\u3000\u3 Guocheng Mining Co.Ltd(000688) 139 Qingdao Haier Biomedical Co.Ltd(688139) )
Deep cultivation of low-temperature storage and high-speed growth of performance: Qingdao Haier Biomedical Co.Ltd(688139) is a biotechnology comprehensive solution service provider starting from low-temperature storage and based on the transformation of Internet of things platform. It took the lead in breaking through foreign monopoly in 2005 and has become a leader in low-temperature storage in China and an important participant in the international market. The company’s performance maintained a high growth rate. In 2021, the revenue was 2.126 billion yuan (+ 51.63%, the year-on-year growth in brackets, the same below), the net profit attributable to the parent was 818 million yuan (+ 114.81%), and the net profit not attributable to the parent was 418 million yuan (+ 32.97%), and the compound growth rates from 2016 to 2021 were 34.55%, 46.03% and 30.01% respectively. In 2020, the gross profit margin of the company was 50.47%, which was relatively stable; The net interest rate increased from 9.72% in 2017 to 27.17%, and the profitability gradually increased.
Diversified downstream application scenarios and leading market share in various segments: ① sample safety is the company’s largest business, with a revenue of 384 million yuan (+ 35.4%) in 2021h1, which is expected to grow steadily thanks to the construction of China’s sample library; ② The revenue of vaccine safety in 2021h1 was 161 million yuan (+ 5.5%), with a year-on-year increase of 70.0% in the first three quarters. Covid-19 and mRNA vaccine have brought new increment to storage equipment. Cecep Solar Energy Co.Ltd(000591) vaccine safety products have won the bid of UN projects continuously, and the cumulative installed capacity has exceeded 150000 sets in 78 countries; ③ The revenue of blood safety in 2021h1 was 96 million yuan (+ 432.1%). In April 2021, the company landed the world’s first smart city blood network in Qingdao and won the bid for Yichang blood network project in September. The acquisition of the three great undertakings of its subsidiary Chongqing has been well integrated. In addition, the 14th five year plan is expected to accelerate the construction of plasma collection stations in China, and the performance is expected to continue to grow at a high speed. ④ The revenue of drug and reagent safety in 2021h1 is 267 million yuan (+ 98.3%). The 14th five year plan comprehensively promotes the construction of community hospitals and grass-roots medical and health institutions. In addition to the vigorous development of biopharmaceutical market, the company’s drug safety business is expected to grow steadily in the long term.
The Internet of things and non storage business have opened up development space and broad prospects in the international market: the four scene Internet of things solutions are the main sources of high growth of the company’s performance. The revenue in the first three quarters of 2021 was 436 million yuan (+ 155.5%), accounting for 28.7% of the overall revenue. The compound growth rate from 2018 to 2020 was 197.4%, which is expected to continue to maintain a high double-digit growth. In 2020, the revenue of biosafety cabinet was 143 million yuan (+ 163.2%), and the launch of carbon dioxide incubator, centrifuge and other new products reached the expectation of tens of millions the following year, opening up horizontal development space for the company. The revenue of overseas market in the first three quarters of 2021 was 391 million yuan (+ 32.8%), and the competitiveness of the company has been in the forefront. The coverage of customers has been continuously expanded, and the localized layout network has been continuously deepened. The long-term development prospect is worth looking forward to.
Profit forecast and investment rating: the company is the global leader in the field of biosafety. We expect the operating revenue of the company from 2021 to 2023 to be 2.13 billion yuan, 2.76 billion yuan and 3.49 billion yuan respectively; The net profit attributable to the parent company was 818 million yuan, 577 million yuan and 771 million yuan respectively; The corresponding valuations of the current stock price are 29 ×、 forty-one × And 31 ×。 Considering the rapid development of the company’s Internet of things business and life science business, the “buy” rating is maintained.
Risk warning: covid-19 epidemic impact; Volatility of overseas projects; New business expansion is less than expected.
