Consolidate the existing business, actively explore the combination of medicine and equipment, and achieve a substantial increase in performance: 23H1 achieved revenue of 198 million yuan / + 48%, return to the mother of 40 million yuan / + 277%, deducted non-34 million yuan / + 339% of the earnings of 23Q2 to achieve 125 million yuan / + 54%, return to the mother of 26 million yuan / + 224%, deducted non-22 million yuan / + 261%, gross profit 54.87%/+2.9pct, net profit 23.38%/+13.7pct.
Downstream intelligent upgrade + domestic replacement of equipment end, high prosperity of the industry: the company's continuous innovation + process improvement, increased capacity utilization, new glass pre-filling syringe cleaning silicified packaging machine / pin machine, nutrition pipeline automatic assembly machine and other equipment, the whole year is expected to achieve considerable growth. From the perspective of business split:
The demand for multiple product lines downstream of the safety injection category has increased, and the proportion of equipment with high gross margin has increased: the revenue of the safety injection line machine is 110 million yuan / + 78%, and the gross profit margin is 51.5%/+0.7pct, accounting for 56% 51.5%/+0.7pct. 9.1 pct; the revenue of the safety injection machine is 31 million yuan / + 50%, the gross profit margin is 40.0%/-14.4pct, accounting for 16%/+0.1pct
The proportion of domestic blood purification consumables continues to increase. The company's blood purification business achieved revenue of 7.42 million yuan / + 101%, gross profit margin 49.2%/-9.1pct, accounting for 4%/+1.0pct.
Actively explore the field of medicine and equipment combination, drive other business income of 49 million yuan / + 699%, gross profit margin 64.6%/+36.0pct, accounting for 25%/+20.3pct.
Financial indicators: 1) 23Q2 gross profit margin 54.9%/+2.9pct, sales rate 5.7%/+1.3pct, sales expense growth is mainly due to the significant increase in participation in domestic and foreign exhibitions compared with the same period last year, a substantial increase in exhibition fees and differential fees; management fee 20.9%/-2.9pct, the cost increase is mainly due to the merger of Weigao Automation Company & Zhejiang Mai Deshun, the introduction of high-paid personnel, the use of new plant, and so on. The financial rate-1.1% Universe 2.0pct; the R & D fee 5.4%/-6.7pct, mainly due to the transfer of sales of some R & D projects, the net interest rate as of 23H1, the company's book capital of 266 million yuan / + 6.7%, operating net cash flow of 95 million yuan / + 491%, inventory of 182 million yuan / + 49.5%, an increase of 60 million yuan over the same period last year.
Increase capital Mai Deshun layout contact lens track, grasp the two core barriers of equipment and technology: the company increased capital in Zhejiang Mai Deshun in May, holding 53.38%, binding the core team to promote the smooth landing of the business; in terms of production capacity, the company's single main line production capacity has reached 1800 pieces per year, plans to achieve 80% good rate by the end of the year, and will build 6 main lines by the end of the year. On the equipment side, the company's independent research and development and continuous improvement of production line equipment will help to achieve a higher profit margin; in terms of registration, the company plans to submit an application for III certificate in September.
Investment suggestion: the company's main business of intelligent equipment for medical consumables is constantly innovating, ploughing the field of safe infusion and blood purification, and making continuous breakthroughs in the field of medicine and equipment combination, which is expected to achieve steady growth as a domestic leader; contact lens CDMO business to grasp the core competitive advantages, is expected to cast the company's second growth curve. According to the unanimous expectation of Wind, the company is expected to achieve a net profit of 1.15,1.57 and 208 million yuan in 23-25 years, corresponding to the closing price PE of 32, 23 and 18X respectively on September 1.
Risk tips: contact lens registration certificate approval and production increase is not as expected; equipment orders are not as expected; competition is intensified.