\u3000\u3 Guocheng Mining Co.Ltd(000688) 301 Iray Technology Company Limited(688301) )
The company released the first quarterly report of 2022. In 22q1, the revenue was 327 million yuan, a year-on-year increase of + 46%, the net profit attributable to the parent was 101 million yuan, a year-on-year increase of + 35%, and the net profit not attributable to the parent was 112 million yuan, a year-on-year increase of + 65%.
The market share of static products continued to increase, and the sales of Dentistry and industry achieved a rapid breakthrough. Revenue grew rapidly and profitability continued to improve. The income of dynamic products such as dental, medical dynamic and industrial detectors of 22q1 company maintained a high growth rate, while the income of static products such as general radiation medical and oral detectors continued to maintain a stable growth. The income of Q1 dynamic business accounted for about 40%, higher than 33% of last year's annual report. 22q1 company achieved a gross profit margin of 57.28% and a net profit margin of 34.17%, an increase of 6.62 and 3.89 PCT respectively year-on-year, mainly due to the scale effect and the increase in the proportion of industrial and dental dynamic products with high gross profit;
Expand the R & D team and continue to expand new products. 22q1 invested 52.43 million yuan in R & D, a year-on-year increase of + 119%, mainly due to the further expansion of the company's R & D team. In January, the company released the plan of convertible bonds, and planned to raise no more than 1.435 billion yuan for the industrialization project of new detector and scintillator materials and the research and development of key technologies of digital X-ray detector, and continued to expand in the fields of CMOS and high-end medical dynamic detector, industrial and CT linear array detector;
The decline in the market value of Zhuhai Cosmx Battery Co.Ltd(688772) shares and equity incentive fees affect the performance of net profit attributable to the parent company. The company had previously issued an equity incentive plan, which required a provision of about 60 million related expenses in 22 years. After excluding the impact of share based payment expenses, the non net profit attributable to the parent company was 126 million yuan, a year-on-year increase of + 86%. Zhuhai Cosmx Battery Co.Ltd(688772) stock invested by the company's strategy fell by about 36% in 22q1, resulting in a loss of nearly 40 million fair value changes;
Investment advice. The company's business expansion is good, but considering the impact of Zhuhai Cosmx Battery Co.Ltd(688772) stock's continuous decline since the beginning of the year on non recurring profit and loss, the company slightly lowered its profit forecast for 2022. It is expected that the company will realize net profit attributable to parent company of RMB 610, 880 and 1.14 billion from 2022 to 2024, corresponding to PE of about 42 29 22x under the current market value. We are optimistic about the company's continuous expansion in industrial and medical detector fields in the future and maintain the "overweight" rating.
Risk tips: 1. The industrialization progress of relevant technologies is less than expected; 2. The improvement progress of market share is less than expected; 3. The release of relevant market demand was less than expected.
