Event
On April 25, 2022, the company disclosed its quarterly report for 2021. The company's 2022Q1 realized operating income of 867 million yuan, an increase of 28.81% over the same period last year. The net profit belonging to shareholders of listed companies was 71 million yuan, an increase of 55.67% over the same period last year. Net profit belonging to shareholders of listed companies after deducting non-recurrent gains and losses was 62 million yuan, up 39.99% from the same period last year. Basic earnings per share is 0.66 yuan per share.
Event comment
The revenue side of 22Q1 increased by 28.81% over the same period last year, and the revenue of 2022Q1 was basically the same as that of 21Q4, an increase of 28.81% over the same period last year. The revenue matching amount continued the high base since 2021Q4, with an increase of about-1.81%. Since the first quarter of 2021, the foreign environment has tended to improve, and the company's various businesses have rebounded to varying degrees. 2021Q1 has a high demand for injection products, and 2022Q1 revenue has maintained high growth. on the one hand, we expect that the demand for the company's syringe products in overseas markets will remain high. On the other hand, the orders for the products outside the company's ordinary syringes (such as safety syringes / needles, safe blood collection needles, feeding series, pre-filling / pump syringes, beauty needles, etc.) are sustained and have sufficient driving force. it is expected that the revenue and profit side will achieve higher growth for the whole year.
Benefiting from the reduction in the rate of sales expenses, the company's net sales interest rate increased by about 2% compared with the same period last year. 2022Q1's net sales interest rate reached 11.94%, an increase of 1.96% over 2021Q1, mainly due to the decline in company expenses. The sales expense rate of 2022Q1 is about 8.97%, which is about 2.87% lower than that of 2021Q1. We believe that on the one hand, the company's overseas market revenue share is increased, while the overseas market business requires lower sales expenses, on the other hand, affected by the domestic COVID-19 epidemic in 2022Q1, offline activities such as business trips have decreased, resulting in a decline in the overall sales expense rate.
Investment suggestion
We estimate that the company's revenue from 2022 to 2024 is expected to reach 3.79 billion yuan, 4.509 billion yuan and 5.371 billion yuan respectively, an increase of 22.4%, 19.0% and 19.1% respectively over the same period last year. Considering the gradual increase in the proportion of the company's high gross profit margin products, the company's overall gross profit margin and net profit margin will also increase year by year. We estimate that the company's net profit from 2022 to 2024 will be 388 million yuan, 484 million yuan and 600 million yuan respectively, an increase of about 33.1%, 24.9% and 24.0% respectively over the same period last year. The EPS from 2022 to 2024 is 0.83,1.04 and 1.29 yuan respectively, and the corresponding PE estimates are 20x, 16x and 13x, respectively. In view of the continuous upgrading of the company's products, smooth expansion of overseas markets and solid domestic basic market, the "buy" rating is maintained.
Risk hint
Industry policy risk
