\u3000\u3 Guocheng Mining Co.Ltd(000688) 690 Suzhou Nanomicro Technology Co.Ltd(688690) )
Core conclusion
Event: the company released its annual report for 2021, and achieved an operating revenue of 446 million yuan in 2021, with 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 scale effect is reflected and the profitability is rapidly improved. The gross profit margin of the company reached 83.89% in 2021, with a year-on-year increase of 0.46pct. With the rapid expansion of the company's sales scale, the expense rate shows a downward trend as a whole. In 2021, the company's sales expense rate, management expense rate, R & D expense rate and financial expense rate decreased by 0.59pct, 2.90pct, 1.42pct and 0.62pct respectively. The profitability of the company has improved rapidly. In 2021, the company's net interest rate reached 41.97%, with a year-on-year increase of 6.41pct.
The filler business continued to grow rapidly, and the proportion of commercial projects increased. In terms of business, the annual revenue of the biomedical sector reached 390 million yuan, a year-on-year increase of 134.17%, accounting for 87.43% of the revenue, an increase of 4.49 PCT year-on-year. Among them, the income of chromatographic fillers and chromatographic media products was 349 million yuan, a year-on-year increase of 148.54%, mainly due to the rapid growth of macromolecular drug-related affinity chromatography and ion exchange fillers, and the significant increase in the number of antibody drug projects. The revenue of phase III and commercial projects reached 164 million yuan, accounting for 36.78% of the revenue.
The company is a leader in China's high-performance nano microsphere material industry and is expected to continue to benefit from domestic substitution. In recent years, the number of customers of the company has increased rapidly and has entered the supply system of many well-known pharmaceutical enterprises in China, including Jiangsu Hengrui Medicine Co.Ltd(600276) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , Tonghua Dongbao Pharmaceutical Co.Ltd(600867) , etc. With the deepening cooperation between the company and customers, the company's performance is expected to maintain sustainable high growth.
Profit forecast and rating: it is estimated that the operating revenue of the company from 2022 to 2024 will be RMB 738 / 1139 / 1652 million respectively, and the net profit attributable to the parent company will be RMB 292 / 462 / 670 million respectively, maintaining the "buy" rating.
Risk tip: the risk that the customer expansion is less than expected, the failure or progress of new product research and development is less than expected, and the industry competition intensifies.
