\u3000\u3 Guocheng Mining Co.Ltd(000688) 690 Suzhou Nanomicro Technology Co.Ltd(688690) )
Event: on March 10, 2022, the company released its annual report for 2021. In 2021, the company achieved an operating revenue of 446 million yuan, a year-on-year increase of 117.74%; The net profit attributable to the parent company was 188 million yuan, a year-on-year increase of 158.75%; The net profit deducted from non parent company was 172 million yuan, with a year-on-year increase of 172.09%.
The performance is in line with expectations, and the main business continues to grow at a high rate. In terms of business, the company's biomedical sector achieved an operating revenue of 390 million yuan in 2021, a year-on-year increase of 134.17%; The flat panel display sector achieved an operating revenue of 38 million yuan, a year-on-year increase of 13.69%; The in vitro diagnosis segment achieved an operating revenue of 16 million yuan, a year-on-year increase of 353.31%. On a quarterly basis, Q1-Q4 of the company achieved an operating revenue of 67 million yuan, 99 million yuan, 117 million yuan and 164 million yuan respectively, and a net profit attributable to the parent company of 22 million yuan, 43 million yuan, 50 million yuan and 73 million yuan respectively, with high growth month on month and year on year. In terms of profit level, the gross profit margin of the company's main business is stable, and the gross profit margin of biomedical business is 84.51%, with a year-on-year increase of 0.04pct; The gross profit margin of flat panel display business was 78.47%, a year-on-year decrease of 0.31pct; The gross profit margin of in vitro diagnosis business was 87.67%, a year-on-year decrease of 9.35pct. From the perspective of period expenses, the scale effect is obvious. The sales expense rate of the company in 2021 was 14.84%, a year-on-year decrease of 0.59pct; The management fee rate was 10.65%, a year-on-year decrease of 2.90pct.
Solve the bottleneck problem of biomedicine, and accelerate the import substitution of chromatographic filler business. China's chromatographic filler industry has been monopolized by foreign capital for a long time. In recent years, the supply chain of foreign brands has been in shortage due to external factors. As a leading brand supplier in China, Suzhou Nanomicro Technology Co.Ltd(688690) has become an important choice for domestic raw materials to be independently and controllable. In 2021, the sales revenue of chromatographic packing and chromatographic medium products of the company reached 349 million yuan, a year-on-year increase of 148.54%, accounting for 78.13% of the operating revenue. The rapid growth of this business mainly comes from the continuous development of new customers and the amplification of the purchase volume of old customers: on the one hand, the number of customers of chromatographic filler and chromatographic medium products reached 500 in 2021, an increase of 101 compared with last year; On the other hand, with the deepening of cooperation, the order scale of old customers has been enlarged step by step. In 2021, the sales revenue of customers' commercial production or phase III clinical projects will reach 164 million yuan. From the perspective of customer types, there is a strong demand for the separation and purification of macromolecular drugs. The number and scale of antibody drug projects cooperated by the company increased significantly in 2021, especially the growth of products such as ion exchange chromatography media and affinity chromatography media used for macromolecular drug purification.
Actively lay out new business areas and open the market ceiling. The company takes nano microsphere technology as the core and actively arranges new business areas: (1) nano micro life technology: the holding subsidiary nano micro life technology is mainly engaged in microsphere products for in vitro diagnosis. The company seizes the opportunity of domestic substitution of raw materials upstream of in vitro diagnosis. In 2021, magnetic beads, latex microspheres, fluorescent microspheres and other products for chemiluminescence have been mass produced, It also carried out verification and testing in many diagnostic reagent manufacturers in China, and some products were commercialized. The annual sales revenue of microspheres for in vitro diagnosis was 16 million yuan, with a year-on-year increase of 3.53 times. (2) Nano spectrum analysis: the holding subsidiary of nano spectrum analysis is mainly engaged in chromatographic columns and chromatographic consumables. In 2021, the company focused on promoting antibody macromolecular characterization chromatographic columns to Biopharmaceutical Enterprises. Throughout the year, the operating revenue of liquid chromatographic columns and sample pretreatment products was 32 million yuan, with a year-on-year increase of 77.64%. (3) Cypress instrument: Cypress instrument, a joint-stock subsidiary, is mainly engaged in the instrument and equipment of macromolecular separation and purification, with an operating revenue of 86 million yuan in 2021. In March 2022, Suzhou Nanomicro Technology Co.Ltd(688690) announced to increase the capital of 10 million yuan to cypress instrument, and held 32.70% of the equity of the subsidiary after the capital increase.
Investment suggestion: we estimate that the company's operating revenue from 2022 to 2024 will be 696 million, 1032 million and 1477 million respectively, and the net profit attributable to the parent company will be 292 million, 437 million and 631 million respectively. The corresponding price earnings ratio (PE) will be 111.8 times, 74.8 times and 51.8 times respectively, and the company will be given the investment rating of overweight-a.
Risk tip: the risk of intensified industry competition; The risk of import substitution is less than expected.
