\u3000\u3 Guocheng Mining Co.Ltd(000688) 690 Suzhou Nanomicro Technology Co.Ltd(688690) )
Event: the company released the performance express for 2021. The annual operating revenue was 446 million yuan (+ 117.74%), the net profit attributable to the parent company was 188 million yuan (+ 158.75%), and the net profit attributable to the parent company after deduction was 172 million yuan (+ 172.09%). The overall performance is in line with expectations.
The demand for fillers in the production of macromolecular biological drugs has driven Q4 revenue to maintain a high growth rate. In terms of splitting, Q4 company's revenue was 164 million yuan (+ 112.73%), and the growth rate matched that of the first three quarters, mainly due to the company's strengthening the demand docking and application technology services of key customers, and realizing the application of many new projects such as antibodies, recombinant proteins, vaccines, insulin and contrast agents, especially the R & D of monoclonal antibody biological drugs The number of projects in various stages such as pilot test and scale-up production has increased significantly, driving the sales of affinity chromatography media, ion exchange chromatography media and other products of the company to increase significantly compared with the previous year.
The scale effect is reflected and the profitability is rapidly improved. The net profit attributable to the parent company of Q4 was 73 million yuan (+ 119.49%), with a corresponding net interest rate of about 44%, which was roughly the same as that of 20q4. The overall net profit attributable to the parent company in the whole year was 42.14%, with a year-on-year increase of 6.68pct. With the rapid expansion of the company's production and sales scale, the profitability is expected to maintain a steady upward trend.
Maintain the "buy" rating. The company is a leading enterprise in the domestic chromatographic filler industry. Relying on the innovative advantages of nano microsphere bottom preparation technology, the company has accumulated and formed a relatively complete product line, large-scale production capacity and professional and efficient application technology service capacity. It is expected to achieve rapid growth under the vigorous development of downstream biopharmaceutical industry and the trend of domestic substitution. It is estimated that the net profit attributable to the parent company in the year of 21 / 22 / 23 is 188 / 303 / 431 million yuan, corresponding to 153 / 95 / 67 times of the current PE, maintaining the "buy" rating.
Risk warning. Customer expansion is less than expected, the order volume is less than expected, the development of new products is less than expected, and the price drop is more than expected.
