\u3000\u3 Guocheng Mining Co.Ltd(000688) 056 Beijing Labtech Instruments Co.Ltd(688056) )
Event:
In 2021, the company achieved an operating revenue of 369 million yuan, a year-on-year increase of 5.81%; The net profit attributable to the parent company was 69 million yuan, a year-on-year increase of 6.44%.
Key investment points:
The pre-processing instruments for samples have been innovated, and the categories have been further enriched. In 2021, the company launched new sample pretreatment products such as ev400h rotary evaporator, hpse-6ultra efficient and fast solvent extractor, new Minilab 3000 automatic liquid treatment platform and flex MVP automatic high flux vacuum concentrator, which realized the upgrading of products and the enrichment of categories, and further improved the company's competitiveness in the field of sample pretreatment.
ICP-MS is sold, and two mass spectrometry products are under research, which is expected to open up new growth space. In 2021, the company officially released the inductively coupled plasma mass spectrometer, which has achieved sales in semiconductor, medical and traditional fields, with an operating revenue of 3.0392 million yuan. The company's mass spectrometry products have been recognized by the market. At the same time, the company still has two mass spectrometers under research. One is inductively coupled plasma quadrupole time-of-flight mass spectrometer (icp-q-tof-ms), which is mainly aimed at scientific research at the level of cells and elements; The other is inductively coupled plasma tandem quadrupole mass spectrometer (icpms-ms), which has the characteristics of high detection sensitivity, strong anti-interference ability and low detection limit. It is mainly aimed at the semiconductor industry. If the two products under research can be successfully implemented, it will open up new growth space for the company.
The gross profit margin remained stable and the sales expense rate increased slightly. In 2021, the gross profit margin of the company was 48.44%, a year-on-year decrease of 0.17pct; The net interest rate was 18.82%, with a year-on-year increase of 0.09pct and remained stable. Due to the increase of travel expenses and share based payment expenses of equity incentive plan, the sales expenses increased by 13.93% year-on-year to 532658 million yuan, resulting in the year-on-year increase of the sales expense rate by 1.03pct to 14.44%.
In terms of profit forecast and investment rating, we believe that the company has a complete layout of sample pretreatment products, high customer stickiness and strong competitiveness; Mass spectrometer products have been sold, and the implementation of research projects in the future is expected to bring new performance growth points. It is estimated that the company's net profit attributable to the parent company in 2022, 2023 and 2024 will be RMB 78 / 0.861003 million respectively, corresponding to 26 / 23 / 20 times of PE. It will be covered for the first time and rated as "overweight".
Risk tips: the sales scale of mass spectrometer is lower than expected; The implementation progress of projects under research is less than expected; Risk of increasingly fierce competition in the industry; Risk of decline in gross profit margin of products; The construction progress of laboratory engineering is less than the expected risk.
