\u3000\u3 Guocheng Mining Co.Ltd(000688) 621 Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) )
The performance growth is in line with expectations and the profitability has been improved. The company released its annual report for 21 years, and achieved an operating revenue of 494 million yuan in the whole year of 21 years, with a year-on-year increase of 42.12%; The net profit attributable to the parent company was 106 million yuan, a year-on-year increase of 45.81%, deducting 102 million yuan of non net profit, a year-on-year increase of 41.07%, and the gross profit margin in 21 years was 53.34%, an increase of 3.75 percentage points compared with 20 years. The annual growth was in line with expectations and the profitability was enhanced. According to the single quarter, the revenue of Q4 in the 21st year was 153 million yuan (year-on-year + 35.21%) and the net profit attributable to the parent was 21 million yuan (year-on-year - 4.47%). The change in the single quarter is related to the fluctuation of orders and a large amount of investment in R & D.
New orders are growing and research services are widely recognized. The new orders signed by the company in the whole year of 21 years were 929 million yuan, a year-on-year increase of 76.42%. The abundant orders on hand show that the company's research service ability is recognized, which also lays a good foundation for the rapid growth of the company's performance. There is a strong demand for research services related to innovative drugs. The company continues to expand the clinical technical talent team, actively transform to innovative drug services, build a new technology platform related to in vivo and in vitro pharmacological and immune research, and broaden the service fields of advantages and characteristic indications. With the further improvement of the preclinical and clinical integrated R & D service chain of new drugs, the service competitiveness of the company will continue to improve.
R & D investment continues to increase, and the value-added pipeline can be expected in the future. In order to develop characteristic self-developed value-added services, the company has maintained a high level of R & D investment in the industry over the years. Over the past 21 years, R & D efforts have been continuously strengthened, and the annual R & D investment reached 47.577 million yuan, an increase of 39.15% over the previous period. At present, the company has reserved a number of self-developed pipelines with good prospects, short supply and difficult development, including innovative drugs, improved new drugs and characteristic generic drugs, which will bring value-added to downstream customers through transfer. With strong R & D investment, 5 new drugs have been applied for ind and 3 have obtained clinical approval. Innovative drug pipeline is expected to be sold from 22 years, bringing new increment of performance.
Profit forecast and investment suggestions
The company's performance in 21 years is in line with expectations. We predict that the company's earnings per share in 22-24 years will be 1.74/2.57/3.66 yuan respectively. According to the comparable company, the company will be given a valuation of 60 times in 22 years, with the corresponding target price of 104.4 yuan, maintaining the "buy" rating
Risk tips
The risk that R & D progress is less than expected, the risk that sales are less than expected, and the risk that industry competition intensifies
