\u3000\u3 Jiangsu Eastern Shenghong Co.Ltd(000301) 080 Acrobiosystems Co.Ltd(301080) )
Event overview
On April 14, 2022, Acrobiosystems Co.Ltd(301080) released the annual report of 2021 and the performance forecast of the first quarter report of 2022:
1) annual report 2021: in 2021, the operating revenue was 385 million yuan, with a year-on-year increase of 56.30%; The net profit attributable to the parent company was 174 million yuan, a year-on-year increase of 50.34%; The net profit deducted from non profit was 164 million yuan, an increase of 40.58% year-on-year.
2) performance of the first quarter report of 2022: it is expected to achieve an operating revenue of 111117 million yuan in the first quarter of 2022, with a year-on-year increase of 24.09% – 30.80%; The net profit attributable to the parent company was 50-56 million yuan, with a year-on-year increase of 23.05% – 37.81%; The net profit deducted from non profit was RMB 50 million to RMB 56 million, with a year-on-year increase of 23.32% – 38.12%.
The annual performance was in line with expectations, and the conventional business maintained rapid growth
In 2021, the company’s main business maintained rapid growth, including routine revenue of 297 million yuan, a year-on-year increase of 70.89%, covid-19 epidemic prevention product revenue of 89 million yuan, almost the same as that in 2020, and continued to contribute to stable cash flow. 1) On the revenue side, by region, China’s revenue was 161 million yuan, a year-on-year increase of 108.52%, and the overseas revenue was 223 million yuan, a year-on-year increase of 34.38%. The proportion of overseas revenue was 58.29%, which was lower than that in 2020, which was caused by the repeated overseas epidemic; In terms of products, the revenue of recombinant protein was 326 million yuan, with a year-on-year increase of 52.16%, the revenue of testing services was 11 million yuan, with a year-on-year increase of 92.36%, and the revenue of other main businesses such as antibodies and kits was 40 million yuan, with a year-on-year increase of 99.95%. 2) On the profit side, the net profit attributable to the parent company was 174 million yuan, with a year-on-year growth rate lower than that on the revenue side, mainly because the company continued to increase investment in market and project R & D, resulting in higher expenditure on three items, including 71 million yuan of sales expenses, 44 million yuan of management expenses and 60 million yuan of R & D expenses, all of which doubled year-on-year respectively.
Affected by the epidemic, the regular income of Q1 in 2022 is under pressure
In Q1 2022, the company expects the regular revenue to be 89-92 million yuan, with a year-on-year increase of 43.33% – 48.16%, and the revenue of covid-19 epidemic prevention products to be 22-25 million yuan, with a year-on-year decrease of 8.62% – 19.58%. The regular income is slightly lower than expected, mainly because the East China region has been seriously affected by the epidemic recently, the company’s delivery has slowed down, and the purchase order is lower than expected. With the subsequent mitigation of covid-19 epidemic, we believe that the company’s regular income will also recover.
Recombinant protein track is China’s leader and continues to promote the layout of globalization
The company’s main business is drug target recombinant protein, which has nearly 2500 kinds of products. On January 14, 2021, the company established a new subsidiary, Baisi medicine, to deepen the layout of precision medicine and form a new business growth point. In addition, the company has globalized its layout since its inception. Its existing sales channels have covered 70 countries and regions such as Asia Pacific, North America and Europe, with more than 5700 customers. The company set up a new European subsidiary in 2021 to further explore the international market.
Investment suggestion: with the continuous enrichment and improvement of application scenarios and sales network, the company is expected to further improve the market share. We expect the company’s revenue from 2022 to 2024 to be RMB 551 / 769 / 1087 million, and the net profit attributable to the parent company to be RMB 257 / 364 / 503 million, corresponding to PE multiple of 43 ×/ thirty ×/ twenty-two ×。 Maintain a “recommended” rating.
Risk warning: covid-19 epidemic situation in the world is repeated; Product development is not as expected; Risk of customer order loss
