\u3000\u3 Jiangsu Eastern Shenghong Co.Ltd(000301) 080 Acrobiosystems Co.Ltd(301080) )
Key investment points:
Event: the company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved a total operating revenue of 385 million yuan, a year-on-year increase of 56.3%; The net profit attributable to the parent company was 174 million yuan, a year-on-year increase of 50.34%; The non net profit deducted was 164 million yuan, a year-on-year increase of 40.58%. In the first quarter of 2022, the company realized total operating revenue and net profit attributable to parent company of 114 million yuan and 54 million yuan respectively, with a year-on-year increase of 27.73% and 31.66% respectively; The non net profit deducted was 54 million yuan, a year-on-year increase of 33.58%.
Comments:
Non covid-19 products maintained high growth. In 2021, the company’s non covid-19 virus epidemic prevention products achieved a revenue of 297 million yuan, a year-on-year increase of 70.89%, accounting for 77.06% of the revenue, an increase of 6.58 percentage points over 2020; Covid-19 virus epidemic prevention products achieved a revenue of 88 million yuan, a year-on-year increase of 21.46%, accounting for 22.94% of the revenue, down 6.58 percentage points from 2020. It is estimated that the revenue of non covid-19 virus epidemic prevention products will increase by more than 40% year-on-year in the first quarter of 2022, and the revenue of covid-19 virus epidemic prevention products will decrease year-on-year. By region, in 2021, the company’s domestic sales reached 161 million yuan, a year-on-year increase of 102.46%; Overseas sales reached 224 million yuan, a year-on-year increase of 34.38%.
Continuously improve the product system. The company continues to improve its R & D capability. In 2021, the company invested 595549 million yuan in R & D, a year-on-year increase of 94.30%; The company has 122 R & D personnel, with a year-on-year increase of 76.81%. Constantly enrich product categories. In 2021, the company has nearly 2500 products that have been sold and applied. In the future, the company will continue to improve the product system and further expand the relevant products and technical services supporting clinical application, such as cell and gene therapy, concomitant diagnosis, clinical sample analysis and clinical medication monitoring.
It is proposed to implement the restricted stock incentive plan. The company issued the draft restricted stock incentive plan for 2022. The incentive plan is granted to no more than 87 directors, supervisors, senior managers and core backbone for the first time, including 640000 shares for the first time at a price of 76 yuan / share. The assessment year for the first granting of restricted shares is 20222024. The performance assessment requirements are: the operating revenue in 20222024 will reach 493 million yuan, 640 million yuan and 835 million yuan respectively, with a year-on-year growth rate of 28%, 30% and 30% respectively. This incentive plan has a wide range of awards, which helps to improve the work enthusiasm of core personnel and help the rapid growth of the company.
Investment suggestion: the company is the leader of recombinant protein reagent in China. It is expected to maintain rapid growth by continuously increasing category coverage and broadening product application scenarios. It is estimated that the company’s earnings per share from 2022 to 2023 will be 3.15 yuan and 4.14 yuan respectively, and the current share price corresponding to PE will be 40 times and 30 times respectively, maintaining the “recommended” rating of the company.
Risk tips: trade friction, loss of core talents, intensified market competition, iterative technology upgrading, less than expected capacity expansion or overcapacity.
