\u3000\u3000 Acrobiosystems Co.Ltd(301080) (301080)
The demand for recombinant protein reagent is strong, and the market scale continues to expand
Recombinant protein is a kind of recombinant gene vector containing the expression target protein obtained by gene recombination technology, and then introduced into the host cell to express specific protein. It is widely used in industrial and scientific research. Among them, the industrial end has an increasingly strong demand due to the vigorous development of biological drugs and cell therapy. According to the report, Sullivan's R & D market share will continue to grow from RMB 1.9 billion to RMB 1.6 billion in 2019, and Sullivan's R & D market share is expected to continue to grow from RMB 1.9 billion in 2019, In 2019, the company accounted for 4% of China's recombinant protein market, and there will be huge room for improvement in the future.
Driven by the dual round strategy of "focusing on the industrial end + global market development", the recombinant protein business showed rapid growth
Since its establishment in 2010, the company's strategy has focused on meeting the needs of industrial customers, and its performance has shown rapid growth on the basis of deep cultivation in the Chinese market and international market, that is, the compound growth of revenue in 2017-2020 is 73.45%. If the impact of covid-19 orders in 2020 is deducted, the compound growth of revenue in 2017-2020 is 54.36%. Looking forward to the future, the company will continue to expand in tumor, car-t, immunoassay, marker protein, viral protein and other fields and business diversification (detection services, antibodies, kits, etc.), and strategically continue to focus on the needs of industrial customers and the development of international market. We judge that the company will continue to show a high-speed growth trend in the next 3-5 years.
Performance forecast and investment suggestions
As the world's leading recombinant protein supplier deeply engaged in industrial customers, looking forward to the future, the company will continue to benefit from the high vision of the Chinese industry and the continuous expansion of overseas customers, and its performance will continue to show rapid growth. We estimate that the operating revenue in the year of 21-23 will be 392 / 562 / 809 million yuan, EPS will be 2.25/3.25/4.73 yuan respectively, corresponding to the closing price of 171.04 yuan / share on February 22, 2022 and PE will be 75.88/52.60/36.20 respectively. It will be covered and rated as "buy" for the first time.
Risk tips
Failure risk of new product research and development, uncertainty risk of industry demand, covid-19 business uncertainty risk, loss risk of core technicians and exchange rate fluctuation risk.
