\u3000\u3 Guocheng Mining Co.Ltd(000688) 690 Suzhou Nanomicro Technology Co.Ltd(688690) )
Event overview: the company released the 2021 annual performance report, realizing an operating revenue of 4463468 million yuan, a year-on-year increase of 117.74%; The net profit attributable to the parent company was 188089700 yuan, a year-on-year increase of 158.75%; The net profit deducted from non parent company was 172158700 yuan, with a year-on-year increase of 172.09%.
The revenue and profit side continued high growth, and the company’s development continued to accelerate: according to the company’s annual report, the company’s Q4 single quarter revenue was 1641836 million yuan, a year-on-year increase of 112.73%. The net profit attributable to the parent company in Q4 was 728276 million yuan, a year-on-year increase of 119.49%. Q4 single quarter deduction of non parent net profit of 626643 million yuan, an increase of 115.62%.
Deeply cultivate the biomedical industry, and the promotion of customer projects drives the rapid growth of sales: according to the contents of the annual report, the company achieved an operating revenue of 390243900 yuan in the biomedical field during the reporting period, an increase of 134.17% over the same period of last year; It accounted for 87.43% of the total operating revenue of the current period, an increase of 6 percentage points over the previous year. With the continuous increase of the market penetration of China’s biological innovative drug products, it will further drive the continuous growth of the sales of chromatographic fillers and chromatographic media in the company. At present, the sales revenue of chromatographic fillers and chromatographic media products used in the formal production of pharmaceutical enterprises or phase III clinical projects is about 164147 million yuan, accounting for 36.78% of the total operating revenue of the current period. In the field of biomedicine, as customer projects continue to enter the late clinical stage, the amount of filler will continue to increase, which is expected to further promote the sales of relevant products of the company.
Deep underlying technology reserves and expand emerging application scenarios in the future: the company has invested heavily in technological innovation, independently developed surface hydrophilic modification and functionalization technologies for strong hydrophobic materials such as polyacrylate microspheres and polystyrene microspheres, and designed chromatographic media with the advantages of low nonspecific adsorption, high mechanical strength, small swelling coefficient and low compression ratio. At the same time, protein A affinity chromatography medium with high load, alkali resistance and pressure resistance was independently developed. Combined with the surface hydrophilic modification of hydrophobic materials, it broke through the core preparation technologies such as soft and hard glue matrix and surface ligand modification, and developed a new affinity chromatography medium combining the advantages of soft and hard glue. On this basis, taking advantage of the high strength of hard glue, it breaks through the limit of 15cm column height of traditional packing column, which is more suitable for the emerging demand of downstream continuous purification in the future.
Investment suggestion: the company’s industry grows rapidly and has clear long-term space. The company has the first mover advantage and has a stable leading position. With the continuous implementation of the company’s R & D projects and the optimization of product structure, it is estimated that from 2022 to 2024, the net profit attributable to the parent company will be 281 million yuan, 393 million yuan and 546 million yuan respectively, with a year-on-year increase of 49.3%, 39.9% and 38.9%, maintaining the “recommended” rating.
Risk warning: the risk of performance falling short of expectations, new business investment risk and fixed asset investment risk
