\u3000\u3 Guocheng Mining Co.Ltd(000688) 526 Wuhan Keqian Biology Co.Ltd(688526) )
In 2021, the company realized a net profit attributable to the parent company of 570 million yuan, with a year-on-year increase of 27.5%.
The company announced the performance express for 2021: the operating revenue was 1.103 billion yuan, a year-on-year increase of 30.8%; The operating profit was 661 million yuan, a year-on-year increase of 26.1%; The net profit attributable to the parent company was 570 million yuan, a year-on-year increase of 27.5%; The net profit attributable to the parent company after deduction was 556 million yuan, a year-on-year increase of 28.9%. In 2021q1-q4, the company achieved revenue of 319 million yuan, 226 million yuan, 230 million yuan and 327 million yuan, with a year-on-year increase of 82.3%, 25.5%, - 7.4% and 37.0%; The net profit was 169 million yuan, 117 million yuan, 100 million yuan and 185 million yuan, with a year-on-year increase of 82.5%, 29.8%, - 27.1% and 44.4%. The main reasons for the rapid growth of the company's performance are: the expansion of customer business scale and the sharp increase in the demand for pig vaccine. At the same time, the company actively adapted to the epidemic situation, actively adjusted the service mode, diversified sales channels, expanded the depth of the market, and effectively improved the customer coverage. In 2021, the company's Porcine Pseudorabies Vaccine, porcine infectious gastroenteritis, porcine epidemic diarrhea vaccine Major products such as porcine circovirus type 2 inactivated vaccine (WH strain) have increased.
The batch issuance data of 2021q4 company's swine vaccine were mixed year-on-year.
In 2021, the company's batch issuance data of live Porcine Pseudorabies Vaccine (HB-98 strain), live porcine pseudorabies heat resistant protective agent vaccine (hb2000 strain), Inactivated Porcine Pseudorabies Vaccine and live Porcine Pseudorabies Vaccine (barthak61 strain) increased by 24%, 29.6%, 103% and 213% respectively year-on-year; In 2021, the company's batch issuance of inactivated vaccine of porcine circovirus type 2 (WH strain), inactivated vaccine of porcine infectious gastroenteritis and porcine epidemic diarrhea (WH-1 strain + aj1102 strain), inactivated vaccine of porcine infectious gastroenteritis and porcine epidemic diarrhea (wh-1r strain + aj1102-r strain), inactivated vaccine of Streptococcus suis and Haemophilus parasuis (LT strain + md0322 strain + sh0165 strain) increased by 12%, 44% and - 57% respectively year-on-year 0%。 Quarterly, the year-on-year growth rate of batch issuance data of Swine Pseudorabies Vaccine (HB-98 strain) of Q1-Q4 company was 88%, 64%, - 11% and 9% respectively; The year-on-year growth rates of batch issuance data of porcine pseudorabies inactivated vaccine were 267%, 20%, 33% and 130% respectively; The year-on-year growth rate of batch issuance data of live porcine pseudorabies heat-resistant protective agent vaccine (hb2000 strain) was 118%, - 39%, 170% and - 47% respectively; The year-on-year growth rate of batch issuance data of porcine circovirus type 2 inactivated vaccine (WH strain) was 29%, - 43%, 75% and 14% respectively; The year-on-year growth rates of the batch issuance data of inactivated vaccine (WH-1 strain + aj1102 strain) for porcine infectious gastroenteritis and porcine epidemic diarrhea were 200%, 33%, 29% and 17% respectively; The year-on-year growth rates of the batch issuance data of live vaccine for porcine infectious gastroenteritis and porcine epidemic diarrhea (wh-1r strain + aj1102-r strain) were - 22%, - 67%, - 75% and - 75% respectively.
Investment advice
We expect that from 2021 to 2023, the company's revenue will reach 1.101 billion yuan, 1.31 billion yuan and 1.636 billion yuan, with a year-on-year increase of 30.6%, 18.9% and 24.9% respectively, and the net profit attributable to the parent company will reach 572 million yuan, 687 million yuan and 864 million yuan, with a year-on-year increase of 27.8%, 20.1% and 25.8% respectively 23 yuan, 1.48 yuan, 1.86 yuan. We gave the company 25 times PE in 2022, a reasonable valuation of 37 yuan, and maintained the "buy" rating.
Risk tips
Vaccine policy changes; Epidemic situation.
