Event: the company released the 2022 semi-annual report, achieving operating income of 991 million yuan (+ 25.35%), net profit of 221 million yuan (+ 25.60%), and non-return net profit of 192 million yuan (+ 29.73%).
From a quarterly point of view, single Q2 realized operating income of 491 million yuan (- 2.99%), net profit of 115 million yuan (- 3.47%), and non-return net profit of 102 million yuan (- 1.82%). On the one hand, due to the multi-point spread of the national epidemic since late March, the operation of logistics distribution and medical institutions has been affected to a certain extent. On the other hand, as the approval of Pesfico was issued in Jilin Institute, and the epidemic in Jilin was more serious and did not alleviate until the middle of the year, the issuance of Pesfico was also affected, and the inventory available for sale decreased in a single quarter.
With the simultaneous development of endogenesis and epitaxy, the growth elasticity of raw material plasma is large. Through strategic reorganization of Pisfico and strategic cooperation with Xinjiang Deyuan, the total number of single plasma collection stations has reached 38, currently ranking among the top three in the industry, of which 27 are in pulp collection stations, and the overall pulp collection capacity of 22H1 is close to 450t. At present, Guangdong Shuanglin has two pulp stations waiting for acceptance, and Paisfico has nine pulp stations. As the above pulp stations begin to extract pulp one after another, the company's pulp extraction scale is expected to be further improved.
Supply in overseas markets is tight, and export sales are performing well. The overall tight supply of raw materials, plasma and products for blood products around the world has created opportunities for domestic substitution and overseas exports. The company has achieved overseas export sales of a variety of products in Southeast Asia, South America and some countries in the Middle East. While actively seizing short-term emergency export opportunities, the company is promoting long-term trade opportunities for overseas market laws and regulations to register exports with partners in many countries and regions. 22H1 achieved overseas sales revenue of 103 million yuan, a substantial increase of 4060.12% over the same period last year.
Continue to increase investment in research and development, the net profit per ton of pulp is expected to further increase. Up to now, the total number of varieties of the company has reached 10, of which Shuanglin in Guangdong has 3 categories and 7 varieties, and Pisfico has 3 categories and 9 varieties. The registration of human prothrombin complex has passed the on-site verification and production approval is expected to be obtained by the end of this year.
The company has leading R & D strength, and the number of products under development is more than 10. We believe that in the future, the company will continue to strengthen product R & D efforts, strengthen the coordination of R & D resources between Guangdong Shuanglin and Paisfico, and improve R & D efficiency. rapidly increase the number of products and further improve the net profit per ton of pulp.
Profit forecast: we estimate that the return net profit of the company from 2022 to 2024 is 599 million yuan, 746 million yuan and 948 million yuan respectively, and the corresponding EPS is 0.82,1.02 yuan and 1.29 yuan respectively. The pulp collection volume of the company is about to enter the first echelon of the industry, and it is expected to further improve the raw material plasma supply after the acceptance of the pulp extraction station, with great certainty of growth. With reference to comparable companies, we give the company a PE of 25-30X in 2022, corresponding to a reasonable value range of 20.45-24.55 yuan, and continue to maintain a "better than the market" rating.
Risk hints: single mining station supervision risk, price fluctuation risk, epidemic impact exceeding expected risk.