Event: the company released the 2022 semi-annual report, the performance is basically in line with expectations. In the first half of 2022, the company achieved revenue of 4.761 billion yuan, an increase of 12.21% over the same period last year, and net profit of 160 million yuan, down 21.61% from the same period last year, deducting 147 million yuan of non-return net profit, down 25.21% from the same period last year. In the second quarter of 2022, the company achieved revenue of 2.592 billion yuan, an increase of 16.63% over the same period last year, and net profit of 118 million yuan, an increase of 3.90% over the same period last year, deducting 110 million yuan of non-return net profit, down 2.70% from the same period last year.
Comments:
Epidemic factors affect profits, and medical laboratory business contributes revenue: in the first half of 2022, the company achieved operating income of 4.761 billion yuan, an increase of 12.21% over the same period last year, and a net profit of 160 million yuan, a decrease of 21.61% over the same period last year, which was affected by the epidemic during the reporting period. Business growth slowed, marginal benefits decreased, affecting the level of gross profit; and the overall payback cycle has been extended to prepare for impairment. According to the type of business, the operating income of intensive business / regional inspection center business reached 1.196 billion yuan, an increase of 0.78% over the same period last year, with 15 new customers of intensive and regional inspection centers for the whole year; and the operating income of the industrial sector was 211 million yuan, down 8.54% from the same period last year. The production and operation of the company's R & D and information subsidiaries were affected by the shutdown during the epidemic. The business income of the third-party laboratory was 608 million yuan, an increase of 289.74% over the same period last year. With the advantage of its own resources, the company continues to add new medical laboratory laboratories in some parts of the country and continue to expand the market.
The investment in R & D of home-made products continues to be high, and the IVD field implements a differentiated layout strategy: in the first half of 2022, the company invested 58.95 million yuan in R & D expenditure, an increase of 14.87% over the same period last year, continued to improve the company's comprehensive R & D capability, increased investment in R & D of self-made products, actively laid out the upstream IVD manufacturing field, differentiated products in some areas of IVD characteristic technology, and continued to enhance the market share of self-branded products. During the reporting period, the company's professional antigen testing service platform BOX was officially launched, and Rongjia monkeypox virus testing series products were certified by European Union CE. In terms of digital testing platform, the company launched Huihao-full-cycle health management platform with the help of AI, big data and other technologies, continuously enabling the transformation and upgrading of traditional testing medical services to lean and intelligent.
The main business is refined and strong, and the service network channel has significant advantages: the company is based on the hospital testing market, continues to cultivate the overall integrated service business, and further expands the company's market share in the domestic hospital testing service platform by continuously deepening the service content. at present, the company has a total of 406 intensive and regional inspection center customers. after the impact of the epidemic is eliminated, the company will continue to expand the market scale of the company's integrated service platform. Through self-construction and investment cooperation, the company covers all regions of the country and provides customers with stable, timely and efficient in vitro diagnostic products and services. it has provided professional products and technical service support to more than 4000 medical institutions at all levels in the country, and the number of customers is in the forefront of the same industry. In the future, the company will make use of the advantages of first-mover products and channel services to seize more market share in the field of clinical mass spectrometry and other technical fields in the process of domestic substitution.
Earnings forecast, valuation and rating: we maintain the company's 2022-2024 EPS forecast of 0.72 EPS 1.03 yuan, the current price corresponding to 2022-2024 PE is 16-13-11 times, taking into account the company's leading position in the IVD integrated services industry and the continued differentiation of home-made products, we maintain a "buy" rating.
Risk hint: the product promotion is not as expected, and the market competition aggravates the risk.