\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 60 Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) )
Event:
On April 20, the company released the 2021 annual report and the first quarterly report of 2022. In 2021, the annual revenue was 25.270 billion yuan, a year-on-year increase of + 20.18%, and the net profit attributable to the parent company was 8.002 billion yuan, a year-on-year increase of + 20.19%. The net profit attributable to the parent company after deduction was 7.85 billion yuan, a year-on-year increase of + 20.04%; In the first quarter of 2022, the revenue was 6.943 billion yuan, a year-on-year increase of + 20.10%, and the net profit attributable to the parent company was 2.105 billion yuan, a year-on-year increase of + 22.74%. After deduction, the net profit attributable to the parent company was 2.072 billion yuan, a year-on-year increase of + 22.20%.
Comments:
The three main lines are ready to move forward, and the profitability has been steadily improved
In 2021, China’s new medical infrastructure was accelerated, and the global consumption of conventional reagents recovered significantly, driving the rapid growth of the company’s performance: 1) the revenue of life information and support business was 11.153 billion yuan (+ 11.47%), an increase of more than 55% after deducting anti epidemic products. The market share of the six products ranked first in China, and a large number of anti epidemic equipment such as respirators and monitors entered new high-end customer groups at home and abroad; 2) The revenue of in vitro diagnosis business was 8.449 billion yuan (+ 27.12%), an increase of more than 40% after deducting anti epidemic products. The annual installed capacity of bc-7500crp new products exceeded 1000 units, and the blood cell business became the first in China; 3) The revenue of medical imaging business was 5.426 billion yuan (+ 29.29%), and ultrasound business became the second largest in China. The company’s sales expense ratio in 2021 was 15.83%, with a year-on-year increase of -1.29pct, and the sales efficiency continued to improve; The management expense ratio was 4.38%, basically unchanged year-on-year; The R & D expense rate was 9.99%, with a year-on-year increase of + 1.1pct, mainly due to the increase of cash incentives for R & D personnel.
The gross profit margin of 2022q1 company was 65.10%, year-on-year + 0.08pct, and the net profit margin was 30.35%, year-on-year + 0.67pct. The expense structure was continuously optimized and the profitability was steadily improved.
Form a huge global R & D network and continue the trend of overseas high-end breakthroughs
In 2021, excluding the impact of covid-19 related products and exchange rate changes, the sales revenue in the international market increased by nearly 50% in the whole year. The company has achieved a new breakthrough of about 730 blank high-end customers and a horizontal breakthrough of more than 700 existing high-end customers in Europe and emerging market countries. In the future, emerging markets are expected to take over China as the driving force of long-term growth. The company’s R & D expenditure was 2.524 billion yuan, with a year-on-year increase of 35.05%. It has set up a new R & D center in Europe, forming a huge global R & D, marketing and service network.
High end products are constantly enriched, and new businesses such as AED and minimally invasive surgery are developing at a high speed
From 2021 to 2022q1, the company continued to make breakthroughs in high-end products: in the field of in vitro diagnosis, the company launched a variety of new products such as cells, biochemistry, luminescence and urine; In the field of medical imaging, realize the application of multi modality high-end color Doppler ultrasound and Dr in multiple scenes such as maternity, ophthalmology and liver; In the field of life information and support, we launched new products such as “ruizhilian” ecosystem · intelligent monitoring +, hypixel R1 4K ultra-high definition fluorescent endoscope camera system and so on. In addition, the company has increased investment in new businesses of animal medicine, minimally invasive surgery, orthopedics and AED, and realized large-scale AED installation in some European countries, becoming a new growth pole of the company.
Profit forecast and investment rating: considering the uncertainty of the epidemic situation, our expectation for the company is slightly lowered. It is estimated that the operating revenue from 2022 to 2024 will be 30.683/37.292/44.999 billion yuan respectively (31.496/38.635 billion yuan before 2022 / 2023), and the net profit attributable to the parent company will be 9.776118.73/14.354 billion yuan respectively (10.178/12.553 billion yuan before 2022 / 2023). Maintain the “buy” rating.
Risk tips: industry policy changes, epidemic impact, exchange rate fluctuations, risk of product price decline, etc
