A brief description of performance
On October 25, 2022, the company released the third quarter report of 2022. 2022 the income in the first three quarters was 377 million yuan, + 22% compared with the same period last year; the net profit of returning to the mother was 134 million yuan, + 47% compared with the same period last year; and the net profit of non-return was 122 million yuan, + 42% of the same period last year.
In terms of a single quarter, the income in the third quarter was 103 million yuan,-5% compared with the same period last year; the net profit was 34 million yuan, + 17% from the same period last year; and 32 million yuan was deducted from the non-return net profit, which was + 8% from the same period last year.
Business analysis
The results in the first three quarters maintained rapid growth, with a slight slowdown in the single quarter. The company achieved rapid growth in related core categories in the first half of the year, with rapid volume expansion of products in the medical sector, but sales revenue declined slightly in the third quarter compared with the same period last year, which is expected to be mainly related to the rhythm of order confirmation from downstream customers and the challenges brought by the global macroeconomic environment. In the future, with the continuous investment in product upgrading and new product research and development, the expansion of new customers and the growth of sales scale of existing customers will further show, and the company is expected to return to the track of high revenue growth.
The trend of regular expenses is stable, and the net interest rate has increased significantly. The company's sales net interest rate in the first three quarters was 0.63%, year-on-year-1.45pct, mainly due to the adjustment of transportation and miscellaneous fees to operating costs according to the new income criteria; the R & D expense rate was 3.94%, year-on-year-0.34pct, and the trend of regular expenses was stable. In the first three quarters, the net profit rate reached 35.55%, which was + 6.11pct compared with the same period last year, and the profitability increased significantly. It is expected that the company's overall profitability will continue to improve in the future with the continuous introduction of high-end products.
The product line of medical equipment is rich, and the category of high-end export continues to expand. The company has a rich product line and many categories. At present, the medical instruments sold to Europe and the United States include a number of high value-added products, such as safe insulin syringes, safe blood collection / infusion needles, safe injection needles, and so on. In the future, the company will further strengthen its market position in the fields of high safety and high value-added products such as safe insulin stylus, safety indwelling needle, safety spring retractive syringe, and export categories will continue to expand. Further increase market share.
Profit forecast and investment suggestion
Based on the performance pressure caused by the decline in revenue growth in the third quarter, we lowered the company's profit forecasts for 2022-2024 by 8%, 11% and 9%. It is estimated that the company's return net profit in 2022-2024 is 1.88,2.67 and 370 million yuan respectively, year-on-year growth of 44%, 43% and 38% PE is 2.00,2.84,3.93 yuan respectively, and the current price corresponds to 33, 23 and 17 times of EPS.
Risk hint
Large customer income accounts for a relatively high risk; new product research and development does not meet the expected risk; product promotion does not meet the expected risk; overseas trade friction risk; RMB exchange rate fluctuation risk.
