2023H1 revenue is in line with expectations, single Q2 profitability improved significantly compared with the previous month. 23H1 revenue end 198 million yuan, year-on-year + 48%, profit side 40 million yuan, year-on-year + 154%. The revenue of Q2 alone is 125 million yuan, + 54% year-on-year, and the profit end is 26 million yuan, + 111% year-on-year, which is in line with expectations as a whole. From a product point of view, the income of 23H1 safety infusion products is 141 million yuan, which is + 128% compared with the same period last year. After the epidemic, demand warms up and collection increases the pressure on production costs, thus increasing the procurement of automation. Hemodialysis income is 7 million yuan,-82% compared with the same period last year. This is due to the periodicity of order delivery. 23H1 gross profit margin is 53%, year-on-year unchanged, net profit 20%, year-on-year + 12pcts, single Q2 gross profit 55%, month-on-month + 6pcts, net profit 21%, month-on-month + 3cts, both of which are improved due to proper control of production costs and expenses per amortized unit of scale.
The overall growth rate of the cost side is the same as that of income, and great efforts are made to invest in sales to broaden the market. Cost side: 2023H1 sales expenses 10.14 million yuan, year-on-year + 81%, mainly to expand the business market, this period to participate in domestic and foreign medical device industry exhibitions, resulting in a substantial increase in exhibition fees and travel expenses 2023H1 management expenses 44.96 million yuan, year-on-year + 20%, mainly due to the increase in wages caused by the introduction of Weigao Automation Company, Zhejiang Mai Deshun Company and well-paid personnel within the merger scope, and increased depreciation of fixed assets due to the commissioning of new office buildings and new dormitory buildings; 2023H1 R & D expenses 14.32 million yuan, year-on-year-23%, mainly due to the formation and sales of some R & D projects transferred from R & D expenses 2023H1 financial expenses-13.05 million yuan, mainly due to the increase in interest income recovered from wealth management products.
The prospect of automation of medical consumables is promising, and contact lens CDMO creates the company's second growth curve. The company's main business is based on the intelligent production of medical consumables. At present, the industry is still in the early stage of development. Under the influence of favorable factors such as collection system, stringent supervision and policy encouragement, the production intelligence of downstream enterprises has been strengthened. The demand for upstream automatic production equipment is also increasing. In addition, since the company established Mai de Shunzi in 2022, it has superimposed a team of **** professionals with its own equipment production strength to continuously enhance the production capacity of contact lenses and contribute to the company's revenue.
Investment suggestion: based on safety transfusion and hemodialysis automation equipment, the company continues to extend its rich product line, which gives impetus to the sustained growth of the company's revenue. we expect the company's revenue to be 5.84,7.73 and 993 million yuan respectively from 2023 to 2025. the year-on-year growth rates were 52.2%, 32.4% and 28.4% respectively, and the net profits were 1.24,1.68 and 224 million yuan respectively. The year-on-year growth rate was 84.5%, 30.9% and 33.2% respectively, corresponding to 29 times, 21 times and 16 times of PE, respectively, maintaining the "recommended" rating.
Risk hints: the risk of technology development, the risk of infringement of key technologies, the risk of less than expected promotion of product registration, the risk of intensified competition and the risk of inventory price decline.