The company released the third quarterly report of 2022: in the first three quarters of 2022, the operating income was 1.493 billion yuan, the net profit was 350 million yuan, and the non-return net profit was 299 million yuan, an increase of + 11.27%, + 15.01% and + 15.09% respectively over the same period last year. Of this total, the operating income in the third quarter of 2022 was 502 million yuan, the return net profit was 129 million yuan, and the non-return net profit was 107 million yuan, an increase of-8.91%, + 0.45% and-4.24% respectively over the same period last year.
Under the pressure of performance growth under the epidemic, the net interest rate continues to rise: Q3 revenue and profit end are under pressure in 2022, we expect to be mainly due to the delayed impact of the epidemic on pulp extraction in the first half of this year. The pulp stations of the company are mainly concentrated in Heilongjiang and Guangdong, and 2022Q1 is greatly affected by the epidemic and prevention and control policies. Because there is a certain transmission period from pulp collection to income confirmation, it has a certain impact on the company's product supply side in Q3 (according to the data of the Central Inspection Institute, the number of issuance of 2022Q3 biological human serum albumin / static C batch decreased by 35% and 56% respectively compared with the same period last year), and Q4 is expected to increase month-on-month. From the perspective of profit efficiency, due to the volume of factor products (2022Q3 Guangdong Shuanglin clotting factor VIII was approved and issued in 13 batches and 4 batches in the same period last year; Pesfico Fibrinogen was approved and issued in 15 batches and 3 batches in the same period last year Rabies and breakers were approved and issued in 4 and 6 batches, an increase of 100% and 200% over the previous quarter) and improved operation and management efficiency, and the net interest rate gradually increased. The net interest rate in the first three quarters of 2022 was 23.47%, higher than that at the end of 2021 + 3.61%, and + 1.11% compared with the semi-annual report.
To improve efficiency and promote medium-and long-term growth:
Tuoyuan: at present, the company has 38 plasma collection stations, ranking third in the industry. Among them, Shuanglin, Guangdong Province now has 19 pulp stations, 17 + 2 construction projects need to be checked and accepted, and many pulp stations are in the period of climbing and increasing. Pisfico has 10 pulp collection stations and 9 pulp construction stations, among which Tieli Pesfico single Plasma Collection Co., Ltd. has passed the acceptance inspection and started to collect pulp in August. Driven by the climbing of the stock pulp station and the increment of the new pulp station, it is expected that the pulp production volume will reach 1000 tons, quickly joining the first echelon of the product industry.
Improve efficiency: Guangdong Shuanglin has 3 categories and 7 varieties, and Paisfico has 3 categories and 9 varieties, with a total of 10 varieties, ranking in the forefront of the industry. At present, the company has passed the on-site verification of human prothrombin complex registration, and there are more than 10 products in rapid progress. The expansion of the product portfolio will play a key role in promoting the profit per ton pulp.
Profit forecast and investment advice: we are optimistic about the company's extension and endogenesis, the expansion of pulp volume and the increase of profit per ton of pulp, and the overseas market continues to expand. It is expected to achieve a net profit of 5.21 million yuan in 2022-2024, corresponding to the price-to-earnings ratio of 26-20-18, and maintain the "overweight" rating.
Risk tips: repeated epidemic risk, policy risk, insufficient supply of raw materials, new product research and development is not as expected.