\u3000\u3 Guocheng Mining Co.Ltd(000688) 179 Shanghai Aladdin Biochemical Technology Co.Ltd(688179) )
Event: Shanghai Aladdin Biochemical Technology Co.Ltd(688179) released the annual report of 2021, and achieved a total revenue of 288 million yuan in the whole year, with a year-on-year increase of 22.82%; the net profit attributable to the parent company reached 89 million yuan, with a year-on-year increase of 20.06%; The net profit deducted from non parent company was 86 million yuan, an increase of 22.74% over the same period of last year, and the gross profit margin was 62.26%, an increase of 1.38 PCT year-on-year. Quarterly, the operating revenue of 2021q4 was 90 million yuan, with a year-on-year increase of 21.29% and a month on month increase of 33.78%. In the whole year, the revenue side and profit side of the company maintained rapid growth, and the endogenous profitability was improved.
Comments:
Negative factors gradually cleared out, and Q4 revenue increased month on month. Affected by the epidemic in 2020, the demand for scientific research reagents of University customers decreased significantly, resulting in a large inventory of the company in 2021, which was about 181 million yuan by the end of 2021. However, high inventory is conducive to obtaining a certain first mover advantage in the inventory game of horizontal competition and laying a solid foundation for high growth in 2022. Since Q2 of 2021, the company has launched a new ERP system, which has a certain impact on the company's production, sales and delivery, and the early-stage income is slightly lower than expected. With the improvement of the system, active users have rebounded, and the order execution efficiency has gradually improved. The revenue in 2021q4 has increased by 33.78% month on month, which is significantly higher than that in the same period of previous years, with a year-on-year increase of 25.33%.
Product categories continue to expand, and reagent business continues to grow. During the reporting period, the company further expanded the biological reagent business, increased the independent research and development of biological reagents, and achieved slight results. The revenue of the life science sector was 67 million yuan, a year-on-year increase of 29.46%. High end chemical reagents maintained a high growth trend and achieved a revenue of 148 million yuan, a year-on-year increase of 22.00%; The revenue of analytical reagents and materials science reagents was 38 million yuan and 20 million yuan respectively, an increase of 34.68% and 33.22% respectively compared with 2021. The company expects to continue to add about 10000 varieties in 2022, which can further meet the growing demand of downstream customers, continue to increase user stickiness, and the market share and profitability are expected to continue to improve.
The warehouse layout was improved and the service quality was improved. During the reporting period, the company's warehouses in South China and southwest China were fully completed and put into operation, and the four national storage systems (East China, South China, North China and southwest) were officially completed, which can better meet the needs of customers all over the country and improve the delivery efficiency. During the reporting period, the company added 27 salespeople to 82, which improved the service quality of downstream customers, helped to increase brand trust and user stickiness, and led to the continuous expansion of the company's scale. The excess return of the reagent industry mainly comes from customers' trust in the brand. In the foreseeable future, Shanghai Aladdin Biochemical Technology Co.Ltd(688179) will continue to sit firmly on the throne of China's high-end reagent brand, and the continuous improvement of brand value will continue to bring high income growth to the company.
Profit forecast: it is estimated that the company's revenue from 2022 to 2024 will be 386 / 507 / 662 million yuan respectively, with a year-on-year increase of 34.1% / 31.5% / 30.7%. The net profit attributable to the parent company was 117 / 152 / 194 million yuan respectively, with a year-on-year increase of 30.6% / 30.0% / 28.1%, corresponding to EPS of 1.16/1.50/1.92 yuan and PE of 47 / 36 / 29 times from 2022 to 2024.
Risk factors: the R & D Progress of new products is less than expected; Customer expansion was less than expected, and the number of new orders was less than expected.
