The performance in 2021 is in line with expectations, and the growth is steady and rising. 2021 annual revenue is 304 million yuan (+ 56.6%), gross profit is 266 million yuan (+ 62.4%), gross profit margin rises to 87.5%, adjusted net profit is 42 million yuan (+ 140.4%), loss is 79.077 million yuan, group cash and cash equivalents are 1.1372 billion yuan, income growth for the whole year is steady.
Research and development investment continues to increase, the layout of the five major innovative treatments. In 2021, the R & D expenditure reached 141 million yuan (+ 69.2%), with 69 technicians (+ 86%). Two new products were approved for listing in China, one product was submitted for FDA IDE application, and seven products entered clinical trials. The number of product pipelines reached 36, covering five innovative treatment areas: peripheral intervention, cardiac intervention, neurological intervention, nephrology and andrology.
DCB performance growth engine, peripheral intervention of the three first. 288 hospitals were admitted with drug balloons under the knee and 1283 hospitals were admitted with drug balloons above the knee. In 2021, the company's peripheral vacuum suction pump and peripheral suction catheter were approved one after another, and the peripheral suction products completed the national platform. Since then, the company's business pipeline has achieved full coverage of arteries and veins. In the research, there are 6 innovative instruments: peripheral vibration wave balloon, coronary vibration wave balloon, peripheral coil, mechanical thrombectomy device, establishing a leading position in the peripheral intervention industry.
Actively lay out the upstream industrial chain and build high-consumption core competitiveness. Through the database of polymer materials and metal materials, the company lays out the upstream industrial chain, deeply optimizes the products suitable for different blood vessels, and constructs the technical barriers of high-performance balloon catheters and channel catheters. Master the polymer extrusion process, improve the company's R & D efficiency and enhance product competitiveness.
Risk hints: the risk that the progress of R & D is not as expected; the risk that the price reduction of collection is more than expected; the risk that the operation is not as expected; and the risk that homogenization competition leads to the decline of product price and gross profit.
Investment advice: "DCB+ suction" dual-drive, maintain the "buy" rating.
Taking into account the frequent production of new products and maintaining a high gross profit margin, the management fee has declined year by year, raising the forecast of 22-23 net profit to the parent and adding a 24-year forecast. It is estimated that the net profit from 2022 to 2024 will be RMB 0.58 million (formerly RMB 0.49 million), representing a year-on-year growth rate of 73.59%, 77.56% and 43.81%; diluted EPS=0.19/0.33/0.47 yuan, and the current stock price corresponds to PE=29/17/11x. The company's DCB products are commercialized rapidly, and the approval of the suction system brings new growth vitality.
Peripheral interventional therapy is still blue, and it is difficult to surpass the advantages of customer stickiness brought by channel, admission and doctor education. the products are extended to five innovative tracks such as nerve intervention and heart intervention, and the performance will grow rapidly in the next three years. Maintain a "buy" rating.