Events:
On February 26, 2023, the company disclosed its 2022 results, KuaiBao. In 2022, the company's total operating income was 376.7514 million yuan, up 10.28% from the same period last year; operating profit was 148.7799 million yuan, up 14.44% from the same period last year; the total profit was 148.8184 million yuan, up 14.71% from the same period last year; and the net profit belonging to the owner of the parent company was 12303.72 million yuan, up 3.93% from the same period last year. The net profit belonging to the owner of the parent company after deducting non-recurring profits and losses was 8925.09 yuan, down 14.70% from the same period last year.
Event 2:
On February 26, 2023, the company disclosed the draft of the 2023 restricted stock incentive plan of Nanjing Mellande Medical Technology Co., Ltd. The incentive plan assessment year is four fiscal years from 2023 to 2026, and the performance target is based on 2022 return net profit. The growth rate of home net profit from 2023 to 2026 is not less than 30 percent, 69 percent, 120 percent, 186 percent.
Event comment
22Q4 was dragged down by COVID-19 's epidemic situation, and its annual performance was basically in line with expectations of 2022Q4. The company's revenue reached 79 million yuan, down 28.83% from the same period last year. The net profit of returning to its mother reached 25 million yuan, down 39.02% from the same period last year, and the net profit after deducting non-return was about 10 million yuan.
Since mid-late November 2022, with the rapid growth of novel coronavirus infection across the country, front-line sales staff or distributors of the company can not work normally, and some orders can not be installed and revenue confirmed, so the performance of 2022Q4 has declined compared with the same period.
For the whole of 2022, considering the impact of the epidemic, the company achieved a year-on-year growth of 10.28% on the revenue side, and its performance was basically in line with expectations. The company continues to invest in new product research and development, and launched a series of new pelvic floor diagnosis and treatment products and new female reproductive rehabilitation equipment in 2022, providing a new driving force for performance growth. Among them, the magnetic stimulation device produced by the company was launched in May 2022, and the automatic version of uterine involution instrument and high-frequency evaluation electrocautery were also launched in the second half of 2022. 2022Q3's sales gross profit margin and net profit margin increased significantly.
Equity incentive plan points out the direction for the company's medium-and long-term growth from 2023 to 2026. in order to further establish and improve the company's long-term incentive mechanism, attract and retain talents, the company launched a medium-and long-term equity incentive plan after listing. The incentive plan includes Class I restricted stocks and Class II restricted stocks, which are awarded to a total of 97 people for the first time, accounting for about 20.08% of the company's total of 483 employees at the end of December 2021.
The incentive plan intends to grant a total of 3.3 million shares to the incentive object, of which the total amount of restricted shares granted in the first category of restricted shares is 620000 shares (accounting for 18.79% of the total rights and interests to be granted under this incentive plan), and the grant price is 21.16 yuan per share.
The incentive plan examines the management's homing net profit for the four fiscal years 2023-2026. Based on the homing net profit in 2022, the growth rate of homing net profit in 2023-2026 is not less than 30%. The growth rate of the net profit in 2023-2026 is not less than 30%.
Investment suggestion
Combined with the company's latest performance KuaiBao, we estimate that the company's 2022-2024 revenue is expected to reach 377 million yuan, 492 million yuan and 641 million yuan respectively (the previous value is 418 million yuan, 537 million yuan and 705 million yuan respectively), with year-on-year growth rates of 10.3%, 30.5% and 30.3%, respectively. The net profit from 2022 to 2024 reached 123 million yuan, 165 million yuan and 214 million yuan respectively (the previous values were 140 million yuan, 190 million yuan and 239 million yuan respectively), with year-on-year growth rates of 4%, 34.5% and 29.0%, respectively. The EPS from 2022 to 2024 is 1.23,1.65 and 2.14 yuan respectively, and the corresponding PE estimates are 34x, 25x and 20x, respectively. Based on the friendly policy environment of the company's industry and the strong synergy of the company's product portfolio, the company launched a medium-and long-term equity incentive program with strong growth momentum and maintained a "buy" rating.
Risk hint
The risk of new product development and promotion is not as expected.
Market competition aggravates risks.