In 2022, Q1 Company achieved revenue of 2.169 billion yuan, an increase of 7.34% over the same period last year, and its net profit was 41.3259 million yuan, down 53.96% from the same period last year. The non-return net profit was 37.1658 million yuan, down 56.37% from the same period last year, and the net cash flow from business activities was-334 million yuan, down 64.86% from the same period last year.
Support the main points of rating
The performance of epidemic factors is impaired, and the core value of the company is not affected. The company's intensive / regional inspection center and other service business and industrial sector business coordinated development, as the domestic hospital medical laboratory comprehensive service leader, the company's value is prominent under the medical insurance fee control environment. The epidemic situation in Shanghai and Northeast China has been serious since March in the first quarter of 22. In particular, the Shanghai region strictly followed and implemented the national dynamic zero clearance policy and adopted global static management measures, resulting in a sharp decline in hospital terminal medical activities and a sharp decline in the demand for routine testing in the hospital. Considering that the company accounts for a large proportion of its business in eastern China (especially in Shanghai), the short-term performance of the company is impaired, but the core value remains unchanged.
With the steady expansion of server customers, the ICL business is worth paying attention to. At present, the company has provided intensive mode solutions to more than 40 regional inspection centers, and the number of customers of intensive and regional inspection centers has exceeded 391 (378 in 2020). As a supplement to the company's intensive business and regional inspection center business, the third-party laboratory business brought about performance increments due to COVID-19 testing business in 2021, and nucleic acid testing business still exists as the epidemic continues in 2022.
The industrial sector has made breakthroughs in the past 21 years, and has been optimistic about the coordinated development of the industrial plate and the service plate for 22 years.
The industrial sector includes IVD product development and production business and digital inspection information system business. In 2021, the company continues to make new breakthroughs in clinical mass spectrometers, digital inspection information systems and other product fields. ARP-6465MD triple quadrupole clinical mass spectrometer, new generation glycosylated hemoglobin meter MQ-8000, Runda Huijian-artificial intelligence interpretation test report system have been launched one after another. The expansion of the sales channels of the company's own brand business and the synergy of the existing intensive and regional inspection business have led to the growth of business income in the industrial sector. 2022 is still something to look forward to.
Valuation
Considering that the company's business is greatly affected by the COVID-19 epidemic, we downgrade our profit forecast. It is estimated that the company's return net profit from 2022 to 2024 will be RMB 494 million (the original estimate for 2022-2023 will be RMB 579), and will be rated as overweight.
Main risks faced by rating
The risk of accounts receivable recovery, the lower-than-expected risk of end-customer development, the lower-than-expected risk of new product research and development in the industrial sector, the uncertainty risk of business integration, industry policy risk, COVID-19 epidemic uncertainty risk and so on.