\u3000\u3 Guocheng Mining Co.Ltd(000688) 690 Suzhou Nanomicro Technology Co.Ltd(688690) )
Event: the company released its annual report for 2021. In 2021, the company achieved a total revenue of 446 million yuan, a year-on-year increase of 117.7%; The net profit attributable to the parent company was 188 million yuan, a year-on-year increase of 158.8%; The net profit of non parent company deduction was 172 million yuan, with a year-on-year increase of 172.1%. In a single quarter, the company's Q4 revenue in 2021 was 164 million yuan, a year-on-year increase of 113%, and the net profit attributable to the parent company was 73 million yuan, a year-on-year increase of 119.5%.
Deeply cultivate the main business of biomedicine, and the company continues to accelerate its development. During the reporting period, the company's biomedical sector achieved a revenue of 390 million yuan, a year-on-year increase of 134.2%, accounting for 87.4% of the total revenue of the current period. Thanks to the vigorous development of the biomedical industry, the revenue of chromatographic fillers and chromatographic media used for separation and purification reached 349 million yuan, a year-on-year increase of 148.5%, accounting for 78.1% of the total revenue of the current period. In 2021, about 101 new customers of chromatographic filler and chromatographic medium products were added, and the total number of customers has reached more than 500. The relevant chromatographic fillers and chromatographic media used in the formal production of pharmaceutical enterprises or phase III clinical projects achieved a revenue of 161 million yuan, accounting for 36.8% of the total revenue of the current period.
The demand of pharmaceutical enterprises for drug production has promoted the rapid expansion of filler business. Benefiting from the rising demand for antibody drug separation and purification of pharmaceutical enterprises, the company has increasingly close cooperation with many large pharmaceutical enterprises in China, the number and scale of project applications have increased significantly, and the revenue of affinity chromatography media and ion exchange chromatography media used for macromolecular drug separation and purification has increased rapidly. The technologies and orders related to silica gel and polymer chromatographic fillers used in the separation and purification of small molecule drugs such as antibiotics, insulin, peptides and nucleic acids have made great breakthroughs. The demand for drug production and purification drives the explosive growth of the company's performance and maintains a high growth momentum.
High R & D investment tamps the moat of the company. During the reporting period, the company's R & D expenses continued to rise to 67 million yuan, a year-on-year increase of 98.7%. Relying on independent technology, the company has continuously carried out iterative upgrading of products, and the performance of some products has been equivalent to that of imported similar products. High load protein A affinity chromatography media and high-performance chiral chromatographic fillers for protein and antibody separation and purification have been stably produced in mass. Testing magnetic balls, microspheres and other products have also gradually shifted to mass production, which is expected to quickly realize industrial application and build a new profit growth point. The company's continuous high R & D investment will further consolidate the company's dominant position in the field of high-performance microsphere product development and separation and purification application technology services.
Continuous packing capacity release. The company actively plans capacity expansion, Changshu's nano micro capacity is steadily improving, and the technical transformation project of agarose and dextran chromatography medium with a capacity of 50 tons is also in order. In December 2021, the company plans to build a new 60 mu production base to meet the requirements of Biopharmaceutical Enterprises for the stable supply of key production consumables, and the company's market competitiveness is expected to continue to improve.
The leading position of domestic chromatographic fillers continued to be consolidated. As a leading enterprise in the R & D and large-scale production of high-performance nano microsphere materials in China, the company has broken the long-term monopoly of foreign-funded enterprises on the high-end chromatographic filler Market and accelerated the domestic substitution process of high-performance chromatographic products. Boosted by the vigorous development of downstream antibody drugs, vaccines and other fields, the scale of the company is expected to achieve rapid growth.
Profit forecast. It is estimated that the company's revenue from 2022 to 2024 will be RMB 730 / 11.4 / 1.71 billion respectively, with a year-on-year increase of 63.5% / 56.8% / 49.8%. The net profit attributable to the parent company was 309 / 489 / 746 million yuan respectively, with a year-on-year increase of 64.1% / 58.5% / 52.4%, corresponding to EPS of 0.77/1.22/1.86 yuan and PE of 106 / 67 / 44 times from 2022 to 2024.
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.
