新华医疗(600587):调结构强主业效果显著 扣非主业利润超预期

Xinhua Healthcare (600587): The effects of restructuring the main business were remarkable, deducting profits from non-main businesses exceeding expectations

光大證券 ·  08/23/2022  · Researches

Event: the company released its semi-annual report for 2022, with operating income of 4.435 billion yuan, down 18.77% from the same period last year, and net profit of 322 million yuan, down 2.12% from the same period last year. The net profit of non-parent was 352 million yuan, an increase of 30.67% over the same period last year. The performance slightly exceeded market expectations.


After adjusting the structure, excluding Taimei, the income increased by more than 10%. The company's 22H1 operating income is 4.435 billion yuan (YOY-18.77%), the net profit is 322 million yuan (YOY-2.12%), and the non-return net profit is 352 million yuan (YOY+30.67%). Of this total, the single Q2 income is 2.322 billion yuan, up 9.91% from the previous month, the net profit from the home is 195 million yuan, up 52.59% from the previous month, and deducting 204 million RMB from the non-homed net profit, up 37.84% from the previous month. The year-on-year decline in the company's operating income is mainly due to the change in the revenue structure of the subsidiary Shanghai Taimei, excluding the influence of Taimei, the company's revenue YOY+10.10%. The year-on-year decline in the company's parent net profit is mainly due to: (1) the change in the income structure of Shanghai Taimei, a subsidiary of the company; (2) the fair value of shares held by nine natural persons such as Sui Yong, which is frozen by the company, decreased by 34.0929 million yuan compared with the same period last year. Due to the reduction of business in the medical trade and services sector, the net interest rate of 22Q2 is 8.38%, which is higher than the net interest rate of 2.52pct for the whole of 21 years. The company's overall profitability has improved. By the end of the second quarter, the company had a contract debt of 1.869 billion yuan and had plenty of orders on hand.

Strong main business, pharmaceutical equipment and medical device business is growing rapidly. 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. The revenue of 22H1 pharmaceutical equipment business increased by 60% compared with the same period last year, and the revenue of medical device business was affected by the epidemic to achieve steady growth. In the field of sensing and control equipment, experimental equipment, surgical instruments and so on, the company has the advantage of intensive cultivation to stabilize the leading position in the industry and the contract amount is abundant. Among them, the domestic market share of the infection control product line is more than 70%, the scale ranks first in the country; the domestic production variety of radiotherapy equipment is the most complete, the domestic installed number is the leading, and the scale ranks first in the country.

Increase investment in research and development, fixed increase and equity incentive plan to make steady progress. The company's 22H1 R & D expenditure was 124 million yuan, an increase of 23.57% over the same period last year. With the continuous investment in R & D, the intelligent ring accelerator system research and development project began to carry out type inspection; the "85cm64 large aperture spiral CT project" completed the prototype assembly and began to carry out joint adjustment of the whole machine. In addition, the company plans to increase 1.284 billion yuan for the project construction of the medical device sector, 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. The steady progress of the project demonstrates the confidence of major shareholders in the future development 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.

Profit forecast, valuation and rating: the company is a domestic leader in medical devices and pharmaceutical equipment. Considering the reduction of business and the impact of the epidemic, the net profit of homing in 2224 is estimated to be 672 / 814x989 million, and the current price corresponding to PE in 2224 is times that of 12-10-8, and the "buy" rating is maintained.

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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