Event: Huakang Medical recently released its first quarterly report in 2023 and 2024: revenue in 2023 16Powerballjackpotamounttoday.0 billion (+ 34.7%)PowerballjackpotamounttodayIt mainly comes from the medical purification system integration business and the sale of medical consumables; the return net profit is 110 million (+ 4.7%) and the non-return net profit is 90.844 million (+ 1.4%). 2024Q1 achieved an income of 230 million (- 4.4%), a net profit of-32.072 million (- 85.3%), and a net profit of-33.397 million (- 48.2%). The loss was mainly due to the rapid development of the company in 2023, with a large increase in personnel, and the growth of sales staff and technical support personnel brought about an increase in orders, but there was still a certain lag in the conversion of orders into output value; the company's operating costs increased and other reasons. The core business medical purification integration business is still growing rapidly, and the expense is increased by products: medical purification system integration income 1.35 billion (+ 36.8%), medical equipment sales 91.406 million (+ 125.1%), medical consumables sales 130 million (- 4.3%) and operation and maintenance services 17.44 million (+ 37.2%). From the expense point of view: in 2023, the sales expenses increased by 61.4% over the same period last year, the sales expenses rate increased by 11.3%, the management expenses increased by 17.4% over the same period last year, and the management expenses rate increased by 9.2%. This is mainly due to the increase in sales expenses and management personnel caused by the increase in business scale; the year-on-year increase in R & D expenses is 40.8%, and the R & D expenditure rate is 4.8%, mainly due to the increase in R & D investment. Focus on the two principals and three deputies, gather efforts to create good results, the laboratory business continues to make a great breakthrough in the company's strategic determination, and make every effort to promote steady development. The total bid-winning amount in 2023 exceeded 2 billion. Under the guidance of the strategic layout of "two principals and three deputy", many benchmarking cases have been created, such as the first Medical Service of Zhejiang University, West China of Sichuan, Qilu of Shandong, Guangming of Shenzhen, and so on. It has won heavyweight awards such as "China Construction Engineering Luban Award" and "China Construction Engineering Decoration Award". It has set up a word-of-mouth banner in the national market and become an industry benchmark for the integration of medical specialties and a base for on-site observation of academic exchanges. By the end of 2023, the company has successfully delivered a total of 37 projects; there are 2.21 billion orders in hand, mainly for medical purification integrated business orders, including: medical special orders 1.59 billion; laboratory orders 420 million. Investment advice and profit forecast since mid-2021, on the premise that the project is being completed, the company's on-hand orders have remained high, to 2.21 billion by the end of 2023. Sufficient on-hand orders ensure the growth of the company's performance. It is estimated that the company's operating income in 2024-2026 will be 2.688 billion yuan per share, with a growth rate of 30.40% 25.28% and 23.34%, respectively. The net profit of the home company will be 1.58 percent, 25.28 percent, 2.84 million, and the growth rate will be 46.86 percent, 33.22 percent, 35.16 percent, respectively, and the corresponding PE will be 13.5710.19, 7.54 yuan per share. Maintain a "buy" rating. The risk indicates that the industry competition aggravates the risk, the main business qualification can not be renewed, the new order uncertainty risk, the account receivable repayment problem and the bid winning project promotion and so on. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
