Event: in 2021, the company realized operating income of 3.1 billion yuan, an increase of 17.07% over the same period last year, a net profit of 290 million yuan, an increase of 43.71% over the same period last year, and a net profit of 260 million yuan, up 39.23% over the same period last year.
The main business has grown rapidly, and the performance at home and abroad has increased both at home and abroad: in 2021, under the influence of many factors, such as the release of the company's early production capacity, winning the bid, the rapid growth of the demand for vaccination market and the repeated expansion of demand driven by the epidemic situation at home and abroad, the company's main business has achieved rapid growth. Among the products with revenue of more than 400 million yuan, the business income of finished needle, syringe and intervention reached 560 million yuan, 820 million yuan and 460 million yuan respectively, up 28.35%, 49.93% and 51.4% respectively over the same period last year.
In addition, the quality of the company's products has been recognized by the world-famous medical device companies, and has formed a long-term and stable cooperative relationship between project development and supply and marketing, and the order of the company's products has increased rapidly in the international market. From a regional point of view, the company's domestic market achieved revenue of 2.05 billion yuan, an increase of 13.39% over the same period last year, while revenue from the international market reached 1.04 billion yuan, an increase of 37.59% over the same period last year.
In 2021, the collection of medical devices in China was continuously promoted, and the company's indwelling needles and functional infusion devices were included in the collection catalogue of medical consumables, and won the bid in Hebei, Shandong and other places, which not only accelerated the penetration of the company's collection products in the blank market, expanded the company's product market share in the local market, but also promoted the company's other products to enter the local market to a certain extent. In addition, under the background of the gradual improvement of the awareness of diabetes treatment in China in the future, the permeability of insulin needles is expected to rise rapidly, and the company's insulin needles are iteratively optimized continuously, and the new generation of safe insulin needles not only have higher performance, but also have high performance-to-price ratio. it is expected to achieve domestic substitution and accelerate to seize market share.
The further increase in R & D has led to the continuous introduction of the company's new products to the market: in 2021, the company's R & D expenditure was 170 million yuan, an increase of 33.15% over the same period last year, and the R & D expenditure rate was 5.34%, an increase of 0.64pp over 2020. Through continuous R & D investment, the company's products continue to iteratively upgrade, new products are listed one after another, disposable beauty bags complete domestic registration and start listing; products such as disposable safety syringes and disposable safety syringes have completed 510K registration submission; in 2021, a total of 14 products have completed their first registration and 26 products have completed extended registration. In the future, the continuous listing of medical and beauty equipment, safety injection and intervention products will further broaden the company's product line and thicken the company's profits.
Profit Forecast and Investment rating: we maintain the 2022Compact 2023 net profit forecast of 396,000,000 yuan, and forecast 2024 net profit of 649 million yuan, the current market value corresponding to PE is 19-14-11 times, maintaining the "buy" rating.
Risk tips: new product promotion is not as expected; exchange loss; collection policy implementation exceeded expectations.
