\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 201 Jinyu Bio-Technology Co.Ltd(600201) )
Event:
1. The company released the 21st Annual Report. In 2021, the operating revenue was 1.776 billion yuan, a year-on-year increase of 12.29%; The net profit attributable to the parent company was 382 million yuan, a year-on-year decrease of 5.89%.
2. The company's operating income in the first quarter of 2022 was 342 million yuan, a year-on-year decrease of 34.22%; The net profit attributable to the parent company was 809728 million yuan, a year-on-year decrease of 61.68%.
The downturn of the downstream breeding market affected the company's performance, and the market share of foot-and-mouth disease seedlings continued to be the first
In the past 21 years, the sales volume of the company's main products: foot-and-mouth vaccine increased by 5% year-on-year; The sales volume of porcine circadian vaccine increased by 78% year-on-year; The sales volume of Porcine Pseudorabies Vaccine increased by 87% year-on-year; The sales volume of avian influenza vaccine decreased by 30%; Ruminant sales revenue exceeded 50 million. The gross profit margin of the company reached 61.88% in 2021, an increase of 0.28pct compared with 2020. Since Q4 in 2021, the pig price has ushered in a cold winter. The superposition of fertile sows has continued to be depopulated, and the downstream pig farmers have reduced the dosage of some vaccines, affecting the performance of 21q4 and 22q1 of the company. In addition, Liaoning Yikang accrued 36 million goodwill impairment in 21 years, which dragged down the company's performance. The company's foot-and-mouth disease products have been continuously updated and iterated. In 2021, the qualified rate and concentration recovery rate of foot-and-mouth disease vaccine antigen have been improved, the cost has been reduced and the efficiency has been increased, and the market share of foot-and-mouth disease vaccine has remained the first in China; In addition, the company's market share of non foot-and-mouth disease vaccine has gradually increased. We believe that the company still faces great performance pressure in the first half of 2022, but the company's vaccine products are highly competitive, and the sales volume of the company's products is expected to increase with the recovery of pig prices in the second half of 2022.
Scientific and technological innovation drives the transformation of independent R & D, and the R & D strength continues to increase
The company continued to attach importance to R & D. in 2021, under the increasing pressure of the industry as a whole, the company maintained high investment in R & D. in 2021, the R & D expenditure reached 166 million, and the R & D expenditure accounted for 15% of the operating revenue, which was outstanding among similar listed companies.
In terms of African classical swine fever vaccine, the company invested 143256 million yuan in the research and development of African classical swine fever vaccine integration project in 2021, and completed the efficacy evaluation experiments of multiple groups of African classical swine fever mRNA vaccine, adenovirus vector vaccine and subunit vaccine, The invention patent "a gene deleted attenuated African swine fever virus strain and its construction method and application" jointly applied with the cooperative unit was published on the official website of the State Intellectual Property Office in July 2021. The company's live chicken Marek's disease vaccine (rmdv - MS mEq strain), porcine circovirus type 2 and porcine Mycoplasma pneumoniae inactivated vaccine (recombinant baculovirus dbn01 strain + dj-166 strain) obtained the new veterinary drug certificate. We believe that with high R & D investment, in addition to the foot-and-mouth disease vaccine, which is already in the leading position in the industry, the company's products such as ring, pseudorabies, avian vaccine, ruminant vaccine and pet vaccine are expected to maintain rapid development and form a new profit growth point; The company's high research and development in non plague vaccine research is expected to make a breakthrough.
Profit forecast:
Considering the short-term pressure on the market of downstream aquaculture industry, we adjusted the profit forecast. It is estimated that the EPS of the company from 2022 to 2024 will be 0.42/0.64/0.88 yuan / share (the previous value is 0.89/1.14 yuan / share from 2022 to 2023), and the corresponding PE will be 21 / 14 / 10 times respectively. The R & D strength of the company continues to increase, and many potential products are expected to be in large quantities and maintain "buy"
Rating.
Risk warning: downstream epidemic risk; Product R & D risk; Risk of intensified market competition
