\u3000\u3 Guocheng Mining Co.Ltd(000688) 389 Shenzhen Lifotronic Technology Co.Ltd(688389) )
Event:
On April 16, the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the operating revenue was 778 million yuan, with a year-on-year increase of 40.50%, the net profit attributable to the parent was 190 million yuan, with a year-on-year increase of 32.23%, and the net profit attributable to the parent after deduction was 163 million yuan, with a year-on-year increase of 32.25%; In 2022, Q1 achieved an operating revenue of 210 million yuan, with a year-on-year increase of 27.70%, and the net profit attributable to the parent company was 671422 million yuan, with a year-on-year increase of 24.36%. The net profit attributable to the parent company after deduction was 640965 million yuan, with a year-on-year increase of 30.27%.
Comments:
In vitro diagnostic products take electrochemiluminescence technology as the core, and constantly enrich the variety of products
In 2021, the company’s in vitro diagnostic products achieved an operating revenue of 592 million yuan, a year-on-year increase of 52.60%. The company takes electrochemiluminescence as the core and combines a number of technologies to provide customers with fully automatic and semi-automatic in vitro diagnostic products. Among them, the company has made remarkable progress in Electrochemiluminescence technology and developed a new generation of automatic immunoassay platform to fill the gap in the Chinese market; The company’s liquid chromatography technology has also been improved. It has developed a dual detection mode hemoglobin analyzer that can be switched with one key for glycosylated hemoglobin detection and thalassemia screening. The instrument realizes the localization of chromatography medium. At present, it has passed clinical verification and is listed and sold overseas; The company’s hemagglutination mechanics testing technology developed smoothly. It obtained the product registration certificate of thromboelastogram reagent in December 2021, and the product was gradually recognized by the market. The company’s Q1 sales expense ratio in 2022 was 9.79%, with a year-on-year decrease of 2.45pcts; The rate of administrative expenses was 4.73%, a year-on-year decrease of 0.96 PCTs; The R & D expense ratio was 15.43%, a year-on-year decrease of 0.61 PCTs, and the company’s expense structure was continuously optimized.
Treatment and rehabilitation products focus on the core clinical needs and complete the layout of photoelectric medical and aesthetic fields
In 2021, the company’s treatment and rehabilitation products achieved an operating revenue of 180 million yuan, a year-on-year increase of 14.43%. The company focuses on the three clinical needs of skin and wound, perioperative period and chronic disease rehabilitation, and improves the treatment and rehabilitation product line. In the field of skin and wound, the company has successfully developed a disposable negative pressure dressing with significant clinical value in wound treatment, and acquired the holding Shenzhen Weiren Everbright Technology Co., Ltd. in June 2021. The company has completed the comprehensive layout in the field of photoelectric medicine and beauty; In the perioperative field, the company has successfully developed and listed medical heating blanket therapeutic instrument and high flow respiratory humidification therapeutic instrument that are helpful for the treatment of covid-19 patients; In the field of chronic disease rehabilitation, the company has developed a new generation of high-energy infrared treatment equipment, and will soon launch electromagnetic ballistic shock wave treatment instrument to further enrich the technical scheme of pain treatment.
Adhere to independent research and development, constantly update products to meet the needs of different regions
In 2021, the company’s R & D expenses were 156 million yuan, with a year-on-year increase of 50.79%. In 2022q1, the R & D expenses increased by 22.87% year-on-year to 324074 million yuan. The company insists on independent research and development and continues to develop product versions that meet the needs of foreign countries. As of April 16, 2022, the company has obtained fda510k registration in the United States for 4 products, CE certification for 141 products and 197 medical device registration certificates.
Profit forecast and investment rating: we estimate that the company’s operating revenue from 2022 to 2024 will be RMB 1.031/13.65/1.798 billion respectively (the value before 2022 / 2023 will be RMB 1.068/1.473 billion respectively), and the net profit attributable to the parent company will be RMB 252/3.34/439 million respectively (the value before 2022 / 23 will be RMB 290 / 399 million respectively). Maintain the “buy” rating.
Risk tip: the risk of intensified industry competition; The terminal performance is lower than expected; Risk of recurrent outbreaks
