\u3000\u3 Guocheng Mining Co.Ltd(000688) 131 Shanghai Haoyuan Chemexpress Co.Ltd(688131) )
Company performance: the annual operating revenue was 969 million yuan, a year-on-year increase of 52.61%; The net profit attributable to the parent company was 191 million yuan, a year-on-year increase of 48.70%; Deduct non net profit of 177 million yuan, with a year-on-year increase of 49.41%. The gross profit margin was 54.12%, a year-on-year decrease of 2.55pct; The net interest rate was 19.66%, a year-on-year decrease of 0.56%.
The proportion of front-end business revenue increased, and the orders of back-end business increased rapidly. In 2021, the company’s molecular block and tool compound business (front-end business) revenue was 545 million, with a year-on-year increase of 57.59%, accounting for 56% of the revenue, with a year-on-year increase of about 1.8 PCT. Among them, the revenue of molecular block was 138 million yuan, with a year-on-year increase of 69.28%, accounting for 25% of the front-end business revenue; The income of tool compounds was 407 million yuan, a year-on-year increase of 54.00%. The back-end business orders increased rapidly. Innovative drug cdmo undertook 173 projects, with a year-on-year increase of 76.53%, of which the number of early projects (clinical phase II and before) was as high as 158. The funnel-shaped order structure added impetus to the long-term growth of cdmo business.
Employee expansion + capacity construction, and the company’s business layout has entered the fast lane. By the end of 2021, the company had 1486 employees, with a year-on-year increase of 70%. In terms of capacity construction, the main works of Ma’anshan phase I project have been basically completed, and some workshops have entered the stage of equipment installation and commissioning. It is expected that the project will be gradually completed and put into operation in the second half of 2022; An ADC high activity production line invested by Anhui R & D center has been completed and put into operation in 2021. The two new production lines are accelerating and are expected to be released in 2022. The company’s capacity construction / launch has entered an intensive period.
The company accelerated the layout of new business and broadened its product line. The company began to layout the development of cell sorting magnetic bead products, tool molecules, enzymes, recombinant proteins and other core raw materials of biological reagents for covid-19, and further expand the company’s product line.
Profit forecast and rating: it is estimated that the net profit of the company from 2022 to 2024 will be RMB 271 / 409 / 582 million respectively, with a year-on-year increase of 42% / 51% / 42%, corresponding to 37 / 24 / 17 times of PE, maintaining the “buy” rating.
Risk tip: the progress of capacity expansion is less than expected, and the development of orders is less than expected
