\u3000\u3 Shengda Resources Co.Ltd(000603) 658 Autobio Diagnostics Co.Ltd(603658) )
Performance Brief
On March 9, the company released the performance express, which realized an operating revenue of 3.767 billion yuan (+ 26%) in 21 years, compared with 2019 (+ 41%); The net profit attributable to the parent company was 974 million yuan (+ 30%), compared with 2019 (+ 26%); Deduct the net profit not attributable to the parent company of 957 million yuan (+ 41%), compared with 2019 (+ 29%); The performance is in line with expectations.
Quarterly, the company achieved an operating revenue of 1.072 billion yuan (+ 15%) in 2021q4, compared with 2019 (+ 36%); The net profit attributable to the parent company was 257 million yuan (+ 10%), compared with 2019 (+ 9%); Deduct the net profit not attributable to the parent company of 247 million yuan (+ 12%), compared with 2019 (+ 12%).
Event comments
The performance grew steadily, and the chemiluminescence business gradually recovered. The performance of the company achieved steady growth in 2021. Compared with 2019, the operating revenue achieved a rapid growth of 41%. With the strong epidemic prevention and control in China, the flow of diagnosis and treatment in the hospital gradually recovered, and the magnetic particle chemiluminescence detection reagent increased rapidly. In the fourth quarter alone, the company still achieved steady growth under the situation of epidemic outbreaks in many places in China, reflecting the strong business resilience of the company.
Chemiluminescence adds new products, and the molecular field continues to make efforts. The company’s automatic chemiluminescence immunoanalyzer autolumoa1800, a1820, a1860 and a1880 obtained the Chinese registration certificate in August 21, which is an effective supplement to autolumoa1000 and a2000plus, and the product power is further enhanced. The full-automatic nucleic acid detection products of the company in the molecular field have the advantages of on-demand detection and flexible combination. The minimum detection limit is no more than 100copies / ml and has high sensitivity. It can meet a variety of application scenarios, especially fever clinic and emergency. Under the epidemic situation, it provides effective detection schemes for hospitals and accelerates the expansion of terminals. With the continuous enrichment of reagent products, It is expected to open up space for long-term development.
The business continues to expand, and the production line meets the diversified needs of the market. On November 5, 2021, the company launched strategic cooperation with pushkang biology. Pushkang focuses on building POCT rapid detection products of centrifugal microfluidic control disk chip technology platform. The cooperation between the two sides is expected to provide customers with high-quality POCT products and services. The company further expands its product line, continuously meets the diversified market demand and enhances its overall competitiveness.
Profit adjustment and investment suggestions
As the epidemic situation in China affects the operation, we have reduced the net profit attributable to the parent company by 8% and 13% in 22-23 years. It is expected that the company will realize the net profit attributable to the parent company of RMB 974 / 1274 / 1630 million in 21-23 years, with a year-on-year increase of 30% / 31% / 28%, and EPS of RMB 1.66/2.17/3.17 respectively, corresponding to PE multiple of 39 / 30 / 23 times, maintaining the “buy” rating.
Risk tips
Risk of sharp price reduction caused by policies; Covid-19 mutant strain causes the risk of epidemic rebound; Risk of raw material supply; The market expansion of new products is less than the expected risk, etc.
