\u3000\u3000 Eyebright Medical Technology(Beijing) Co.Ltd(688050) (688050)
Performance review
On January 24, 2022, the company released the performance forecast for 21 years. It is estimated that the net profit attributable to the parent company will reach 160 million yuan to 180 million yuan in 2021, with a year-on-year increase of 66% – 86% and a median value of 170 million yuan (+ 77%). It is estimated that the non net profit deducted in 2021 will be 14000 yuan to 15600 yuan, with a year-on-year increase of 56% – 74% and a median value of 148 million yuan (+ 64%).
Quarterly, it is estimated that Q4 will realize a net profit attributable to parent company of 20-40 million (- 29% ~ + 43%), with a median value of 30 million yuan (+ 7%); The net profit deducted from non profits was 16-32 million yuan (- 30% ~ + 39%), with a median value of 24 million yuan (+ 2%).
Business analysis
The sales of intraocular lens and corneal shaping lens of the company have achieved rapid growth. “Pronomin” and other series of intraocular lenses are the core driving force of the company’s performance growth, which has maintained rapid growth since its listing; The market of corneal plastic lens has expanded rapidly. The fourth quarter is the traditional off-season for the sales of corneal plastic. Since its listing, the company’s “Punuo pupil” corneal plastic lens has continued to increase in volume with its superior product performance, and the proportion of revenue is expected to continue to increase.
CAITONG series products have obtained nmpa registration certificates of several models. The color pupil products of Tianyan pharmaceutical under the company have been registered with nmpa of several models. Tianyan has the international leading fully automated production equipment and adopts the full molding manufacturing process. At present, it has the production capacity of 40 million color pupils per year. After the completion of phase II expansion, it will reach the production capacity of more than 100 million color pupils per year.
The company has made continuous breakthroughs in the field of myopia prevention and control, and defocus lens is expected to become a new growth point. Defocus lens is an important supplement to OK lens. The company held a new product launch in October 2021. This year, the company’s newly developed Puro pupil microlens gradual defocus lens is expected to be delivered gradually. This product is expected to become a new growth point of the company in myopia prevention and control after Puro pupil corneal shaping lens, hard corneal shaping lens and matching care products.
Profit adjustment and investment suggestions
Considering that the company’s intraocular lens and corneal shaping lens are expected to continue to contribute to the performance increment, considering that the company’s intraocular lens has gradually entered new provinces, and the new products are gradually listed and sold to contribute to the performance increment, we have raised the net profit attributable to the parent company by 16% and 5% respectively from 2021 to 2022, and it is expected that the net profit attributable to the parent company from 2021 to 2023 will be 160 million yuan, 227 million yuan and 309 million yuan respectively, with a year-on-year increase of 66% and 42% respectively 36%。 Maintain the “overweight” rating.
Risk tips
Procurement risk of intraocular lens belt; Market promotion is not as expected; yield
