The 11-year net profit increased by 75%, and the performance was in line with expectations: 11-year operating income of 588 million, an increase of 43.5% over the same period last year, and a net profit of 69.99 million, an increase of 74.6% over the same period last year. Net profit after deduction increased by 139.8%. EPS is 0.46 yuan, ROE is 6.27%. Operating cash flow per share-0.06 yuan. Revenue and net profit in the fourth quarter alone reached 166 million and 22 million, up 22% and 75% respectively over the same period last year. Cash is 2 yuan (including tax) for every 10 shares.
The rapid growth of the subsidiary Wilder has led to a substantial improvement in the company's performance: Wilder has made an excellent performance throughout the year, with an 11-year net profit of 45.03 million yuan, exceeding the profit commitment of 5.64 million yuan, an increase of 32%. Among them, the revenue of B-ultrasound equipment was 90.1 million, an increase of about 20% over the same period last year, and the gross profit margin was 63.2%, an increase of nearly 5 percentage points over the same period last year. Color ultrasound equipment with high gross margin began to be sold in volume, and gross profit margin is expected to rise further in the future.
Dingzeng equipment in the field of ultrasound, striding forward to a comprehensive manufacturer of medical devices: on March 31st, the company announced that it intends to issue no more than 30 million shares in a non-public offering, with an issue price of not less than 11.66 yuan per share, and plans to invest 350 million yuan. It is mainly used for annual production of 20, 000 black-and-white ultrasound, 1, 000 color ultrasound and 3600 ultrasound therapy equipment. The additional issuance project is mainly devoted to the equipment in the field of ultrasound to realize the integration of ultrasonic diagnosis and treatment. while strengthening its dominant position in the field of ultrasound, the company is moving forward to a comprehensive manufacturer of medical devices.
Investment suggestion: "increase the holding", the target price is 16 yuan. As a newcomer in the medical device industry, the company currently has a market capitalization of only 2 billion, has a strong growth motivation, has the ability (color ultrasound volume, Baijin to expand new business), and has the motivation (private placement) to achieve high growth. After the refinancing project is put into production, it will fully open up the development space of the company and greatly enhance its profitability. Despite the dilution of additional shares for the time being, we expect the company's EPS for 12-13 years to be 0.64,0.80 yuan, an increase of 39% and 24% over the same period last year, with a target price of 16 yuan, maintaining the "overweight" rating.
