Suzhou Nanomicro Technology Co.Ltd(688690) (688690)
Event overview: the company released the performance forecast for 2021, which is expected to achieve an operating revenue of 420 million yuan to 450 million yuan, with a year-on-year increase of 104.89% to 119.52%; The net profit attributable to the parent company was 168 million yuan to 185 million yuan, a year-on-year increase of 131.11% to 154.50%; The net profit deducted from non parent company was 158 million yuan to 175 million yuan, with a year-on-year increase of 149.71% to 176.58%.
The revenue and profit side continued high growth, and the company’s development continued to accelerate: according to the company’s performance forecast, the company’s Q4 single quarter revenue was 138 million to 168 million, a year-on-year increase of 78.59% to 117.46%. In Q4, the net profit attributable to the parent company in a single quarter was 168 million to 185 million, with a year-on-year increase of 58.85% to 110.18%. The company’s performance growth mainly comes from the application of many new projects such as antibody, recombinant protein, vaccine, insulin and contrast agent, as well as the increase in the number of projects in the pilot and scale-up production stages of monoclonal antibody projects.
The cooperation project is promoted in an orderly manner with full growth space: as an important consumable component in the drug purification process, the purified filler needs to be determined in the CMC process development stage of the project. It needs to be submitted to the regulatory department in the drug declaration ind stage, and accompanied by the whole R & D and marketing process. Therefore, medical enterprises rarely replace the filler of the declared project. Based on the particularity of the industry, most of the company’s early service projects are in the early stage of customer clinical research and development, and the proportion of phase III clinical and production projects is relatively low. With the gradual advancement of the company’s customer project R & D progress to the late clinical stage, the amount of filler is expected to increase significantly. At the same time, the capacity of the company’s new plant in Changshu has been gradually released, further promoting the growth of the company’s revenue.
Deep underlying technical reserves and expanding new business scenarios: the company vigorously invested in technological innovation and developed a new generation of hard glue protein A affinity medium to further improve the load of hard glue on the basis of meeting the high hardness and pressure purification of hard glue, so as to realize the combination of the advantages of soft and hard glue. At the same time, based on the advantages of polymer nano microspheres synthesis and purification technology, we will vigorously develop magnetic microspheres for diagnosis and focus on monodisperse polymer magnetic beads products for chemiluminescence immunoassay, which is expected to realize the domestic substitution of key diagnostic consumables in the context of centralized purchase and cost reduction in IVD industry.
Investment suggestion: the company’s industry is growing 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 expected that from 2021 to 2023, the net profit attributable to the parent company will be RMB 169 million, RMB 261 million and RMB 361 million respectively, with a year-on-year increase of 132.3%, 54.8% and 38.1%, and the rating of “recommended” will be given for the first time.
Risk warning: the risk of performance falling short of expectations, new business investment risk and fixed asset investment risk.
