Event: the company released its annual report for 2021 and quarterly report for 2022, and realized operating income of 490 million yuan (+ 11.9%) in 2021. The net profit attributable to shareholders of listed companies was 73.687 million yuan (+ 58.1%). After deducting non-profit, the net profit attributed to shareholders of listed companies was 51.146 million yuan (+ 49.5%). In the first quarter of 2022, the operating income was 120 million yuan (- 4.3%); the net profit attributable to the shareholders of the listed company was 21.78 million yuan (+ 19.4%), and the net profit attributable to the shareholders of the listed company was 20.16 million yuan (+ 25.1%) after deduction.
The gross profit margin and net profit margin increased steadily, and the expense rate was well controlled. Gross profit margin for 2021 is 75.1% (+ 2.6pp); net profit margin is 10.4% (+ 2.6pp). The cost rate is relatively stable, the sales expense rate is 37.9% (- 3.6pp), the management expense rate is 21.2% (+ 2pp), and the R & D expense rate is 9.53% (+ 1.7pp).
Ben Vimod implements the negotiated price of health insurance, and sales have increased nearly threefold. This Vimod cream successfully entered the national category B health insurance catalogue, and the new medical insurance price of 138 yuan per unit was implemented on March 1, 2021, with a price drop of 72%. After the price drop, the price ratio is highlighted. Benvimore achieved an operating income of 29.927 million yuan in 2021, with sales of 100000 units in 2020 and nearly 400,000 in 2021.
The biomaterial plate is growing steadily, and cost control should be strengthened to deal with local collection. The operating income of the biomaterial sector was about 300 million yuan in 2021, an increase of 25.51% over 2020 as a whole. Among them, the income of biological dural patch was 130 million yuan, that of type B dural patch was 53.56 million yuan, and that of thoracic surgery was 34.24 million yuan (+ 48.26%). The company should actively deal with the collection and strengthen the cost control.
Ophthalmology sector overall sound performance, increase the promotion of high-end products, and actively introduce new products. Ophthalmology plate realized business income of 104.658 million yuan and net profit of 27.829 million yuan in 2021. Xiangle Airui series of artificial crystals have won the bid in almost all joint collection, greatly increasing their market share; Aisuming series of products have been promoted throughout the country, among which the higher-end products have been continuously promoted in the non-public medical system, and sales have increased steadily. In terms of new product introduction, the clinical trial of TEKIA intraocular lens in the United States has been completed and the registration data has been submitted.
The performance of agency products is growing rapidly, and the variety of agents is actively expanded to promote income growth. With the help of the company's original sales channel resources and expanded agency categories, the sales income of Shenwai agents (intracranial pressure monitoring) products reached 71.39 million yuan, an increase of 51.7% over the same period last year, driving the overall performance growth of the company. The company actively develops other kinds of agents and constantly enriches its product line.
Profit forecast and investment advice. It is estimated that the return net profit of the company from 2022 to 2024 is 1.2 / 160 million yuan, EPS is 0.36 and 0.46, respectively, and the corresponding PE is 42X/33X/26X. The growth of all sectors of the company is steady, and the coverage of Benwei Maud is expected to increase significantly after entering health insurance. Maintain a "buy" rating.
Risk hint: the Vimod volume is lower than expected, the purchase of consumable belt fails to win the bid or the price reduction exceeds the expected risk, and the risk of R & D failure.