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時代天使(06699.HK)公司點評:品牌優勢突出 加強新興市場及海外市場拓展
格隆匯 07-26 00:00
業績簡評 2022 年7 月25 日,公司發佈2022 年上半年業績預吿,公司預計2022H1實現營業收入5.42 億元-5.79 億元,較2021 年同期下滑0-5%;實現淨利潤0.66-0.70 億元,較2021 年同期下滑27%-31%。 經營分析 2022 年上半年局部地區疫情反覆,導致隱形矯治需求受到負面影響。部分地區的口腔醫療機構暫停營業或消殺壓力增加、接診能力下降,致使部分隱形矯治需求被迫延期滿足。截至2022 年6 月30 日,公司達成案例為7.72 萬例,2021 年同期為7.95 萬例,同比下滑3%。 隨着新興市場佈局持續拓展,公司短期經營開支有所增加。2022 年上半年,公司積極進行新興市場的開拓,同時擴展海外市場業務,加強營銷活動,我們認為前期投資及開支有望成為公司未來業績增長的持續動力。三季度是口腔醫療服務傳統旺季,隱形矯治服務的市場需求也有望逐步恢復。 公司在新興市場的持續拓展,促進性價比產品持續放量,市場份額有望穩步提升。一方面,公司加大新興市場的拓展力度,COMFOS 產品憑藉其性價比優勢持續放量。另一方面,隨着全國新興市場銷售網絡的逐步構建,公司經銷佔比有望實現提升,進一步帶動公司市場份額穩步增加。 盈利調整與投資建議 考慮到疫情影響公司產品在終端的放量,我們下調2022 年歸母淨利潤15%,預計2022-2024 年公司歸母淨利潤分別為3.22/3.86/4.41 億元,經調整淨利潤分別為3.65/4.38/5.26 億元,分別同比增長5%、20%、20%,對應EPS 分別為1.91/2.29/2.74 元,現價對應22/23/24 年PE 倍數為79/66/55 倍。給予“增持”評級。 風險提示 產能建設不及預期、醫療事故風險、醫學團隊數量增加不及預期等。
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