Beijing Labtech Instruments Co.Ltd(688056) comment on Beijing Labtech Instruments Co.Ltd(688056) performance express: the performance express meets expectations and ICP-MS mass spectrometry products are sold

\u3000\u3 Guocheng Mining Co.Ltd(000688) 056 Beijing Labtech Instruments Co.Ltd(688056) )

The performance express is in line with expectations. On February 25, the company issued the announcement of 2021 annual performance express, which realized an operating revenue of 369 million yuan in 2021, a year-on-year increase of + 5.97%; The net profit attributable to the parent company was 701983 million yuan, a year-on-year increase of + 7.65%; The net profit attributable to the parent company after non deduction was 637783 million yuan, a year-on-year increase of + 9.33%, and the performance growth rate was in line with expectations. Due to the repeated impact of the epidemic in 2021, the growth rate of the company's operating revenue and profit side is limited. It is expected that with the epidemic under control, the company's revenue and profit side will perform better in 2022. In addition, it is worth mentioning that after the release of the company's new product inductively coupled plasma mass spectrometer (ICP-MS) in 2021, the company has started marketing in the fourth quarter, and obtained corresponding orders or cooperation agreements in semiconductor, medical and traditional fields. However, the launch time is still short, and there is no significant contribution to the performance in 2021. It is expected that the company will make revenue contribution in 2022.

The company focuses on the field of experimental and analytical instruments and has strong R & D strength. Since its establishment, the company has focused on the field of experimental and analytical instruments. At present, the company has formed a full product layout in the field of laboratory pretreatment instruments and is the absolute leader in the field of pretreatment in China. In May 2021, the company's first ICP-MS plasma mass spectrometer fully launched the field of analytical and testing instruments. The company has strong R & D strength and formed a capable R & D team headed by Mr. hook, chairman. As a scientist in the field of experimental and analytical instruments, Mr. hook has outstanding R & D ability. He once served as chief researcher, product manager and other important positions in TJA (the earliest instrument company of semefi), And led the design of the first commercial inductively coupled plasma mass spectrometer ICP-MS in the United States. In addition, the company has a certain scale of R & D laboratories in the United States and Hong Kong, which is expected to become a world-class manufacturer of experimental and analytical instruments.

Element mass spectrometry (ICP-MS) was successfully listed and the company entered a new stage of development. The company launched the first ICP-MS mass spectrometer labms3000 in May 2021. The mass spectrometer is a high-end precision instrument with high technical barriers. It can quantitatively and qualitatively analyze the most basic elements of substances, and can be widely used in environmental protection, food detection, semiconductor, medical treatment and other fields. We are very optimistic about the development prospect of the company in the field of mass spectrometry. On the one hand, the company labms3000 has made a breakthrough in the most difficult semiconductor field by virtue of its quality advantages and obtained orders or cooperation agreements, which once again proves the technical level of the company; On the other hand, we believe that the mass spectrometer can cooperate with the company's pre-processing, so as to solve the non automated learning difficulties of the mass spectrometer, which also enables the company to provide a complete set of packaging solutions for the laboratory. With the launch of the company's mass spectrometer, the company has entered a new stage of development.

Profit forecast and investment suggestions

The company is a leading enterprise in the field of experimental and analytical instruments. Due to the adverse impact of repeated epidemics on the company's business, referring to the annual report express, we have lowered the profit forecast for 21-23 years. It is expected that the earnings per share in 20212023 will be 1.05/1.37/1.64 yuan respectively (formerly 1.12/1.41/1.69 yuan). The annual report Express has been switched to the 22-year valuation, With reference to the comparable company, it gives a 22-year 46 times PE valuation, and the target price is 63.02 yuan, maintaining the buy rating.

The risk indicates that the sales of the new mass spectrometer is less than expected; The company's product price decline risk, and the customer expansion of other products is less than expected

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