\u3000\u3000 Shanghai Aladdin Biochemical Technology Co.Ltd(688179) (688179)
Event: the company announced the performance express of 2021. In 2021, the operating revenue was 288 million yuan, a year-on-year increase of 22.93%, and the net profit attributable to the parent company was 84.66 million yuan, a year-on-year increase of 13.75%; Among them, Q4 achieved an operating revenue of 90 million yuan, a year-on-year increase of 21.63%, and a net profit attributable to the parent company of 25.13 million yuan, a year-on-year decrease of 4.21%. The company's performance in the fourth quarter was lower than the market expectation.
The replacement of ERP system, the slowdown of inventory reserves, the impact of income tax and other factors led to the slowdown of the company's annual performance growth. 1) In 2021, Q2 company implemented the new ERP system, which had a certain impact on the company's R & D, production, sales and delivery process, and caused the loss of some orders. 2) In 2021, the company gradually increased personnel recruitment, resulting in a significant increase in employee compensation in management expenses and R & D expenses. 3) Under the influence of covid-19 in 2020, the growth rate of product development and inventory reserves is slow, and there is a certain time difference from transmission to the sales end, resulting in weak growth of sales revenue in 2021. 4) The company's high-tech enterprise certificate expires in November 2020, and the company temporarily pays in advance at the enterprise income tax rate of 25%.
In 2022, young people will go to battle, and the adverse factors will be basically eliminated. 1) In terms of ERP system, with the gradual optimization of the system, the negative impact has been basically eliminated, and the efficiency of the update and transformation of the information system is gradually brought into play, and the company's information and digital management will be more perfect; 2) In terms of inventory preparation, with the weakening of the impact of the epidemic, the company will strengthen the guarantee in terms of manpower, site and equipment in 2021 to accelerate product development, design and production. By the end of 2021, the company's inventory scale has increased significantly compared with the beginning of the period, laying a foundation for the growth of subsequent business income; 3) In terms of income tax rate, the publicity of the company's high-tech enterprise qualification has been completed, and the certificate will be issued soon, which will reduce the negative impact of high income tax rate on the company in the future. We believe that in 2022, the company will pack light and the adverse factors will be gradually eliminated.
Maintain the "buy" rating. The company is the leader in the domestic scientific research reagent industry. It is estimated that the EPS in the 21st-23rd year will be 0.84/1.23/1.68 yuan, maintaining the "buy" rating.
Risk warning: competition intensifies risk, R & D is less than expected risk, and epidemic development is uncertain risk
