\u3000\u3 Guocheng Mining Co.Ltd(000688) 139 Qingdao Haier Biomedical Co.Ltd(688139) )
Clarify the new strategy of "Life Science + medical innovation", and the adjusted profit is yoy45%
On April 29, 2022 Qingdao Haier Biomedical Co.Ltd(688139) released the financial report of 2022q1, with a revenue of 563 million and yoy of 36 million in the first quarter 22%, with a gross profit margin of 50.53%, a year-on-year increase of 0.3lpct and a month on month increase of 1.69pcto. After excluding the equity incentive and the disposal income of mesa in 2021, the company adjusted and deducted the non attributable net profit of 117 million, yoy45%. The net interest rate was 20.78%, up 0.014pct.
In the 2021 annual report, after the company made clear the new strategic direction of "Life Science + medical innovation", the revenue caliber was changed from the original four scenarios to two directions for the first time. Among them, the income of life science is 270 million and yoy is 46 million 78%, 291 million medical innovation, yoy 27.5% 39%。
The distribution network has gradually matured and overseas expansion has accelerated
In 2022q1, China's revenue was 381 million, yoy 33 million 33%, with overseas revenue of 179 million and yoy of 42 million 18%, accounting for 31.77% of the total revenue, accelerating significantly. In the 2022q1 quarterly report, the company added 49 distribution networks in Q1 and accelerated the channel layout in Africa, South America, Southeast Asia and other places; And gradually diversified in revenue scenarios, with rapid growth in categories such as biosafety cabinets and incubators. At the same time, from the financial data, we find that the inventory and contract liabilities of Q1 are slightly lower than those at the end of 2021. Considering that there are some undelivered overseas products in the company's inventory in the past, we believe that with the gradual easing of shipping prices and the gradual maturity of distribution network, the company's overseas delivery capacity and sales capacity are significantly enhanced, and the overseas expansion is expected to continue to accelerate.
The management ability is optimized, and the profitability is still improved against the background of the rise in commodity prices
The gross profit margin of the company increased by 1.69pct month on month and 0.31pct year-on-year. On the basis of the rise in the price of bulk commodities, it still increased slightly through the upgrading of technology, production modularization and scale effect. In terms of expense ratio, excluding the impact of equity incentive, the management expense of 2022q1 company decreased by 1.56 PCT and the sales expense decreased by 0.64 PCT, indicating the gradual improvement of management efficiency. At the same time, the company strengthened the investment in R & D expenses, increased the R & D rate by 0.7pct, and mainly did not use non low temperature storage products. We think this shows the company's continuous investment in new products and new scenarios. Taking into account the cost pressure and rate changes of bulk commodities throughout the year, we maintain the judgment that the company's net interest rate will be about 20% in 2022.
Perfect technical reserve + sufficient user communication, and new scenes continue to emerge from time to time
Since 2020, many businesses of the company have always been affected by the epidemic, but we also found that due to the relatively perfect technical reserve and extensive user coverage, the company's new schemes and new scenarios have been iterative and come into being at the right time. In the 2022q1 sample scenario, the sample automation scheme was implemented in the South Ocean laboratory and reached cooperation with Yibang biology to jointly build China's first high-level P3 laboratory intelligent management system. In terms of vaccines, the company promotes the replication of smart vaccine vaccination schemes in Yunnan, Henan and other places, continues to provide value-added services, and timely launches scenario schemes such as nucleic acid sampling and antigen detection, which is expected to increase significantly in Q2 to supplement the impact of the epidemic on the replication rhythm of the vaccine network in the short term. Meanwhile, the newly hatched aviation temperature control industry of the company has become the first major operator in China to obtain IATA code in February; In March, we joined hands with China Southern Airlines Company Limited(600029) to successfully complete the first flight of air temperature controlled containers. We believe that the company's subdivision schemes may fluctuate with the pace of the epidemic, but the strong scheme iteration ability is expected to ensure the sustained and high growth of the company's revenue in 2022.
Profit forecast and valuation
Taking into account the company's solid technical reserves and high customer coverage and the ability to continuously iterate over new schemes and scenarios, with the strengthening of Internet of things schemes and the gradual improvement of overseas distribution network, we predict that the company's revenue from 2022 to 2024 will be cagr33 59%, the net profit attributable to the parent company is 594 million, 827 million and 1132 million, the corresponding EPS is 1.87, 2.61 and 3.57 yuan / share respectively, and the corresponding closing price PE on April 30, 2022 is 35, 25 and 18 times respectively. Maintain the "overweight" rating with reference to comparable companies.
Risk tips
The expansion of Internet of things is less than expected, the replication of vaccine city network and vaccination sites is less than expected, the price of raw materials is higher, the shipping delivery capacity is less than expected, the delivery of overseas direct sales projects is less than expected, and the overseas market expansion is less than expected.
