\u3000\u3 Guocheng Mining Co.Ltd(000688) 179 Shanghai Aladdin Biochemical Technology Co.Ltd(688179) )
Event: the company announced in the annual report of 2021 that the operating revenue in 2021 was 288 million yuan, a year-on-year increase of 22.82%, and the net profit attributable to the parent company was 89.36 million yuan, a year-on-year increase of 20.06%; Among them, Q4 achieved an operating revenue of 90 million yuan, a year-on-year increase of 21.29%, and a net profit attributable to the parent company of 29.82 million yuan, a year-on-year increase of 13.70%.
The gross profit margin and net profit margin of the company remained relatively stable. In 2021, the company's management expense rate was 14.70%, a year-on-year decrease of 0.25 PCT, and the sales expense rate was 6.91%, a year-on-year increase of 2.72 PCT, mainly due to the increase of the company's sales personnel and the increase of labor costs; The financial expenses were - 1.95%, with a year-on-year decrease of 1.72 PCT, mainly due to the increase in the interest income of the company's first raised funds. The R & D expense rate was 7.88%, with a year-on-year increase of 1.18 PCT. The gross profit margin of the company in 2021 was 62.26%, with a year-on-year increase of 1.48 PCT, and the net profit margin was 31.06%, with a year-on-year decrease of 0.72 PCT, which was relatively stable as a whole.
The company's four major categories of reagent products have maintained rapid growth. In terms of business, the company's high-end chemical reagents achieved a revenue of 148 million yuan, a year-on-year increase of 22%, life science reagents 66.99 million yuan, a year-on-year increase of 29.46%, analytical chromatographic reagents 38.43 million yuan, a year-on-year increase of 34.68%, material science reagents 20.44 million yuan, a year-on-year increase of 33.22%. The company's revenue mainly comes from high-end chemistry, accounting for 52.67%. The company's four major categories of reagent products have maintained rapid growth.
In 2022, young people will go to battle, and the adverse factors will be basically eliminated. 1) In terms of ERP system, with the gradual optimization of the system, the negative impact has been basically eliminated, and the company's informatization and digital management will be more perfect; 2) In terms of inventory preparation, by the end of 2021, the company's inventory scale had increased significantly compared with the beginning of the period, laying a foundation for the growth of subsequent business income. We believe that in 2022, the company will pack light and the adverse factors will be gradually eliminated.
Maintain the "buy" rating. EPS is expected to be 1.24/1.80/2.40 yuan in the next three years, maintaining the "buy" rating.
Risk tips: risk of intensified industry competition, covid-19 epidemic uncertainty risk and industry policy risk
