Event: the company released its semi-annual report of 2022, and in the first half of 2022, its operating income reached 1.64 billion yuan, up 15.32% over the same period last year; the net profit returned to its mother was 175 million yuan, up 37.94% over the same period last year; and the net profit after deduction was 170 million yuan, an increase of 46.28% over the same period last year.
Q2 deduction non-net profit performance is outstanding, operating cash flow performance is eye-catching. 2022Q2 achieved revenue of 772 million, an increase of 3.2% over the same period last year, and a net profit of 104 million, an increase of 28% over the same period last year, deducting 108 million of non-net profit, an increase of 50.2% over the same period last year. The operating net cash flow of 22H1 is 120 million, a substantial increase compared with last year's 1.09 million. Kandelai Medical equipment, a subsidiary, was not included in the statement on May 31, affecting one month's consolidated income. In terms of gross profit margin, 2022H1 gross profit margin fell 3.9pct, mainly due to the adjustment of accounting caliber (freight included in cost) and other factors.
The operation was sound under the epidemic in the first half of the year, and the medical and beauty business began to contribute income. From a regional point of view, 22H1's domestic revenue reached 1.268 billion, an increase of 15.73 percent over the same period last year, and overseas revenue reached 371 million, an increase of 13.9 percent over the same period last year. In the first half of this year, under the influence of the closure and control of COVID-19 epidemic in Shanghai, the company responded actively, giving full play to the advantage of Kangdelai Group's block industrial pattern, and the manufacturing synergy effect of the three major bases in Zhejiang, Guangdong and Guangxi, which effectively ensured the market supply. The international market and the domestic market can grow continuously, and the overall performance of the company in the first half of the year is in line with expectations. In terms of products, the income of specimen collection is 189 million, that of puncture care is 942 million, the income of medical and beauty products is beginning to contribute, and the income of 2022H1 is 23 million. It is expected that the volume will be accelerated after the impact of the epidemic weakens in the second half of the year.
As a puncture equipment platform, the company has prominent product expansibility and strong growth resilience: the company deeply promotes the development of diversified industries, actively arranges medical and beauty industry, active equipment + passive consumables industry, specimen collection and other industries. Based on the company's nearly 30 years of puncture manufacturing experience, continue to enrich the product line, multi-head water light needle, ultra-fine injection needle, hair follicle transplantation device, biopsy needle, abdominal puncture device, high-end puncture needle, pneumoperitoneum needle, safety injection pen needle, anesthetic puncture needle, safety syringe and needle, animal equipment will be listed at home and abroad one after another, tamping the foundation of sustained and steady growth.
Profit forecast and investment advice. Taking into account the impact that Kandelai Medical equipment is no longer included in the statement, the projected income for 2022-2024 is 3.45 billion / 3.97 billion / 4.62 billion, and the net profit of returning home is 396 million / 499 million / 619 million, respectively, maintaining a "buy" rating.
Risk tips: new product volume is not as expected, foreign new customers, new product expansion is not as expected, collection leads to gross profit reduction risk; foreign market sales are not as expected risk.
