新华医疗(600587):主业高增长 制药装备利润弹性逐步显现

Xinhua Healthcare (600587): The main business is growing rapidly, and the profit elasticity of pharmaceutical equipment is gradually showing

海通證券 ·  09/19/2022  · Researches

Event: the company released its semi-annual report in 2022, achieving operating income of 4.435 billion yuan (- 18.77%), net profit of 322 million yuan (- 2.12%), and non-return net profit of 352 million yuan (+ 30.67%). The impact of non-recurrent profit and loss on the current net profit is-30.1639 million yuan, mainly for the fair value change of transactional financial assets. The decline in revenue from the same period last year was mainly due to the termination of the business agency cooperation between Shanghai Taimei and Johnson & Johnson on June 30, 2021, and revenue increased by 10.10% year-on-year after excluding the related impact (the projected revenue base of 21H1 is 1.43 billion yuan).


22Q2 realized operating income of 2.322 billion yuan (- 21.10%), net profit of 195 million yuan (+ 6.45%), and non-return net profit of 204 million yuan (+ 38.30%). The impact of non-recurrent profit and loss was mainly the reduction of 13.0095 million yuan in the fair value of Xinhua medical stocks held by nine natural persons, including Sui Yong, frozen by the company (a total decrease of 34.0929 million yuan in the first half of the year). Among them, Q1 decreased by 21.0834 million yuan.

The company focuses on the main business, focusing on the development of medical devices, pharmaceutical equipment and other plate business. In the first half of 2022, the income of the company's medical device manufacturing products was 1.9 billion yuan (+ 4.84%); the income of pharmaceutical equipment products was 741 million yuan (+ 61.81%); and the income of the core subsidiary Chengdu Yingde was 213 million yuan, with a net profit of 7.7264 million yuan. The net interest rate increased significantly compared with 2021; Shanghai Yuanyue achieved an income of 49.7166 million yuan and a net profit of-1259.08 yuan, gradually reducing losses.

During the 14th five-year Plan period, the company will focus on carding the business plate, optimizing the existing business and extending the forward-looking business.

The company will make every effort to break through the fields of hemodialysis, radiation diagnosis, in vitro diagnosis, biopharmaceutical and preparation equipment; choose the opportunity to lay out new production lines in the field of oral and surgical equipment; cultivate intensive sensory control equipment, experimental equipment, medical environmental protection equipment, surgical instruments, orthopaedics, general pharmaceutical equipment and hemodialysis centers; gradually and orderly withdraw from non-performing assets in the fields of medical services, medical trade, traditional Chinese medicine and chemical pharmaceutical equipment. Focus on new areas such as health care equipment. We believe that the main business of the company will be more focused in the future, and the efficiency of asset operation is expected to improve steadily.

Profit forecast. We expect the company's net profit from 2022 to 2024 to be 620 million yuan, 732 million yuan and 822 million yuan, an increase of 11.3%, 18.1% and 12.4% respectively over the same period last year, and the corresponding EPS is 1.50,1.78 yuan and 2.00 yuan respectively. We believe that the company will benefit from the incremental demand of the new pharmaceutical infrastructure and pharmaceutical machinery industry, and is expected to develop rapidly in the two major sectors of medical devices and pharmaceutical equipment in the future. With reference to comparable companies, we give the company 14-18X PE in 2022, corresponding to a reasonable value range of 21.05-27.07 yuan, and continue to maintain a "better than the market" rating.

Risk hint: the risk that the newly signed order is less than expected; the risk of goodwill impairment; the risk of policy regulation.

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