\u3000\u3 Guocheng Mining Co.Ltd(000688) 356 Jenkem Technology Co.Ltd(688356) )
Event: the company released the performance express for 2021. It is estimated that the annual operating revenue will be 351 million yuan (+ 88.18%), the net profit attributable to the parent company will be 177 million yuan (+ 106.50%), and the net profit attributable to the parent company will be 159 million yuan (+ 91.41%). The overall performance is in line with expectations.
Q4 revenue maintained rapid growth and endogenous profitability continued to improve. Q4's revenue is 89 million yuan (+ 46.98%), maintaining the rapid growth momentum since the first three quarters. It is expected that the growth rate of orders from downstream customers at home and abroad is still relatively prosperous. The net profit attributable to the parent company of Q4 on the profit side was 35 million yuan (+ 16.96%), and the corresponding net interest rate was 38.67%. The net interest rate decreased year-on-year and month on month, mainly due to the impact of R & D expenses, equity incentive expenses and other projects, Among them, the share based payment fee for equity incentive confirmed in the whole year of 21 years is 272452 million yuan (if the annual net profit attributable to the parent company is restored to 200 million yuan, with a year-on-year increase of + 133%, the corresponding net interest rate is 57%, with a year-on-year increase of 11 PCT); The R & D expenses entered phase II due to the self-developed peg irinotecan, with a year-on-year increase of + 104.29%. Endogenous profitability remains at a high level.
The projects under research continue to advance and are expected to contribute to the transfer income in recent years. The phase I clinical trial of polyethylene glycol irinotecan (jk-1201i), a key self-developed project of the company in 21 years, has been completed, showing good tolerance and safety. Compared with the control drug, it has the advantages of good safety, less toxic and side effects and significantly prolonged half-life. At present, the phase II clinical trial has completed the first subject enrollment in November 21, and 2 subjects have been enrolled by the end of the year. In addition, the self-developed class III medical device (jk-2122h) has completed the registration test and is ready to start the selection of clinical research center.
The application scenarios of PEG are constantly enriched, and the medium and long-term performance is still driven by sustained and rapid growth. In the past 21 years, the company's performance has continued to improve. In addition to the contributions of Chinese commercial customers Kinsey and Hengrui, it also comes from the activity of overseas orders, indicating that overseas peg application scenarios are constantly enriched. The core competitiveness of the company's overseas expansion is mainly reflected in the understanding and technical reserves of new peg technologies and applications, based on the accumulation and deep understanding of PEG technology. Compared with its competitors, the company's R & D direction is diverse and cutting-edge. On the one hand, it can meet a variety of needs of overseas innovation and R & D. on the other hand, the company can provide customers with unique innovation services based on excellent peg technology. The benign interaction with downstream customers is conducive to the company to maintain its advantages over its competitors, optimize production capacity application and maintain profitability.
Maintain the "buy" rating. In the long run, the company is a leading enterprise in the global peg derivative industry, mastering the core technology of the whole industry chain of derivative production, and has obvious advantages in product quality and customer resources. It is expected to share the expansion bonus of PEG modification application market. In terms of profit forecast, considering the amortization of equity incentive expenses and the R & D investment of PEG irinotecan in research, it is estimated that the net profit attributable to the parent company in 21-23 years will be 177 / 263 / 347 million yuan, corresponding to 77 / 52 / 39 times of the current PE, maintaining the "buy" rating.
Risk warning. The quantity of product orders is less than expected; The progress of customer cooperation is less than expected; New product development is not as expected; Competitive pressure is greater than expected.
