21 year income + 35%, profit + 83%: company 21 year income + 35. From 0% to 690 million yuan, the volume of surgery has rebounded significantly: 2, the substantial expansion and optimization of the dealer network; 3, new products and exports.
Sales growth (export earnings + 35.8%). Among them, the company added more than 30% of its dealers in 2021, and its sales covered more than 240 hospitals, about half of which were third-class first-class hospitals. 21 years of hair.
The interest rate was 81.6%, 2.8 percentage points lower than that of the same period last year. Mainly due to 1, the sales contribution of new products (including ultrasonic cutting hemostatic knife and 4K ultra-high definition endoscope camera system) led to changes in the product portfolio and a decrease in the sales contribution of polymer ligation clips with higher gross profit margin: 2, the gross profit margin of disposable casing punctures in Fujian Province decreased, this is due to the implementation of centralized volume procurement according to the two-ticket system; 3, the cost of raw materials and transportation costs have increased slightly. Due to rate control and other revenue growth, the company's profit rose 82. 5% year-on-year. 5% to 460 million yuan, the company's profit margin + 15.5% to 66. 5%. 2%. The company pays a final dividend of 17. 5%. 23 Hong Kong cents, the dividend rate is about 40%, and the company has a net cash of 2.95 billion yuan.
Sub-product performance: the company's disposable casing puncture device in 21 years is from + 40.3% to 330 million yuan compared with the same period last year. Although the ordinary puncture device is collected in Shandong, Fujian and Hunan, the collection price is only slightly lower than the ex-factory price and is sold directly, so the collection has little effect on the gross profit margin. The year-on-year increase in sales is more significant. Take Shandong as an example, the sales volume in the province from April to December in 21 years has more than doubled compared with the same period in 2020. Polymer ligation.
Clamps increased by 14. 5% year-on-year. 3% to 180 million yuan, the sales growth rate of polymer ligature clip is slow, in part because of the uncertainty of regional centralized volume procurement, dealers are more cautious in purchasing. Disposable electrocoagulation forceps increased by 65. 5% compared with the same period last year. 0% to 70 million yuan, this is due to the sustained rapid growth of the industry, the permeability of disposable electrocoagulation forceps is only 5%, we think the market space is still large. The new ultrasonic cutting hemostatic knife and 4K ultra-high definition endoscope camera system launched for the first time in 21 years also contributed, of which ultrasonic knife sold 0. 5%. 1.2 billion yuan, because the epidemic affected the admission of new products to the hospital. The dealer price of ultrasonic knife is more attractive, and it also leaves room for possible collection in the future. In the future, the company can absorb stitches and energy equipment actively, hoping to improve the product layout. In addition, the company has invested in two robot companies, with a financial investment of 110 million yuan and a 2% stake in Jingfeng Medical. January 22 to 3. 6 billion yuan invested in Hangzhou Weijing, holding 35%, Weijing has become an indirect non-wholly-owned subsidiary of the company and will invest a large amount of research and development expenses in recent years, and its 3-arm and 4-arm laparoscopic robots are expected to be on the market by the end of 23 and 24 years.
Affected by the epidemic, the company is optimistic about the long-term development of the company. 85 Hong Kong dollars, given the buying rating: the company still maintained a steady growth rate in the first quarter of 22 years, but due to the impact of the dynamic zero clearance policy and the epidemic, the health care system had a greater impact. The company's sales in April and May were greatly affected, and in the future, we also made a conservative forecast of income partly considering the uncertainty of the epidemic. However, the minimally invasive surgery industry still has rapid development, some categories of low permeability and domestic substitution, so the industry still has a lot of room for development. We value the company at 20 times PE for 23 years, with a target price of HK $10.85, which is 69.5% higher than the current price. Give a buy rating.