新华医疗(600587):聚焦制造业 定增与股权激励助力发展

Xinhua Medical (600587): focus on fixed growth of Manufacturing Industry and Equity incentive to promote Development

光大證券 ·  04/29/2022  · Researches

Event: the company released its annual report for 2021, with operating income of 9.482 billion yuan, an increase of 3.62% over the same period last year, and a net profit of 556 million yuan, an increase of 137.68% over the same period last year, deducting 384 million yuan of non-return net profit, an increase of 97.07% over the same period last year. The company released its quarterly report for 2022, with operating income of 2.113 billion yuan, down 16.05% from the same period last year, and net profit of 128 million yuan, down 12.84% from the same period last year. Net profit after deducting non-return was 148 million yuan, up 21.46% from the same period last year.

Performance is in line with market expectations.


Optimize the business structure, focus on manufacturing and reduce trade business. In 2021, the company's medical device manufacturing revenue increased by 20.07% year-on-year, pharmaceutical equipment revenue increased by 16.83% year-on-year, manufacturing revenue accounted for about 50% of the company's total revenue, compared with 44% in 2020, the company's manufacturing industry grew steadily. Revenue from medical trade fell 10.90% in 2021 compared with the same period last year, as subsidiary Shanghai Taimei suspended business agency cooperation with Johnson & Johnson on June 30, 21.

As a result, the company's 22Q1 revenue fell 16.05% year-on-year. The difference in year-on-year growth of net profit before and after 22Q1 deduction due to the investment income of subsidiaries spun off by 21Q1 in 21Q1, and affected by changes in the company's stock prices in the first quarter, the fair value change profit and loss of Xinhua medical shares held by nine natural persons such as Sui Yong, which was frozen by the company, decreased by 21 million yuan, reducing the company's net profit. Based on the steady growth of the company's medical devices and pharmaceutical equipment sector, the non-home net profit of 22Q1 increased by 21.46% compared with the same period last year, in line with market expectations. Due to the reduction of business in the medical trade and services sector, the company's net interest rate in 2021 was 5.86%, which was 3.24% higher than that of 2020 and 6.14% higher than that of 22Q1. Compared with the same period in 21 years, the company's overall profitability was improved. In addition, the net cash flow generated by the company's 21-year operating activities was 1.402 billion yuan, an increase of 27.72% over the same period last year. By the end of the first quarter, the company had a contract debt of 1.815 billion yuan and had plenty of orders on hand.

Focus on medical devices and pharmaceutical equipment to strengthen the company's advantages. According to the company's plan, we have decided to take medical devices and pharmaceutical equipment as the two core industries, focusing on breaking through the fields of hemodialysis, radiation diagnosis, in vitro diagnosis and biopharmaceutical equipment. In the company has advantages in the industry of sensing and control equipment, experimental equipment, surgical instruments and other fields, intensive cultivation to stabilize the industry leading position. Among them, the domestic market share of the infection control product line is more than 70%, ranking first in the country; the domestic production of radiotherapy equipment is the most complete, and the domestic installation is about to exceed 400, ranking first in the country. In addition, the company plans to gradually and orderly withdraw from the fields of medical services, medical trade, traditional Chinese medicine and chemical pharmaceutical equipment. The company will shift from over-reliance on medical trade services to manufacturing. Medical trade and services, as a supplement to the manufacturing industry, will continue to develop businesses with stable profits and low resource consumption.

The fixed increase and the introduction of equity incentive plan will help the company's long-term development. The company plans to increase 1.284 billion yuan for the project construction of the medical device plate, and the number of shares subscribed by Shandong Health, the company's controlling shareholder, will not be less than 28.77% of the total number of shares issued this time. It is used for intelligent manufacturing and supporting projects based on flexible processing production lines, production and expansion projects of high-end precision minimally invasive surgical instruments, etc., demonstrating the confidence of major shareholders in the future development of the company. Before the fund-raising is in place, the company will invest in the fund-raising investment project with its own funds. In 2021, the company introduced an equity incentive plan to cover 345 people at all levels of the company. In addition, the company is studying to promote subsidiary equity incentive projects to further enhance the subjective initiative of employees and help the company's long-term development.

We will increase investment in research and development and continue to promote technological innovation. The company's R & D expenditure in 2021 was 296 million yuan, an increase of 49.84% over the same period last year. There are 539 first-level R & D projects, of which 98 are key projects. We will actively undertake national science and technology projects and deepen industry-university-research cooperation. The 13th five-year key R & D plan "Volume Imaging Multi-mode guided High intensity Precision radiotherapy system" completed the clinical trial and entered the final stage, and the "14th five-year Plan" National key Research and Development Program of the Ministry of Industry and Information Technology "High-end Diagnostic equipment Localization Project" and Shandong Province key Research and Development Program "Multi-function 128row large Aperture CT Research and Development Project" was approved. It has carried out extensive cooperation with universities and scientific research institutes in the fields of color energy spectrum CT, CBCT, blood transfusion immunity, P4 biosafety steam sterilizer and so on. In addition, in 2021, the company granted 280 new patents and obtained two Ⅲ new product registration certificates and 15 Ⅱ registration certificates.

Profit forecast, valuation and rating: the company is a domestic leader in medical devices and pharmaceutical equipment. Taking into account the reduction of business and the impact of the epidemic, the 23-year net profit forecast for 22 years is 672 million yuan (original 702 million yuan, down 4.27%) / 814 million yuan (original 863 million yuan, down 5.68%). The new 24-year net profit is forecast to be 989 million yuan, and the current price is corresponding to 22-24 PE, which is twice as much as 10-8-7, maintaining the "buy" rating.

Risk tips: orders are not as expected; investment in fund-raising projects is not as expected; investment losses; epidemic situation is repeated.

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