新华医疗(600587):聚焦主业提升毛利 研发投入持续增长

Xinhua Healthcare (600587): Focus on the main business to enhance Maori R&D investment continues to grow

西南證券 ·  05/04  · Researches

Incident: The company released its 2022 annual report. In 2022, the company achieved operating income of 9.28 billion yuan, a year-on-year decrease of -2.1%; achieved net profit of 50.0 billion yuan, a year-on-year decrease of -9.7%; and achieved a net profit of 50.0 million yuan, an increase of +31.5% over the previous year.

Focusing on two core businesses, profitability continues to improve. The company focuses on two major businesses, including medical devices and pharmaceutical equipment, and optimizes its revenue structure. The revenue of medical device manufacturing products and pharmaceutical equipment products in 2022 was 6.71 billion yuan (+8.8%) and 1.52 billion yuan (+21.5%) respectively, accounting for 59% of revenue in 2022 (+8pp). The company's gross profit in 2022 was 590 million yuan (-18.7%), and the gross margin level of various business segments improved significantly: the gross margin of medical device manufacturing products was 40.1% (+2.6pp), the gross margin of pharmaceutical equipment products was 27.9% (+1.2pp), and the gross margin of medical services was 17.9% (+4.8pp). Medical trade products were affected by changes in revenue structure, and gross margin was 9.8% (-3.5pp). The net cash flow from the company's operating activities was 390 million yuan (-72.3%), which was the result of cooperation between the subsidiary Shanghai Taimei and new suppliers to purchase products.

Guimu's net profit was 5.0 million yuan (-9.7%). The reason was the impact of changes in stock prices. Revenue from disposal of long-term investment declined compared to the same period last year, and R&D investment increased.

Investment in R&D has increased dramatically, and product competitiveness has increased markedly. In 2022, the company's R&D investment increased dramatically, R&D expenses were 400 million yuan (+35.6%), and competitive soft power was significantly strengthened: in 2022, 4 overall intelligent disinfection projects were signed, and the first domestic intelligent disinfection supply center and other industry innovation projects were built; the national “high-end diagnostic equipment localization project” and the provincial “multi-function 128-row large-aperture CT R&D project” project were included in the 2022 central government special guidance fund project.

Profit forecasts and investment recommendations. It is estimated that in 2023-2025, the company's net profit will be 750 million yuan, 92 million yuan, and 1.1 billion yuan. The corresponding PE will be 20, 17, and 14 times, respectively. It is recommended to keep an eye on it.

Risk warning: Risk such as cost control falling short of expectations, sales of core varieties falling short of expectations, and disposal of land assets falling short of expectations.

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