\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 58 Truking Technology Limited(300358) )
Core view
Event: in 2021, the company’s operating revenue was 5.260 billion yuan (+ 47.08%), the net profit attributable to the parent company was 566 million yuan (+ 182.45%), the net cash flow generated from operating activities was 1.6 billion yuan (+ 72.72%), the contract liabilities were 2.662 billion yuan, and the new orders and orders on hand at the end of the year increased significantly. The annual new orders exceeded 9 billion and the orders on hand at the end of the year exceeded 7 billion.
Chutian siyoute and Chutian microsphere were established to actively layout the front end of bioengineering. The company has completed the layout of biological front-end equipment and process solutions such as disposable bioreactor, disposable liquid preparation system, ultrafiltration chromatography purification, stainless steel reactor and filler. At present, the company can provide solutions for the whole process of biological drugs, and the bioengineering sector will bring sustained performance growth to the company.
The advantages of the middle and later stage are further highlighted, and the competitiveness of the product market is further improved. The company’s aseptic sub packaging and intelligent detection back packaging and other middle and rear product lines are widely used by cosheng group, zhifeilong Kema, Beijing Kexing, Cansino Biologics Inc(688185) and other customers in covid-19 vaccine production. The product performance and quality have been tested, and the products have reached the international advanced level. At the same time, the company has successfully launched more than 30 new products and blank filling products, including high-speed pre potting and intelligent detection, continuous BFS, sterile powder compound preparation, high-speed servo rear envelope, high-speed bottle envelope and strip envelope, of which five products have reached the international advanced level, and the rest have reached the leading level in China. Profit forecast and investment suggestions: it is estimated that the company’s revenue from 2022 to 2024 will be 63.12/75.74/9.392 billion yuan respectively, the net profit attributable to the parent company will be 9.15/10.98/1.362 billion yuan respectively, the EPS will be 1.59/1.91/2.37 yuan respectively, and the corresponding P / E multiple will be 10.2/8.5/6.8 times, maintaining the investment rating of “overweight”.
Risk warning: new product development is less than expected risk; Goodwill impairment risk; Exchange rate fluctuation risk; Overseas market expansion is less than expected risk; The risk of commodity price fluctuation; Risks caused by uncertainty in international relations
