Event: on April 25, 2022, Kandelai released a report on the first quarter of 2022, saying that in 2022, Q1 Company realized business income of 870 million yuan, an increase of 28.81% over the same period last year; realized net profit of 70.886 million yuan, up 55.67% over the same period last year; and realized net profit of 62.455 million yuan, an increase of 39.99% over the same period last year.
The addition of new products has contributed to the growth of domestic and foreign performance: in the first quarter of 2022, while ensuring a stable supply of business orders in the international market, the company promoted the high-speed release of new products, and the continuous landing of new products in domestic and foreign markets contributed to the rapid growth of 2022Q1 performance. We expect that safety syringes will release more quickly. On the domestic side, the company relies on the increase in the market share of collected products, the effective promotion of other medical products and the increment brought about by consumer products, we expect that the rapid increase in demand for virus sampling tubes driven by the epidemic and the rapid growth of medical needles, the simultaneous increase in domestic and international market performance will bring rapid growth in Q1 performance in 2022 in the first quarter.
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 product line continues to be rich, laying the foundation for the company's long-term development: the company has always paid attention to R & D and innovation, products have been iteratively upgraded, new products have been listed one after another, and disposable beauty kits have been registered in China in 2021, and launched to be sold on the market; disposable safety needles, disposable safety syringes and other products have completed 510K registration submission and so on. In 2021, the company completed the first registration of 14 products and the renewal of registration of 26 products. 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 net profit forecast of 2022, 2023, and 2024 is 396, 513, 649 million yuan. The current market value corresponding to PE is 15-12-9, respectively, maintaining the "buy".
Rating.
Risk tips: new product promotion is not as expected; exchange loss; collection policy implementation exceeded expectations.
