\u3000\u3000 Eyebright Medical Technology(Beijing) Co.Ltd(688050) (688050)
Event: the company issued the forecast of 2021 annual report, and the performance basically met the expectations.
It is estimated that in 2021, the company will realize a net profit attributable to the parent company of 160 million yuan to 180 million yuan, with a year-on-year increase of 65.70% ~ 86.42%; Deduct non net profit of 140 million yuan to 156 million yuan, with a year-on-year increase of 56.11% ~ 73.95%. Non recurring profit and loss in 2021 increased significantly year-on-year, mainly due to the increase of investment income of corporate financial products and government subsidies such as listing subsidies. In terms of period expenses, according to the company's announcement, it is expected that share based payment expenses and R & D expenses will increase significantly.
Throughout the year, the company's intraocular lens and corneal shaping lens continued to grow at a high speed.
(1) intraocular lens: according to the announcement of the company, the sales volume of "pronomin" and other series of intraocular lenses in 2021 is expected to increase by more than 40% compared with the same period of last year. In the Chinese market, the company has been widely selected in centralized procurement in various regions, the number of end customers has continued to increase, and the sales volume has increased steadily. In the international market, with the gradual recognition of astigmatism and EDOF related intraocular lenses by customers, the sales volume of the company's relevant products has increased significantly when the overseas epidemic is still severe. Compared with the same period of last year, the sales volume is expected to increase by more than 50%.
(2) corneal plastic lens: according to the company's announcement, in 2021, the company continued to strengthen the construction of sales team and market promotion, gradually improved brand influence, and maintained rapid growth in sales. The sales of "punuotong" corneal plastic lens is expected to increase by more than 110% compared with the same period of last year.
The epidemic of 21q3 and Q4 has had a negative impact on the company, waiting for the restorative growth after the epidemic.
Due to the local multiple covid-19 epidemic in China in the third and fourth quarters of 2021, the number of patients with cataract and myopia decreased temporarily, which affected the business growth of the company to a certain extent. With the gradual recovery of the follow-up epidemic, the relevant businesses of the company are expected to recover and grow.
Investment suggestion: overweight - a investment rating. We expect that the revenue growth rate of the company from 2021 to 2023 will be 67.3%, 45.2% and 36.2% respectively, and the net profit growth rate will be 76.5%, 45.7% and 37.2% respectively; Give an investment rating of overweight-a. The six-month target price is 188.95 yuan, equivalent to 80 times the dynamic P / E ratio in 2022.
Risk warning: the company's subsequent orders are not as expected; The uncertainty of the epidemic situation.
