Event: the company released the 2021 annual report, the performance is basically in line with our expectations. In 2021, the company achieved revenue of 8.86 billion yuan, an increase of 25.33% over the same period last year, and net profit of 380 million yuan, an increase of 15.23% over the same period last year, deducting 371 million yuan of non-return net profit, an increase of 14.92% over the same period last year. In the first quarter of 2022, the company achieved revenue of 2.169 billion yuan, an increase of 7.34% over the same period last year, and net profit of 41 million yuan, down 53.96% from the same period last year, deducting 37 million yuan of non-return net profit, down 56.37% from the same period last year.
Comments:
The leading IVD integrated service provider, with steady growth in core business: in 2021, the company achieved operating income of 8.86 billion yuan, an increase of 25.33% over the same period last year, and a net profit of 380 million yuan, an increase of 15.23% over the same period last year. In 2021, the epidemic situation throughout the country continued to be effectively controlled, and the company's business recovered rapidly. From the point of view of the production line, the business income of intensive business / regional inspection center business reached 2.515 billion yuan, an increase of 20.52% over the same period last year, with 13 new customers of intensive and regional inspection centers for the whole year; and the industrial sector achieved operating income of 502 million yuan, an increase of 21.19% over the same period last year. The company's own brand sales channel expansion, intensive business synergy appears The business income of the third-party laboratory was 353 million yuan, an increase of 125.60% over the same period last year, and the contribution of COVID-19-related business increased.
The advantage of commercial comprehensive service is obvious, and there is a high investment in self-produced business research and development: by the end of 2021, the company has served more than 4000 medical institutions, of which 391 core customers have provided overall operation and management services for laboratories in the hospital. in the country has accumulated high-quality customer resources, obvious advantages. In addition, the company continues to increase the research and development of self-produced products, the original products continue to upgrade technology, based on differentiation competition. In 2021, the company's R & D expenditure was 123 million yuan, an increase of 40.88% over the same period last year. On the basis of consolidating the leading position of saccharification, quality control and other products in China, the company has continuously made new breakthroughs in clinical mass spectrometers, digital inspection information systems and other fields. Products such as ARP-6465MD triple quadrupole clinical mass spectrometer, MQ-8000 new generation glycosylated hemoglobin meter, Runda Huijian-artificial intelligence interpretation inspection report system and other products have been launched.
In terms of internal management, the company plans to transfer 11 equity holdings to Hangzhou Huizhong Diagnostic Technology Co., Ltd., a wholly-owned subsidiary of the company, in order to give full play to the platform value and after-sales advantages accumulated by the company's channels, strengthen the integration of self-produced business, and improve the overall operating efficiency of self-produced business in the industrial sector. In terms of external cooperation, the company has carried out business cooperation with global IVD giant Orson to accelerate the layout of IVD product market; the company has also reached strategic cooperation with Liedman, Sun Biology, Shanghai Children's Medical Center and Shanghai Meihua Women's and Children's Hospital to fully realize win-win resource sharing in the upstream and downstream of the supply chain; in addition, the company has carried out in-depth cooperation with Kellisch on clinical mass spectrometry business to strengthen the layout in new fields.
Earnings forecast, valuation and rating: considering that the epidemic in East China and Northeast China in the first quarter of 22 will have a great impact on the company's revenue and may affect the progress of the company's related channel development, we have lowered the company's EPS for 22-23 to 0.72 EPS 0.87 yuan (the original forecast is 0.88 shock 1.10 yuan, down 18% EPS 21% respectively), and introduced 24-year EPS of 1.03 yuan, an increase of 9.73% 21.35% 17.43% over the same period last year. Considering that the company is the leader of IVD integrated service provider, the commercial sector has obvious channel advantages, and the industrial sector has an endogenous extension of the product end, which brings greater flexibility to the performance and continues to maintain the "buy" rating.
Risk hint: the product promotion is not as expected, and the market competition aggravates the risk.