Event: the company released the third quarterly report of 2022, and the performance was basically in line with expectations. In the first three quarters of 2022, the company achieved revenue of 7.634 billion yuan, an increase of 14.98% over the same period last year; net profit of 306 million yuan, down 4.88% from the same period last year; and 289 million yuan of non-return net profit, down 7.57% from the same period last year. In the third quarter of 2022, the company achieved revenue of 2.873 billion yuan, an increase of 19.88% over the same period last year, and net profit of 146 million yuan, an increase of 23.94% over the same period last year, deducting 141 million yuan of non-return net profit, an increase of 22.58% over the same period last year.
Comments:
Epidemic factors affected marginal benefits, and business growth resumed in the third quarter: in the first three quarters of 2022, the company achieved revenue of 7.634 billion yuan, an increase of 14.98 percent over the same period last year. The net profit from home was 306 million yuan, down 4.88% from the same period last year, and the net profit from non-return was 289 million yuan, down 7.57% from the same period last year. This is mainly due to the rebound of the epidemic in Shanghai and Northeast China from March to May this year, resulting in a slight decline in gross profit margin and net profit rate in the first three quarters of 22 years. At the same time, under the influence of the epidemic stage, the settlement cycle of accounts receivable has been extended. In the third quarter, the operating income was 2.873 billion yuan, an increase of 19.88% over the same period last year, and the net profit returned to the mother was 146 million yuan, an increase of 23.94% over the same period last year, deducting the non-return net profit of 141 million yuan, an increase of 22.58% over the same period last year.
The R & D investment continues to increase, and the innovation capability has been repeatedly recognized: in the first three quarters of 2022, the company invested a total of 100 million yuan in R & D expenses, an increase of 22.44% over the same period last year. The company continues to improve its independent comprehensive R & D capability, differentiates products in some areas of IVD characteristic technology, and continues to expand the market share of its own-brand products. In July 2022, the company was awarded the title of "specialized and Special New" Enterprise in Shanghai in 2022, highlighting the unique advantages of brand specialization, refinement, characteristics and novelty. The "full-cycle Health Intelligent Service solution" launched by Huihao Technology, the company's "smart medical service provider", has been highly concerned and recognized by the Shandong Provincial Health Commission and various medical institutions in the province. it provides a new way and new idea for building a "trinity" intelligent hospital.
Overall solution to reduce cost and increase efficiency, help the implementation of medical policy: on September 7, 2022, the National standing Committee decided to provide phased financial discount and increase credit support for equipment renewal and renovation loans in some areas. As the leading comprehensive service provider in the field of in vitro diagnosis in China, the company launched an overall solution to reduce cost and increase efficiency, covering emergency treatment, emergency examination, biochemical immunity, microbiology and PCR laboratories. Help medical policy fall to the ground At the same time, the company continues to give full play to its professional laboratory comprehensive service capacity to promote the development of grass-roots health care.
Earnings forecast, valuation and rating: we maintain the company's EPS forecast of 0.72 EPS for 2022-2024, and the current price corresponds to 2022-2024 PE times that of 15-13-11. Taking into account the company's leading position in the integrated services industry, we maintain a "buy" rating.
Risk hint: the product promotion is not as expected, and the market competition aggravates the risk.