\u3000\u3 Guocheng Mining Co.Ltd(000688) 131 Shanghai Haoyuan Chemexpress Co.Ltd(688131) )
The revenue side maintained steady growth; The expense side increased more, and the short-term profit side was under pressure
On April 26, Shanghai Haoyuan Chemexpress Co.Ltd(688131) released the first quarter report of 2022. In 2022, Q1 company’s revenue was 300 million yuan, a year-on-year increase of 33.02%; The net profit attributable to the parent company was 62.34 million yuan, a year-on-year increase of 15.06%; Net profit deducted from non parent company was 58.8 million yuan, with a year-on-year increase of 9.97%. On the whole, under the high base of back-end business, the overall revenue still maintained steady growth, in line with expectations; After listing, the company increased the capacity-building of each business line, increased more on the cost side, and continued to be under pressure on the profit side in the short term. In terms of profitability, the gross profit margin in 2022q1 was 57.78%, with a year-on-year increase of 3.53pct; The net interest rate was 20.59%, down 3.43pct year-on-year. On the expense side, the sales expense is 19.89 million (+ 61%); Administrative expenses 36.81 million (+ 100%); The R & D expenses were 33.47 million (+ 85%), and the above three expenses increased significantly. Reviewing the operation of the company in recent two years, due to the delivery of back-end projects in 2021q1, the current profit is the highest level in 2021. From 2021q2, the revenue side has maintained a growth rate of 15-20% month on month, with strong growth Shanghai Haoyuan Chemexpress Co.Ltd(688131) front end and rear end integrated layout to create a technical platform for whole process drug R & D. We are optimistic about the long-term development of the company. We maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 273 / 4.00 / 581 million respectively, EPS will be RMB 3.67/5.38/7.82 respectively, and the corresponding P / E of the current stock price will be 35.1/24.0/16.5 times respectively, maintaining the “buy” rating.
After listing, the company will strengthen the capacity-building of all business lines and develop energy storage for a long time
After listing, the company increased the construction of technical platforms in Shanghai, Anhui Ma’anshan and Shandong Yantai, expanded personnel and optimized salary performance structure in order to improve management functions and operation capacity, and the corresponding expenses increased more; The front-end business has accelerated the expansion of product lines, the service capacity of tool compounds and molecular blocks has been rapidly improved, and the corresponding R & D expenditure has increased; In order to enhance the brand power of the business, increase the investment of China’s international business sales personnel and advertising expenses, continuously strengthen the construction of front and back-end service capacity, further upgrade the technical platform for whole process service drug R & D, and store energy for long-term development. We expect that with the investment and construction / M & A projects successively put into operation, the company’s front and back-end service capacity will be greatly improved, which is expected to promote the sustained and rapid growth of future performance and broad long-term development prospects.
Risk warning: patent risk; The production capacity is lower than expected; Loss of core technical personnel; Environmental protection and safety production risks.
