\u3000\u3 Guocheng Mining Co.Ltd(000688) 690 Suzhou Nanomicro Technology Co.Ltd(688690) )
Event: the company released the annual report. In the whole year of 21, the operating revenue was 446 million yuan (+ 117.74%), the net profit attributable to the parent company was 188 million yuan (+ 158.75%), and the net profit attributable to the parent company after deduction was 172 million yuan (+ 172.09%). In the fourth quarter, the revenue was 164 million yuan (+ 112.73%), and the net profit attributable to the parent company was 73 million yuan (+ 119.49%). The company plans to distribute a cash dividend of 0.71 yuan (including tax) to all shareholders for every 10 shares. The overall performance is in line with expectations.
The filler business continues to grow rapidly, and in vitro diagnosis has achieved rapid development. In terms of splitting, the annual revenue of biomedical business is 390 million yuan (+ 134.17%), of which the revenue of filler business is 349 million yuan (+ 148.54%), the number of customers has reached 500, the revenue of phase III and commercial projects has reached 164 million yuan, the filler related to macromolecular drugs such as affinity chromatography and ion exchange has increased rapidly, and the number of antibody drug projects has increased significantly, In terms of small molecules, traditional antibiotic products maintained stable growth, contrast agents and insulin related products made progress, and nucleic acid drug orders exceeded expectations. The business related to chromatographic column increased by 77.64%, and the business of providing customers with chiral drug resolution services by using its own high-performance chiral chromatographic filler achieved rapid growth.
The annual revenue of in vitro diagnosis business was 16 million yuan (+ 353.31%), mainly due to the establishment of nano micro life technology, the gradual shift to mass production of magnetic beads, latex microspheres, fluorescent microspheres and other products for chemiluminescence, and the verification and testing work and partial application in many diagnostic reagent manufacturers in China. The revenue of flat panel display business was 38 million yuan (+ 13.69%).
The scale effect is reflected and the profitability is rapidly improved. The company’s overall gross profit margin for the whole year was 83.89%, slightly higher than the same period. The gross profit margin of biomedicine and flat panel display business remained stable, while the gross profit margin of in vitro diagnosis business fluctuated due to the introduction of products in the market application period. In terms of expense rate, the annual sales / management / R & D / financial expense rate was 14.84% / 10.65% / 14.81% / – 1.00% respectively, which decreased year-on-year, reflecting the company’s good expense control ability and scale effect. The corresponding annual net profit margin increased by 6.41pct to 41.97%. With the rapid expansion of the company’s production and sales scale, the profitability is expected to maintain a steady upward trend.
Maintain the “buy” rating. The company is a leading enterprise in the domestic chromatographic filler industry. Relying on the innovative advantages of nano microsphere bottom preparation technology, the company has accumulated and formed a relatively complete product line, large-scale production capacity and professional and efficient application technology service capacity. It is expected to achieve rapid growth under the vigorous development of downstream biopharmaceutical industry and the trend of domestic substitution. It is estimated that the net profit attributable to the parent company in the year 22 / 23 / 24 is RMB 298 / 431 / 637 million, corresponding to the current PE of 103 / 72 / 48 times, maintaining the “buy” rating.
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.
