\u3000\u3 Guocheng Mining Co.Ltd(000688) 026 Guangzhou Jet Bio-Filtration Co.Ltd(688026) )
The company is the leader of disposable plastic consumables in domestic biological laboratories. The company was founded in 2001. Its main products include disposable plastic consumables for biological laboratories in two categories: biological culture and liquid treatment. It is equipped with a small amount of reagents and small experimental instruments, involving more than 1000 kinds of products and supporting facilities. The company's revenue mainly comes from liquid treatment and biological culture products.
The company's sales are mainly ODM, supplemented by distribution. The company's sales model mainly includes ODM, distribution and direct sales. Among them, the income of ODM mode accounts for more than 60%, the income of distribution mode accounts for nearly 30%, and the income of direct sales mode accounts for a single digit level. Through ODM, the company has entered the global supply chain system of international well-known comprehensive service providers of biological laboratory supplies. Its main international customers include VWR, Thermo Fisher, GE Healthcare, celltreatscientific, genesescientific, Argos, etc. Chinese customers mainly include universities, research institutions, inspection and quarantine institutions, hospitals, pharmaceutical enterprises, etc.
The core technology of the company is advanced. The main feature of the company's core technology is that according to the application requirements of different consumables in the biological laboratory, the molecular structure design is carried out according to the structure-activity relationship between the structure and performance of super hydrophobic, super hydrophilic and temperature sensitive polymers on the polymer surface. Based on the systematic study of the modification method, the surface structure and performance of the modified products, the proprietary integration technology is developed for the subdivision field of disposable plastic consumables in the biological laboratory. In addition to "high-speed and high-precision extrusion technology" and "pipette automatic production process and technology", the company's main core technologies are derived from cooperative research and development, and other applied core technologies are also derived from independent research and development. In terms of polymer material modification technology, the company's key technologies such as super hydrophilic cell culture surface preparation technology, polymer material temperature sensitive modification technology and super hydrophobic surface preparation technology have reached China's leading and international advanced level. In terms of polymer material processing technology, the company's core technologies such as cell perfusion culture control technology and high-precision injection molding technology have reached the leading level in China.
The company's product quality has reached the international advanced level. Based on the advanced polymer material processing technology mastered by the company, strict quality control is implemented to ensure that the product quality of the company reaches the international advanced level through advanced inspection means and perfect product inspection system. The main technical parameters of the company's products are aseptic assurance level, enzyme-free assurance level, bacterial endotoxin content, metal element concentration, etc., which are at the leading level in the industry compared with companies in the same industry at home and abroad. For example, the sterility assurance level of the company's cell culture bottle is 10-6sal, which is higher than that of Corning related products.
The market scale of disposable plastic consumables for biological laboratories in the world and China has maintained rapid growth. According to Sullivan data, in 2018, the global market scale of disposable plastic consumables for biological laboratories increased from US $8.94 billion in 2014 to US $11.01 billion, with an average annual compound growth rate of 5.3% from 2014 to 2018; It is expected to grow to US $13.75 billion by 2023, with an average annual compound growth rate of about 4.5% from 2018 to 2023. In 2018, the market scale of disposable plastic consumables in China's biological laboratory increased from 4.28 billion yuan in 2014 to 7.57 billion yuan, with an average annual compound growth rate of 15.3% from 2014 to 2018. It is expected to grow to 15.08 billion yuan by 2023, and the average annual compound growth rate from 2018 to 2023 is about 14.8%. In the future, under the background of rapid investment in research funds, rapid growth of biological drug market and continuous promotion of biotechnology industry by national policies, China's biological laboratory disposable plastic consumables market is expected to maintain rapid growth and domestic substitution rate is expected to continue to increase.
Investment advice: maintain the recommended rating. The company continues to develop customers outside China and maintain capacity expansion. The international market revenue is expected to maintain rapid growth in the future. The domestic substitution space in the Chinese market is broad, and the company is expected to benefit. It is estimated that the company's EPS from 2021 to 2022 will be 1.73 yuan and 2.29 yuan respectively. At present, the corresponding PE share price is 36 times and 27 times respectively, maintaining the "recommended" rating of the company.
Risk warning. Raw material price fluctuation, exchange rate fluctuation, overseas and Chinese market expansion, technology upgrading and product upgrading, and the progress of raised investment projects is lower than expected.
