still faced the challenge of repeated epidemic and slight impact on the performance of vid-19. In the single quarter of 2022q1, we believe that the income affected by the epidemic is under short-term pressure, including the epidemic in Anyang from January to February 2022 and the epidemic in Jilin, Hebei, Shanghai and other regions since mid March; 22q1’s net profit attributable to the parent company decreased, mainly because the company further strengthened its R & D and sales investment, resulting in a phased decline in short-term net profit.
In the context of aging, the demand for rehabilitation services continues to increase, and the development prospect of the industry is promising
According to the data of the seventh national census released in 2021, 18.70% (13.50% aged 65 and over) were aged 60 and over, an increase of 5.44 percentage points compared with 2010. With the continuous improvement of GDP, the accelerated arrival of an aging society, the continuous attention of medical institutions at all levels to the construction of rehabilitation departments and the continuous strengthening of patients’ rehabilitation awareness, the demand for rehabilitation equipment has increased. The policy supports rehabilitation. In June 2021, the National Health Commission and other eight departments jointly issued the opinions on accelerating the development of rehabilitation medical work, which clearly pointed out that rehabilitation medical work is an important part of health care.
With the overall solution of clinical rehabilitation as the starting point, multi specialty rehabilitation market goes hand in hand
Strengthen the construction of sales team. In 2021, the company developed a series of products and product combinations based on the clinical needs of specialized diseases. In 2022, the company will focus on the overall solution of clinical rehabilitation and go hand in hand with the multi specialty rehabilitation market. From the sales level, the company sets up corresponding product line business departments and grass-roots business departments, which are combined with the original sales team to form a matrix management mode. The product line business department mainly promotes the investment promotion of product line and the training of product line agents, and the grass-roots business department mainly meets the needs of grass-roots customers (such as national medical hall, traditional Chinese Medicine Museum, etc.).
Profit forecast and investment rating
Considering the impact of covid-19 epidemic and the company’s increased investment in R & D and sales, we lowered the company’s predicted operating revenue from 2022 to 2024 to 618 / 793 / 1021 million yuan (the previous value was 845 / 1104 million yuan in 22-23 years), with a year-on-year increase of 18.03% / 28.29% / 28.77% respectively, and the predicted net profit attributable to the parent company was 187 / 237 / 293 million yuan (the previous value was 3.40 / 4.43 in 22-23 years). We are optimistic about the long-term development trend of the rehabilitation industry and maintain the “buy” rating.
Risk tip: the repeated covid-19 epidemic risk, the policy implementation is less than expected, the market competition intensifies the risk, and the company’s operation is less than expected
