Angeles (688581): Recovery after the epidemic was good, overseas sales performance was outstanding

東北證券 · Aug 28, 2023 00:00

事件：

公司2023H1实现营收2.06 亿元（+30.7%），归母净利润0.79 亿元（+44.2%），扣非后归母净利润0.77 亿元，（+33.2%）；公司2023Q2 实现营业收入1.15 亿元（+44.3%），归母净利润0.45 亿元（+63.9%）。

点评：

疫后恢复良好，境外销售表现亮眼。公司23H1 实现境内销售收入1.02亿元，去年同期0.85 亿元，同比增加21.10%。受疫情影响，一季度境内市场销售收入同比下降8.33%，随着二季度手术全面恢复，销售收入同比增长49.35%，带动公司上半年境内营收实现21.1%的快速增长。从境外增长数据来看，随着海外新客户的拓展、老客户合作产品线的增加，海外业务呈现快速增长态势。主营业务的境外销售收入1.02 亿元，去年同期0.71 亿元，同比增加42.42%。公司也在逐步提升境外自有品牌销量，上半年境外自有品牌销售额同比增幅为91.87%，占境外销售额比例为20%。

股权激励目标高，彰显业绩增长信心。公司于2023 年8 月发布2023 年限制性股票激励计划（草案），拟向激励对象授予47.65 万股限制性股票，约占激励计划草案公告时公司股本总额5787.10 万股的0.823%。激励计划授予的限制性股票的授予价格为70.00 元/股。本次激励计划的考核目标为2023 年至2025 年营业收入分别不低于5 亿元，6.75 亿元，9.11 亿元，同比增长分别为35%，35%，35%，或净利润分别不低于1.95 亿元，2.49 亿元，3.09 亿元，同比增长分别为34%，28%，24%。此次激励计划一方面通过激发核心员工的主观能动性，提升公司经营水平，另一方面充分彰显公司业绩快速发展信心。

研发创新能力强，扩大行业技术优势。公司持续加大研发投入，23H1 研发费用0.18 亿，同比增长24.5%，研发费用占当期营业收入的比例为8.76%。公司持续开发第二代单双混合电刀设备、第二代双极黏膜切开刀研发工作，提升双极治疗系统在消化道早癌ESD/EMR 手术治疗中的技术优势，持续加大对缝合夹、连发夹和短尾夹研发工作，可换装止血夹获国内三类注册证并在报告期内欧洲已实现批量销售，后续国内也将逐步形成规模化销售。

盈利预测：预计公司2023-2025 年实现收入5.05/6.63/8.55 亿元，归母净利润1.89/2.48/3.18 亿元，对应每股收益为3.26/4.28/5.50 元/股，首次覆盖给与公司“增持”的投资评级。

风险提示：产品销售不达预期、估值结果不达预期风险等。

Events:

The company's 2023H1 realized revenue of 206 million yuan (+ 30.7%), net profit of 79 million yuan (+ 44.2%), net profit of 77 million yuan (+ 33.2%) after deducting non-return to mother, and operating income of 115 million yuan (+ 44.3%) and net profit of 45 million yuan (+ 63.9%) in 2023Q2.

Comments:

The recovery after the epidemic is good, and the performance of overseas sales is outstanding. The company's 23H1 realized domestic sales revenue of 102 million yuan, compared with 85 million yuan in the same period last year, an increase of 21.10% over the same period last year. Affected by the epidemic, sales revenue in the domestic market fell 8.33% in the first quarter compared with the same period last year. With the full recovery of surgery in the second quarter, sales revenue increased by 49.35% over the same period last year, driving the company's domestic revenue to achieve rapid growth of 21.1% in the first half of the year. From the perspective of overseas growth data, with the expansion of new overseas customers and the increase of cooperative product lines of old customers, overseas business shows a trend of rapid growth. The overseas sales income of the main business was 102 million yuan, compared with 71 million yuan in the same period last year, an increase of 42.42% over the same period last year. The company is also gradually increasing the sales of overseas own brands, which increased by 91.87% in the first half of the year compared with the same period last year, accounting for 20% of overseas sales.

The goal of equity incentive is high, which shows the confidence of performance growth. The company issued the 2023 restricted stock incentive plan (draft) in August 2023, which intends to grant 476500 restricted shares to the incentive target, accounting for about 0.823% of the company's total share capital of 57.871 million shares at the time of the announcement of the draft incentive plan. The restricted stock granted under the incentive scheme is awarded at a price of 70.00 yuan per share. The assessment goal of this incentive plan is that the operating income from 2023 to 2025 is not less than 500 million yuan, 675 million yuan and 911 million yuan respectively, with an increase of 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35%, 35% and 35%, respectively, or the net profit is not less than 195 million yuan, 249 million yuan, 309 million yuan, respectively. the year-on-year increase was 34%, 28%, 24%, respectively. On the one hand, the incentive plan promotes the management level of the company by stimulating the subjective initiative of the core staff, and on the other hand, it fully demonstrates the confidence in the rapid development of the company's performance.

Strong R & D and innovation ability to expand the technological advantages of the industry. The company continued to increase R & D investment, 23H1 R & D expenditure of 18 million, an increase of 24.5% over the same period last year, and R & D expenses accounted for 8.76% of the current operating income. The company continues to develop the second generation single and double hybrid electric knife equipment, the second generation bipolar mucosal incision research and development work, enhance the technical advantages of bipolar treatment system in digestive tract early cancer ESD/EMR surgery, continue to increase the suture clip, hair clip and short tail clip research and development work, replaceable hemostatic clip to obtain three types of domestic registration certificate and in the reporting period Europe has achieved mass sales, the follow-up domestic will gradually form large-scale sales.

Profit forecast: it is estimated that the company's income from 2023 to 2025 will be 505x663max RMB 855 million, and the net profit of its parent will be RMB 18980,000,000, corresponding to earnings per share of RMB 3.26pm 4.28pm 5.50 yuan per share, covering for the first time the investment rating of "overweight" to the company.

Risk hint: the risk that the sales of the products are not up to expectations and the valuation results are not up to expectations.

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安杰思(688581)：疫后恢复良好 境外销售表现亮眼

Angeles (688581): Recovery after the epidemic was good, overseas sales performance was outstanding

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Statement

安杰思(688581)：疫后恢复良好境外销售表现亮眼