Event: 2022H1 achieved operating income of 1.64 billion yuan (+ 15.32%, year-on-year, the same below); net profit of 175 million yuan (+ 37.94%); deduction of 170 million (+ 46.28%) of non-return net profit. The performance is in line with our expectations.
Under the influence of the epidemic, the company operates steadily, and the ability to control fees has been improved: 2022Q2 is affected by Shanghai and other places, and the company's performance is under pressure. under this background, the company operates steadily. Q2 achieved revenue of 772 million yuan (+ 3.17%) in a single quarter, realized net profit of 104 million yuan (+ 27.99%), and deducted 108 million yuan (+ 50.19%) of non-return net profit. In addition, the company's ability to control fees has been improved, 2022H1 sales expenses 153 million yuan (+ 5.84%), but the sales expense rate decreased to 9.37% (- 2.07pp); management expenses 103 million yuan (+ 1.51%), management expense rate 6.26% (- 0.85pp); financial expenses affected by the exchange rate dropped significantly to 164500 yuan (- 90.54%), financial expense rate was 0.01% (- 0.11%).
The investment in diversified industries continues to deepen, and the distribution of channels at home and abroad is carried out simultaneously: the company deeply promotes the investment and construction of diversified medical industries, and develops the medical beauty industry, active equipment + passive consumables industry and specimen collection industry through industrial extension investment. expand diversified medical industries. In 2021, H1, the income of specimen collection business, puncture nursing business and puncture intervention business were 190 million yuan, 942 million yuan and 154 million yuan, respectively. In addition, in the domestic market, the company's sales network covers the whole country, has a large number of third-class first-class hospital customers in Beijing, Shanghai, Guangzhou and other places, and has formed a long-term and stable project development and supply and marketing partnership with European and American circulation giants in the international market.
The income of 2022H1's domestic business is 1.268 billion yuan (+ 15.75%), and that of foreign business is 371 million yuan (+ 13.87%).
Medical and beauty products began to realize their performance, and the products under research were listed one after another to create a space for the company's long-term growth:
2022H1, the company's R & D products have been launched one after another, the company and its subsidiaries have completed the first registration of 4 products, and 6 products have completed the renewal registration, such as the domestic registration of disposable injection pen needles, etc. Among them, the medical and beauty products began to contribute income, and the income of 2022H1's medical and beauty products reached 22.86 million yuan. In the research products: disposable pump syringes and disposable drainage bags will also be registered and listed in China one after another. The continuous listing of the company's ultra-fine injection needles, hair follicle transplantation devices, multi-head water light needles and other medical instruments, as well as high-end puncture needles, pneumoperitoneum needles and other puncture intervention products will provide effective support for the sustainable development of the company.
Profit forecast and investment rating: taking into account the impact of the epidemic on the company's business, we reduce the company's 2022-2024 homing net profit forecast from RMB 396 to RMB 649 million to RMB 391 to RMB 490,000,000. The current share price corresponds to the 2022-2024 PE valuation of 19-15-12. Considering that the company is the leader of puncture infusion industry in China, the product line is constantly enriched, and the "buy" rating is maintained.
Risk tips: new product promotion is not as expected, collection policy exceeds expectations, exchange profit and loss risk, etc.
