\u3000\u3 Guocheng Mining Co.Ltd(000688) 690 Suzhou Nanomicro Technology Co.Ltd(688690) )
Event overview: the company released the performance report for the first quarter of 2022. The company’s operating revenue was 1408657 million yuan, a year-on-year increase of 111.70%, the net profit attributable to the parent was 609236 million yuan, a year-on-year increase of 176.23%, and the net profit not attributable to the parent was 56.216 million yuan, a year-on-year increase of 176.56%.
The company’s performance exceeded expectations and its development continued to accelerate. The growth of the company’s performance continued to accelerate, with the growth of net profit of 176.23%, higher than the growth of revenue of 111.70%, reflecting the company’s excellent cost control ability. In the future, with the gradual improvement of the company’s project coverage after the second phase of innovative pharmaceutical enterprises, the net interest rate is expected to be further improved. According to the company’s announcement, the company’s current accounts receivable is 143 million yuan, an increase of 53.76% compared with 93 million yuan published in the 2021 annual report, reflecting the good momentum of the company’s new business expansion.
Emerging categories continue to expand, focusing on the field of biological drugs. The company continued to develop and market emerging products, the production capacity of silicon oxide magnetic microspheres for nucleic acid extraction continued to expand, and products such as magnetic beads, latex microspheres and fluorescent microspheres for chemiluminescence gradually shifted to mass production. In April, the company raised funds to acquire spectrum instrument through fixed increase to realize collaborative sales with the company’s filler business. At the same time, the company plans to eliminate 1000 t / a light diffusion particle products in the original project and replace them with 40 t / a agarose microspheres and 10 t / a dextran microspheres, so as to further increase investment in the field of biological drug purification.
The R & D line is expected to be further expanded. In 2021, R & D expenses increased by 98.65% year-on-year, and R & D expenses continued to increase by 69.5% year-on-year in this quarter. The company continued to invest heavily in R & D by virtue of the cash reserves provided by excellent performance. At the same time, the company continues to hire experts from industry leading companies to further consolidate the company’s dominant position in the field of high-performance microsphere product development and separation and purification application technology services. At the same time, with the continuous improvement of the permeability of magnetic beads and instrument products, the company is expected to expand its product business from industrial end to scientific research end, increase early customer reserves and further improve the application viscosity of products.
Investment suggestion: the company’s industry is growing rapidly and has clear long-term space. The company has the first mover advantage and has a stable leading position. With the continuous implementation of the company’s R & D projects and the optimization of product structure, it is estimated that from 2022 to 2024, the net profit attributable to the parent company will be 281 million yuan, 393 million yuan and 546 million yuan respectively, with a year-on-year increase of 49.3%, 39.9% and 38.9%, maintaining the “recommended” rating.
Risk warning: the risk of performance falling short of expectations, new business investment risk and fixed asset investment risk.
