\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 58 Truking Technology Limited(300358) )
Core view
For truking, the market is mainly worried about the impact of the decline of industry cyclical and epidemic related income in the future. In the short term, covid-19 vaccine equipment makes a great contribution to the company's revenue. The revenue related to covid-19 vaccine equipment accounted for about 25% in the first three quarters of 2021. In the long run, despite the decline of vaccine related income, overseas business layout, biopharmaceutical related equipment and traditional Chinese medicine production related equipment will become new profit points.
The merger and acquisition of romaco shows synergy, and international business helps to stabilize the industry cycle in China. Through the merger and acquisition of romaco, the company's overseas business grew steadily. The technology, products, quality and customer base in Europe and the efficiency, speed and service in China formed a three-wheel drive of "product + market + technology". With the continuous improvement of the company's pipeline richness and technical level, and the steady growth of romaco's market and business, the company's overseas revenue continues to increase. After the merger and adjustment of enterprises under the same control, the company's overseas revenue in 20182021h1 was 13.06/14.60/15.57/746 million yuan respectively, accounting for 48.68% / 46.50% / 43.54% / 31.25% of the revenue respectively. The steady growth of overseas business helps to smooth the cyclical impact of Chinese business.
Biopharmaceutical related equipment will expand new categories, and domestic substitutes will gradually accept the accumulation of superposition technology. Truking siute, truking Yuanchuang and truking microspheres are expected to contribute new growth points. The pipeline has been delivered by truking for half a year, and the specific technology has been basically complete in the first half of this year After the Shanghai Lingang Holdings Co.Ltd(600848) plant is completed, it can achieve a production capacity of 200 million yuan. In the future, it will plan to build a production capacity of 800-1 billion yuan in Ningxiang. It is expected that the company's products will be gradually commercialized in 2022. Truking Yuanchuang and truking microsphere promote the field of separation, purification and filler. The company plans to achieve small batch product sales this year, build a production capacity of 500000 liters in 3-5 years, and plan to sell more than 1 billion yuan in the future.
"Pharmaceutical intelligent manufacturing" is the only way for traditional Chinese medicine to move towards modern industry. Under the environment of high prosperity of traditional Chinese medicine industry and policy support, the company will benefit from the improvement of industry concentration brought by this round of traditional Chinese medicine modernization. The company has successfully developed some intelligent pharmaceutical production Siasun Robot&Automation Co.Ltd(300024) and its production lines by using automation and information technology, and is transforming into an EPC service provider for building an overall solution of 4.0 smart factory in pharmaceutical industry.
Profit forecast and investment rating: it is estimated that the company's revenue from 2021 to 2023 will be 51.67/62.04/7.462 billion yuan respectively, the net profit attributable to the parent company will be 555672/808 million yuan respectively, the EPS will be 1.05/1.27/1.53 yuan respectively, and the corresponding P / E multiple will be 22.00/18.17/15.10 times, which is lower than the industry average, and the investment rating of "buy" will be given for the first time.
Risk warning: new product development is less than expected risk; Exchange rate fluctuation risk; Goodwill impairment risk; Exchange rate fluctuation risk; Overseas market expansion is less than expected risk; Risk of commodity price fluctuation; Risks caused by uncertainty in international relations
