Event: the company released its mid-2021 report, with operating income of 91 million yuan in the first half of the year, up 119.13% over the same period last year; net profit of 47 million yuan, up 371.76% over the same period last year; and net profit of 37 million yuan, up 421.58% over the same period last year. Basic earnings per share is 0.45 yuan. The performance slightly exceeded market expectations.
Comments:
The three major businesses go hand in hand, with the revenue side growing at a compound rate of more than 40% compared with H1 in 2019. The company's core products cover orthopaedics, neurosurgery and dentistry. In terms of revenue from sub-products, H1 skeletal gold in 2021 increased by about 38 million yuan over the same period last year, an increase of about 140% over the same period last year, and skull Rui products increased by about 9.4 million yuan over the same period last year, an increase of about 92% over the same period last year. Toothed shellfish products increased by about 2 million yuan over the same period last year, an increase of about 55%. Because the company's 2020H1 did not decline significantly compared with the 2019 H1 revenue side, the company's revenue side grew at a compound rate of more than 40% compared with the 2019 H1. The trend of accelerating performance is clear.
The advantages of orthopaedics are consolidated, the neurosurgery products are bright, and the oral field is looking forward to catching up from behind. As the absolute domestic leading position of collagen mineralized bone material in the field of orthopaedics, the company is difficult to shake, and at the same time enjoy "artificial bone instead of autogenous bone"
+ "collagen mineralized bone material to replace other artificial bone" + "domestic substitute foreign investment" triple substitution logic. The large single product of neurosurgery skull plug is mainly used to repair the skull after drilling, which is superior to meningeal patch or bone powder. The company is the exclusive domestic product in the market, which has obvious pull on the performance. In the first half of the year, due to the lack of acceleration of the integrated sales team in the oral sector, the company announced the establishment of a Hainan subsidiary during the reporting period, which is a separate subsidiary of oral sales, and the company has introduced an experienced sales team. will focus on the development of oral bone powder and other products sales, is expected to achieve catch-up.
Follow-up research and development has been actively promoted, and many clinical projects have been carried out smoothly. During the reporting period, the mineralized collagen / polyester artificial bone repair material project and collagen sponge project entered the clinical trial stage of medical device products as planned, and the clinical trials of the two projects were progressing smoothly. During the reporting period, the company obtained 3 invention patents granted by the State intellectual property Office of China, and formed and declared 7 Chinese invention patents. The company's follow-up products are rich in pipelines and are expected to support long-term development.
Profit forecast, valuation and rating: the company is a global leader in bone repair materials, with the best technology path and rich R & D pipeline products. Core products have passed the academic promotion period into a rapid start period, and will fully enjoy the high growth of orthopaedic, oral, medical and beauty industries. To maintain the company's 21-23 EPS forecast of 1.04 pounds 1.46 pounds 1.98 yuan, the current price corresponding to 21-23 years PE is 59-42-31 times, maintaining the "buy" rating.
Risk tips: new material research and development risk, overseas sales risk, new product commercialization hindrance risk, etc.