\u3000\u3 Jiangsu Eastern Shenghong Co.Ltd(000301) 080 Acrobiosystems Co.Ltd(301080) )
Event overview
The company announced the first quarterly report of 2022 and the restricted stock incentive plan of 2022 (Draft):
(1) the first quarterly report of 2022: the operating revenue was 114 million yuan, a year-on-year increase of 27.73%; The net profit attributable to the parent company was 54 million yuan, a year-on-year increase of 31.66%; The net profit of non deduction was 54 million yuan, a year-on-year increase of 33.58%.
(2) 2022 restricted stock incentive plan (Draft): it is proposed to grant no more than 640000 restricted shares (from private placement) to no more than 87 middle and senior managers + core backbone, accounting for 0.80% of the share capital, and the grant price is 76 yuan / share; The sales restriction period of restricted shares granted for the first time in the incentive plan is 12 months / 24 months / 36 months, i.e. 30% / 30% / 40%, respectively, from the date of completion of the registration of the part granted for the first time. The assessment year for lifting the sales restriction is three fiscal years from 2022 to 2024, i.e. the operating income of the company from 2022 to 2024 is not less than 493 / 64 / 835 million yuan respectively. According to the preliminary calculation, the total amortization cost is expected to be 340109 million yuan (124285132706/659.12/172.06 million yuan respectively from 2022 to 2025). In addition, the company reserved 160000 restricted shares, accounting for 0.20% of the share capital.
Analysis and judgment:
The performance of 22q1 continued to grow rapidly, and the non covid-19 business continued to grow rapidly
In the first quarter of 2022, the company’s operating revenue and net profit attributable to the parent company increased by 27.73% and 31.66% respectively year-on-year. We judged that the slight decrease in the growth rate of 22q1 was mainly affected by the following factors: (1) the operating revenue of 22q1 non covid-19 business was 90 million yuan, with a year-on-year increase of 45.43%. We judged that its foreign business continued to grow at a high speed, and its Chinese business was affected by the Shanghai epidemic The impact of the Guangzhou Shenzhen epidemic on the weakening of logistics and R & D activities showed a slight decrease in the growth rate; (2) 22q1 covid-19 business revenue grew by – 12.24% year-on-year, showing a slight negative growth as a whole. Looking forward to the future, the company will continue to expand in tumor, car-t, immunoassay, marker protein, viral protein and other fields and business diversification (detection services, antibodies, kits, etc.), and strategically continue to focus on the needs of industrial customers and the development of international market. We judge that the company will continue to show a high-speed growth trend in the next 3-5 years.
It is proposed to implement the restricted stock incentive plan in 2022 to enhance the certainty of future performance growth
On the basis of equity incentive for core employees in 20182020 before IPO, the company plans to implement a restricted stock incentive plan for a total of 87 senior executives, including Chen Yiding, Miao Jingyun, Lin Tao, Huang Xu, jinqiuchen and Chen xiamin, to deeply bind and attract core technical backbone, which is conducive to the medium and long-term sound development of the company’s business and ensure the certainty of future growth. The unlocking condition of this equity incentive is that the operating revenue in 22-24 years is no less than RMB 493 / 64 / 835 million, that is, the year-on-year growth rate is 28.1% / 29.8% / 30.5%, which shows the company’s confidence and determination in future business development
Performance forecast and investment suggestions
As the world’s leading recombinant protein supplier deeply engaged in industrial customers, looking forward to the future, the company will continue to benefit from the high vision of the Chinese industry and the continuous expansion of overseas customers, and its performance will continue to show rapid growth. Maintain the early-stage profit forecast, that is, the income in 22-24 years is RMB 565 / 814 / 1186 million, EPS is RMB 3.31 / 4.72 / 6.99, corresponding to the closing price of RMB 125.25/share on April 22, 2022, and PE is 37.84/26.51/17.92 times respectively, maintaining the “buy” rating.
Risk tips
Failure risk of new product research and development, uncertainty risk of industry demand, covid-19 business uncertainty risk, loss risk of core technicians and exchange rate fluctuation risk.
