采纳股份:品质为先,智能升级,打造国际化注射穿刺服务商

（以下内容从天风证券《采纳股份:品质为先,智能升级,打造国际化注射穿刺服务商》研报附件原文摘录）
　　Caina Technology (301122 CH) 品质为先，智能升级，打造国际化注射穿刺服务商 Initiating coverage: quality and smart upgrades fuel growth of global injection and puncture service provider TP: RMB101 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 医用器械、兽用器械、实验室耗材三驾马车并驾齐驱 公司专注制造注射穿刺器械、实验室耗材，是国内领先的注射穿刺服务商。公司建立了完备的产品质量管控体系，是行业内较早建立完备质控体系的厂家，公司产品获得广泛的认可。2021年公司实现营业收入4.42亿元，同比下降12.47%，主要系口罩业务2020收入上涨所致，剔除口罩后，公司主营业务收入同比增加78.45%。 Tripartite core businesses: medical and veterinary equipment, lab consumables Caina Technology specializes in the manufacture of injection and puncture instruments as well as laboratory consumables. It is also a leading injection and puncture service provider in the Chinese market. Caina was the first manufacturer to put in place a complete product quality control system and its products are widely recognized. It generated revenue of RMB442m in 2021, down 12.47% yoy, due to the previous year’s stronger mask income; excluding masks, main income would have risen 78.45% yoy. 穿刺注射器械市场需求量大，中国是主要的注射器生产和出口国 根据医械研究院数据，2019年我国医用耗材在医疗器械行业中市场占比达32%，国内行业增速约为20%。预计2020年低值医用耗材市场规模达970亿元，同比增长25.97%。低值医用耗材中，注射穿刺类市场份额约为低值医用耗材市场的30%，市场规模约291亿元。QYR Research数据显示，2018年我国一次性注射器产量占全球产量大约34.7％。根据OEC数据，2018年，注射器全球贸易总额为49.1亿美元，中国注射器出口金额占比为11.32%位居第二，仅次于美国的13.68%。 China is a main syringe supplier; high injection and puncture market demand Medical consumables accounted for 32% of the medical device market in China in 2019, when the domestic industry grew at about 20%, according to data by the Medical Device Research Institute. The low-end medical consumables market generated about RMB97bn in 2020, up 25.97%. Injection and puncture products generated about RMB29.1bn, accounting for about 30% of the low-end medical consumables business. China accounted for 34.7% of global disposable syringe production in 2018, according to data from QYR Research. The global trade in syringes amounted to USD4.91bn in 2018, with exports from China accounting for 11.32%, second only to the US at 13.68%, according to OEC data. 产品力构筑竞争优势，海外客户积累深厚 公司产品销售以境外地区为主，剔除口罩业务影响，主营业务境外销售收入占比在80%以上。公司拥有稳定上下游供需，与知名客户形成粘性，境外客户包括Neogen、Medline、Thermo Fisher、Mckesson等世界知名企业。由于客户对于供应商甄选较为严格，公司部分产品具有一定程度的不可替代性，并且公司已成为其中部分客户的独家供应商，合作可持续性较强。 Caina’s strengths: quality products and extensive ties with global customers Upstream and downstream supply and demand are stable based on ties with well-known customers. Its overseas market accounts for most of the company’s product sales at a revenue proportion of over 80%, when we exclude masks. Export customers include big names like Neogen, Medline, Thermo Fisher and McKesson. Due to customers’ strict supplier selection criteria, some of Caina’s products are irreplaceable to an extent. It is the exclusive supplier to several customers, which provides some business sustainability. 产品质量获国际认可，研发实力行业领先 公司主营产品及相关核心技术均系自主研发形成，部分产品在工艺流程设计、材料开发、功能实现等方面具有自我特色。公司自主开发的智能化生产车间及自动化仓储系统实现了行业引领，在保证产品品质的同时，有效提高生产效率。公司通过了ISO13485、MDSAP 等多项质量体系管理认证，主要产品均获得了CE认证或美国FDA产品注册。 Internationally recognized product quality and industry-leading R&D Caina’s core products and their related technologies are driven by independent R&D. Some of its products are unique in terms of process design, materials development and functions. Its industry-leading proprietary intelligent production workshops and automated storage system effectively raise production efficiency and ensures product quality. The company has obtained ISO13485, MDSAP and other quality system management certifications. Its main products either hold CE certification or are US FDA-registered. 投资建议/Investment Ideas 盈利预测与投资评级 我们预计公司 2022-2024年营业收入分别为6.79、10.34、15.29亿元，归母净利润分别为1.99、3.05、4.15亿元，采用可比公司PE相对估值法对公司进行估值，我们选取康德莱、拱东医疗、诺唯赞、昌红科技作为可比公司，给予公司2022年目标PE为48倍，目标价为101元，首次覆盖，给予“买入”评级。 Valuation We expect revenue to amount to RMB679m/1.03bn/1.53bn and net profit of RMB199m/305m/415m in 2022/23/24E. Relative to the peer valuations of Kindly Enterprise, Gongdong Medical, Vazyme Biotech and Changhong Technology, we assign to Caina Tech a target PE of 48x in 2022E and a target price of RMB101. We initiate coverage with a BUY rating. 风险提示：①募集资金项目实施风险；②原材料价格波动风险；③核心技术人才流失风险；④中美贸易摩擦引致的出口业务风险；⑤客户集中风险；⑥口罩业务经营业绩下滑的风险；⑦产品质量控制风险 Risks include: fundraising project implementation risks; raw material price fluctuations; loss of core tech talents; impact on exports from Sino-US trade frictions; customer concentration risks; weaker-than-expected mask business; and quality control risks. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 天风国际 天风国际是天风证券境外全资子公司，立志于成为全球资产配置专家，用我们的专业专注力连接中外，为海内外客户寻找最优质资产和提供最专业的投资咨询。 286篇原创内容 Official Account 天风国际微服务 港美股开户投资服务，就选天风国际！ 45篇原创内容 Official Account 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户

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