On April 10, 2023, the company released its 2022 annual report. In 2022, the company realized income of 433 million yuan, + 8.26% year-on-year; net profit of 185 million yuan, + 10.02%; and non-return net profit of 173 million yuan, + 7.29% of the same period last year.
From a quarterly point of view, the income of Q4 company in 2022 was 91.94 million yuan,-7.27% year-on-year, 30.08 million yuan, 28.56%, and 20.13 million yuan, 46.46%, respectively.
Business analysis
The growth of oral repair film is steady, and the main products maintain high gross profit margin. In 2022, the company's income of oral repair film products was 207 million yuan (+ 8.00%), and the gross profit rate was 91.37% (+ 0.98%). The income of absorbable dura mater patch products was 156 million yuan (- 1.05%), and the gross profit margin was 91.73% (- 0.85%). The income of bone repair materials is 39 million yuan (+ 11.01%), and that of other products is 31 million yuan (+ 101.38%).
The rate of sales expenses has improved significantly, and the company's profitability has continued to improve. In 2022, the company's sales expense rate was 26.99% (- 3.53%), management expense rate was 6.84% (- 0.67%), R & D expense rate was 8.67% (- 0.12%), and net interest rate was 42.8% (+ 0.68%).
Product innovation continues, and the main products are expected to follow the collection and production volume. In 2022, the company successively obtained the medical device registration certificate from acid etching adhesive, active biological bone and dura mater patch. In terms of active biological bone, the company is promoting the application for its production license; as the company's second meningeal product, the dura mater patch is developed on the basis of the "absorbable dura mater patch" process, which effectively improves the performance of the product. In January 2023, the company's product "absorbable hard brain (ridge) membrane patch" was successfully selected in Anhui collection, the policy of superimposed implant collection was promoted, and the future production of the two main products can be expected.
Earnings forecast, valuation and rating
The company's main products oral repair film and absorbable dura mater patch are expected to follow the collection volume, a number of new products approved to be registered on the market are expected to bring increment to the company's performance. It is estimated that the company's net profit from 2023 to 2025 will be 2.53,3.40 and 438 million yuan respectively, an increase of 36%, 34% and 29% respectively over the same period last year. EPS will be 1.41,1.89,2.43 yuan respectively, with current prices corresponding to 33,25 and 19 times of PE.
Risk hint
Industry policy risk; market competition risk; R & D registration is less than expected risk; shareholder pledge, reduction risk.