\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 201 Jinyu Bio-Technology Co.Ltd(600201) )
Performance summary: in 2021, the company achieved an operating revenue of 1.78 billion yuan, a year-on-year increase of 12.3%, and the net profit attributable to the parent company was 380 million yuan, a year-on-year decrease of 5.9%. After deduction, the net profit attributable to the parent company was 370 million yuan, a year-on-year decrease of 5.5%; In the first quarter of the year, the company achieved a revenue of 340 million yuan, a year-on-year decrease of 34.2%, and the net profit attributable to the parent company was 80 million yuan, a year-on-year decrease of 61.7%.
Comments: the company's revenue growth in the past 21 years is mainly due to three reasons: 1) the downstream pig breeding stock has recovered, driving the income of pig vaccine products; 2) The policy of "fighting first and then making up" continued to be promoted, the market seedlings gradually replaced the government procurement seedlings, and the product price center moved upward; 3) FMD single product and non oral vaccine form a product combination, and the growth rate of non oral products is higher than that of FMD vaccine. The decline of the company's profit level is mainly affected by the impairment of Liaoning Yikang's goodwill (36.33 million impairment reserves were accrued during the reporting period) and the large investment in the research and development of mRNA vaccine for new projects. After excluding this aspect, the growth rate of net profit attributable to the parent company is equivalent to the growth rate of revenue. The company's R & D expenses in 21 years were 170 million, a year-on-year increase of 26.8%. The decline of performance in the first quarter of 22 years was mainly due to the loss of pig breeding industry, the reduction of production capacity of fertile sows and the reduction of the number of newborn piglets.
With the further development of large-scale breeding, more attention has been paid to animal protection, and the corresponding demand has increased. At present, the downstream breeding industry is in the de capacity stage. According to the data of Yongyi information, as of March 22, the number of fertile sows decreased by 1.2% month on month. In the middle and late April, the pig price hovered around 12-13 yuan / kg, maintaining the bottom adjustment. Farmers are generally in a state of loss, and the capacity will continue to be de capacity. In this process, the group's farmers will expand steadily and further improve the scale proportion. From the structural point of view, the government's environmental requirements and African swine fever and other emergencies like African swine fever have promoted the rapid development of large-scale farming, with ten listed pig companies ( Hongda Xingye Co.Ltd(002002) 714 \ andafrican swine fever and African swine fever and African swine fever and other emergencies to boost the rapid development of large-scale farming, ten listed pig companies ( Hongda Xingye Co.Ltd(002002) Hongda Xingye Co.Ltd(002002) Hongda Xingye Co.Ltd(002002) Lingnan Eco&Culture-Tourism Co.Ltd(002717) 171717171714 \ , Fujian Aonong Biological Technology Group Incorporation Limited(603363) , Shenzhen Kingsino Technology Co.Ltd(002548) ) the proportion of live pigs in the overall slaughter volume increased from 8.3% in 2019 to about 14% in 2021, In 2021, the number of pigs sold by ten listed pig enterprises was 94.28 million, an increase of 71.5% year-on-year. In the process of future development, capital is no longer the only threshold. Cost control and scientific prevention and control attitude towards epidemic diseases will work together to become the core of competition. In order to ensure breeding efficiency, excellent breeding subjects will attach great importance to biosafety and choose high-quality animal protection products. The company's performance is expected to grow with the improvement of market demand.
The company pays attention to R & D and innovation, grasps the market trend of replacing political seedling mining, and expands market share. Swine foot-and-mouth disease vaccine is the core product of the company, and its market share has ranked in the forefront of China's animal vaccine industry for many consecutive years. With high barriers in the vaccine production industry and advanced R & D technology and conditions, the company jointly ensures its market position. During the reporting period, the company obtained 13 invention patents and 3 utility models; Six clinical approvals, two new veterinary drug registration certificates and two product approval numbers were approved. In terms of African classical swine fever vaccine, the company focuses on effective antigen screening, new subunit vaccine and mRNA vaccine core technology breakthrough, etc. In addition to the large single products of foot-and-mouth disease, the company's rich product matrix includes cloth disease vaccine, pig ring vaccine, pig Pseudorabies Vaccine, etc. the company puts forward the anti non immunization schemes of "combined immunization" and "needle free injection" according to the pain points of customers under the normalization of African swine fever. By promoting the combined immunization strategies of "foot-and-mouth disease + pseudorabies + swine fever", the company creates value for customers and promotes the sales growth of non compulsory immunization products, The company has grasped the development trend of the industry, coordinated growth of multiple products and further expanded its market share.
Profit forecast and investment suggestions. It is estimated that the EPS from 2022 to 2024 will be 0.38 yuan, 0.50 yuan and 0.65 yuan respectively, and the corresponding dynamic PE will be 27 / 20 / 16 times respectively, maintaining the "hold" rating.
Risk warning: there is an epidemic in the downstream aquaculture industry; The product sales were not as good as expected.
