\u3000\u3 Guocheng Mining Co.Ltd(000688) 056 Beijing Labtech Instruments Co.Ltd(688056) )
Event: Recently, the company released its 2021 annual report and the first quarterly report of 2022. In 2021, the company realized a revenue of 369 million yuan, an increase of 5.81% and a net profit attributable to the parent company of 69 million yuan, an increase of 6.44%; In the first quarter of 2022, the operating revenue was 77 million yuan, a year-on-year decrease of 2.60%; The net profit attributable to the owners of the parent company was 12 million yuan, a year-on-year decrease of 18.02%.
Comments:
Investment in research and development continued to increase, accelerating the layout of new areas. On the revenue side, the company’s revenue in 2021 was 369 million yuan, an increase of 5.81% at the same time. Quarterly, the revenue growth rates of 2021q1-q4 and 2022q1 were 77.62%, 9.18%, 0.32%, – 18.96% and – 2.60% respectively. The reasons for the growth rate were 1) the low base of 2020q1, 2) the laboratory solution business was affected by the epidemic, the orders fell and the delivery cycle lengthened. On the profit side, the company realized a net profit attributable to the parent company of 69.41 million yuan in 2021, an increase of 6.44% over the same period. The growth rates of net profit attributable to the parent company in 2021q1-q4 and 2022q1 were 464741%, -1.66%, 15.14%, -44.87% and – 18.02% respectively. The gross profit margin in 2021 was 48.44%, a slight decrease of 0.17pct over the same period. The price rise of raw materials was transmitted to the end price of products, with a net profit margin of 18.82%, a year-on-year increase of 0.47%, and a net profit margin of 15.38% in 2022q1, a decrease of 2.79pct over the same period, Mainly due to the continuous improvement of R & D expense rate and sales expense rate, accelerating the layout of new business areas.
The product line of sample pretreatment equipment business is relatively complete, expanding new fields and achieving steady growth. In 2021, the company’s sample pretreatment equipment and analytical instrument business achieved steady growth under the influence of the epidemic, mainly due to the relatively complete product line and the continuous expansion of new products and new fields. Although the epidemic has led to a significant decline in the procurement expenditure of some industries, such as the food and drug industry and scientific research institutes / universities, the income of the food and drug industry and scientific research institutes / universities decreased by 17.11% and 26.41% respectively in 2021, and the environmental protection industry also decreased slightly, the medical and disease control industries achieved a growth rate of 36.26% and 40.38% respectively, and the income of medical water recycling products increased by 65.00% year-on-year. This product has maintained a rapid growth rate every year since its cooperation with Varian in 2018. In addition, the company continued to expand new fields, made rapid progress in the field of nuclide analysis in the nuclear industry in 2021, and realized a revenue of 5.5135 million yuan. We believe that there are a wide range of product categories of sample pretreatment and analytical instruments. The company will continue to invest in R & D, expand more new categories and fields, speed up product upgrading and iteration, and have certain growth in the long term.
ICP-MS products achieved sales breakthroughs, increased new product research and development, and opened up future growth space. The company released ICP-MS products in the first half of 2021, and achieved sales of multiple sets in semiconductor, medical and traditional fields last year. The company further increased the R & D investment of mass spectrometer and added two new projects under research last year. 1) inductively coupled plasma quadrupole time-of-flight mass spectrometer (icp-q-tofms), which can realize the basic function of simultaneous detection of single cell and multiple elements. It is a high-end analytical instrument developed for scientific research on cell and element level. There are no mature related products in China, and there are a wide range of downstream applications, including toxicological research, drug development and other fields, The total investment is planned to be 12 million yuan. At present, the scheme design and the commissioning of the four-stage rod cavity have been completed. 2) Inductively coupled plasma tandem quadrupole mass spectrometer (icp-ms-ms) is mainly aimed at solving the needs of higher detection sensitivity, stronger anti-interference ability and lower detection limit in semiconductor and other fields. The total investment is planned to be 20 million. At present, the design of the internal structure of the instrument has been completed. The mass spectrometer has been monopolized by foreign capital for a long time, and domestic enterprises are constantly narrowing the technical gap with foreign capital. Based on R & D accumulation, the company has expanded the field of mass spectrometer and made rapid breakthrough progress, which is expected to open up the growth space in the future.
Profit forecast: we expect the company to realize a net profit attributable to the parent company of 87 million yuan, 110 million yuan and 137 million yuan from 2022 to 2024. The corresponding EPS are 1.30 yuan / share, 1.65 yuan / share and 2.05 yuan / share respectively, corresponding to 22 times, 17 times and 14 times of the current share price PE respectively.
Risk factors: the risk of changes in industrial policies, the risk of intensified industrial competition, the risk of fluctuations in the price of raw materials, the risk that new business expansion does not meet expectations, etc.
