\u3000\u3 Guocheng Mining Co.Ltd(000688) 690 Suzhou Nanomicro Technology Co.Ltd(688690) )
Event summary
The company released its annual report for 2021: the operating revenue was 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%; Net profit deducted from non parent company was 172 million yuan, with a year-on-year increase of 172.09%; The gross profit margin was 83.89%, an increase of 0.46pp over the same period last year; The net interest rate attributable to the parent company was 42.14%, an increase of 6.68pp over the same period last year.
Key investment points
The business of the whole line grew rapidly, and the proportion of commercial projects increased
The company focuses highly on the biomedical market, strengthens the demand docking and application technology services of key customers, actively promotes the domestic substitution process of chromatographic fillers, and promotes the rapid growth of business. In 2021, the company's biomedical sector achieved an operating revenue of 390 million yuan, a year-on-year increase of 134.17%, accounting for 87.43% of the total revenue, an increase of 4.49pp over the previous year. The company has continuously strengthened its market promotion in China. In the whole year, it held many academic seminars in many cities with concentrated customers. There were 500 customers of chromatographic fillers and chromatographic media products, an increase of about 101 over the previous year. The sales revenue of chromatographic fillers and chromatographic media products used in commercial production or clinical phase III projects was about 164 million yuan, accounting for 36.78% of the revenue. In terms of chromatographic fillers, affinity chromatography media and ion exchange chromatography media used in macromolecular drugs, antibiotic / contrast agent series products and insulin high-performance glue have maintained stable and rapid growth; In terms of chromatographic columns, attention was paid to the cooperation with the national pharmacopoeia commission and international instrument companies, and the revenue increased by 77.64% year-on-year.
Localization substitution trend + product iterative upgrading, with broad space in the future
From the perspective of market demand, the rapid growth of China's biomedical market, the cost pressure brought by the national centralized purchase of drugs, the independent and controllable demand of pharmaceutical enterprises for core consumables brought by complex international relations, and the reduction of global filler supply efficiency caused by epidemic factors. Based on the complete technical reserves, rich product types and stable and timely supply, Usher in the trend and opportunity of localization substitution. From the perspective of the company's products, the company adheres to the underlying technological innovation, takes the customer demand as the guidance, constantly develops new products and improves the performance of existing products, and strengthens the core competitive advantage. In 2021, the company invested 66.10 million yuan in R & D, with a year-on-year increase of 98.65%. It developed mixed mode ion exchange chromatography media and high-performance media products for insulin to meet the requirements of fine purification in the market; Develop different chiral resolution application technologies to solve the problem of chiral resolution from mg level to 100 kg level for customers; Hard gel matrix protein A affinity chromatography medium has higher mechanical strength, breaks through the limitation of traditional 15cm column height, and can be suitable for industrial continuous production.
Traditional business and new business work together to lay the foundation for long-term development
The company continues to promote production capacity construction and fully ensure the stable supply of filler products. Changshu nanomicro's 50 ton agarose and dextran chromatography medium technical transformation project has entered the equipment installation stage. The leased 5599 M2 new building in Suzhou Industrial Park has been officially put into use in the fourth quarter of 2021. In December 2021, the company reached an agreement with Zhejiang Dushan Port Economic Development Zone and plans to purchase 60 mu of land to build a new production base. On the basis of strengthening traditional business, the company actively cultivates new business growth points, cooperates with Baosai of Xi'an Jiaotong University to develop soft rubber products, and realizes the independent production of high flow rate agarose microspheres; It has established a joint venture with Jiangsu Jicui Molecular Engineering Research Institute to expand the development and industrial application of key microsphere raw materials in the field of IVD.
Profit forecast
We believe that under the background of strong demand for fillers in China and prominent domestic substitution trend, as the leader of domestic chromatographic fillers, the company actively improves the performance of fillers horizontally, improves product types, vertically deepens the whole process service capacity, and provides "end-to-end" solutions from filler preparation to industrial production, which is expected to usher in the double dividend of market expansion and share improvement, There is broad room for performance growth. Based on this, we estimate that the operating revenue of the company in 20222024 will be RMB 700 / 1019 / 1434 million (compared with RMB 698 / 987 million in 20222023); The net profit attributable to the parent company is RMB 282 / 440 / 631 million (compared with RMB 279 / 402 million in 20222023); The corresponding EPS is 0.7/1.1/1.58 yuan / share (the original 20222023 is 0.7/1.01 yuan / share), maintaining the overweight rating.
Risk warning: the launch of new products is less than the expected risk; The risk that customer expansion is less than expected; Risk of purchasing some raw materials from a single supplier; Risk of medical policy change; Product quality control risk
