东富龙(300171):疫情扰动增速放缓 产能优化释放潜力

Dongfulong (300171): The epidemic disrupts growth, slows down production capacity optimization, unleashes potential

東北證券 ·  09/03/2022  · Researches


The company released semi-annual report that the revenue in the first half of 2022 was 2.427 billion yuan (+ 34.11%), the net profit was 403 million yuan (+ 18.33%), and the non-return net profit was 371 million yuan (+ 21.28%).


The growth rate of epidemic disturbance slows down, and diversified layout provides a trend of sustained growth. From the plate point of view, the single injection machine and system accounted for 44.75%, with a revenue of 1.086 billion yuan (+ 64.72%). The growth mainly comes from complex preparations, and the company's production capacity is expected to maintain stable growth after further improvement. Bioengineering single machine and system revenue of 488 million yuan (+ 21.78%), mainly due to the development of the biopharmaceutical industry and the company's forward-looking layout, is expected to increase significantly after the recovery of the epidemic in the second half of the year. The revenue of purification equipment and projects reached 223 million yuan (- 17.49%); medical equipment and consumables were greatly affected by the closure of the epidemic, with a revenue of 162 million yuan (+ 27.93%), with a slower growth rate, but at present, a large number of customers are in the trial stage and R & D end. Later customers are expected to bring a rapid increase after they are put into production.

The overseas share continues to increase, and the internationalization strategy continues to be deepened. From a regional point of view, overseas revenue reached 625 million yuan (+ 39.46%), accounting for 25.75%. Asia and Europe contributed a large amount of revenue, of which Asia contributed 399 million yuan, an increase of 146.64% over the same period last year. Affected by the epidemic in Africa, North America and South America, the waterway and personnel configuration cannot be improved. The company will continue to deepen its international layout, increase regional coverage, enrich its international product line, and increase overseas production capacity, which is expected to bring new highlights to the company's performance.

Complete product line is beginning to take shape, a new round of capacity optimization release potential. The company invested 151 million yuan (+ 53.0%) in R & D, continuously developed complex preparations and new packaging, and comprehensively distributed biological drugs and consumables. At present, it has initially formed a complete product line that can provide one-stop service. The change in the product income structure prompted the company to optimize its production capacity, of which fixed assets were 681 million yuan, accounting for an increase of 2.94%, mainly from the consolidation of the new Dongtai base and the purchase of two industrial plants in Hangzhou and Chengdu for capacity expansion. the new round of fixed growth plans to invest 86.6% of the funds raised into capacity project construction, a series of capacity optimization measures will further release the growth potential.

Profit forecast: the magnificent demeanor of the pharmaceutical equipment industry, the diversified layout of the company and the expansion of overseas market share give the company strong competitiveness. It is estimated that the operating income of the company from 2022 to 2024 is 5.636 billion, 6.938 billion and 8.756 billion, and the corresponding return net profit is 1.017 billion, 1.351 billion, 1.644 billion, respectively, corresponding to 17X/12X/10X, respectively, maintaining the company's investment rating of "increasing holdings".

Risk hint: the epidemic affects the production and delivery of orders less than expected; the market is not as expected; exchange rate risk

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