\u3000\u3000 Nanjing Vishee Medical Technology Co.Ltd(688580) (688580)
Key investment points
Event: the company issued a performance express,] in 2021, the revenue was 430 million yuan (+ 13.7%), the net profit attributable to the parent company was 178 million yuan (+ 23.8%), and the net profit not attributable to the parent company was 150 million yuan (+ 17%).
Excluding the impact of share based payment, the net profit attributable to the parent company increased by 36.5% year-on-year in 2021. The amount of after tax impact of share based payment expenses in 2021 is 18.165 million yuan. Excluding this impact, the annual net profit attributable to the parent company and net profit deducted from non attributable to the parent company are 196 million yuan (+ 36.5%) and 168 million yuan (+ 31.1%) respectively. The endogenous performance continues the steady growth trend and completes the assessment goal of equity incentive; The single quarter revenue of 2021q4 was 127 million yuan (+ 2.8%), and the net profit attributable to the parent company was 70 million yuan (+ 21.1%), mainly due to the high base in 2020q4 and the repeated epidemic.
Magnetic stimulation products are growing rapidly, and new products are expected to contribute new growth momentum. It is estimated that the revenue of magnetic stimulation products will increase by about 70% in 2021, which has become the largest category of the company. After years of "magnetoelectric combination" cultivation, the market recognition of pelvic floor magnetic stimulation instrument has been greatly improved, with a large amount outside the hospital, and the expected revenue is more than 100 million; Electric stimulation products are expected to be under pressure due to sales reform. In the follow-up, with the completion of sales adjustment and the rationalization of incentive mechanism, it is expected to restore steady growth. The company has increased research and development, and the heavy products under research have gradually entered the harvest period. Among them, exoskeleton rehabilitation Siasun Robot&Automation Co.Ltd(300024) has been put on the market. The "14th five year plan" for the development of medical equipment industry also explicitly mentions promoting the development of rehabilitation Siasun Robot&Automation Co.Ltd(300024) . It is expected that the company's series of products will gradually increase in volume in 2022. In addition, the next-generation magnetic stimulator, medical beauty energy source equipment and other projects under research have been steadily promoted, It is expected to contribute new growth momentum to the company.
The new rehabilitation equipment faucet is expected to speed up in 2022. The company is a leader in the innovation of rehabilitation devices such as electric stimulation, magnetic stimulation and electrophysiology. It has the comprehensive advantages of technology, products, channels, brands and services, and is expected to continue to benefit from the policy dividends of the rehabilitation industry. With the stabilization of electric stimulation, the high growth of magnetic stimulation and the large volume of new products in 2022, the company's revenue and performance are expected to accelerate compared with 2021. The performance assessment objective of the company's equity incentive plan is to achieve 30% growth in revenue or net profit from 2021 to 2022, with high performance and strong certainty of growth.
Profit forecast and investment suggestions. Considering the impact of amortization of equity incentive expenses, it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 180 million, 230 million and 300 million, and the compound growth rate of endogenous performance will exceed 30%, maintaining the "buy" rating.
Risk tips: R & D failure risk, outsourcing risk and policy risk.
