\u3000\u3 Jiangsu Eastern Shenghong Co.Ltd(000301) 080 Acrobiosystems Co.Ltd(301080) )
Event: the company released the first quarterly report of 2022, with operating revenue of 114 million yuan (+ 27.73%), net profit of 53.5 million yuan (+ 31.66%), cash inflow from operating activities of 119 million yuan, including cash received from sales of goods and provision of labor services of 115 million yuan, a year-on-year increase of 43.14%.
Comments:
In terms of disease application fields, 2022q1 company achieved a revenue of 901656 million yuan from non covid-19 virus epidemic prevention products, with a year-on-year increase of 45.43%. Considering the large R & D investment in basic scientific research and biomedical industry in East China and the large demand for relevant biological reagent products and services, we believe that the sales of the company’s routine business is affected by the epidemic situation; The income of covid-19 virus epidemic prevention products was 240925 million yuan, a year-on-year decrease of – 12.24%.
The gross profit margin of the company in 2022q1 was 95.48%, with a year-on-year increase of 1.66pcts; The net interest rate was 46.75%, with a year-on-year increase of 1.43 PCTs. In terms of expenses, the ratio of sales / management / Finance / R & D expenses of 2022q1 company was 17.70% / 12.23% / – 1.92% / 19.73% respectively, with a year-on-year change of 3.60pcts/3.45pcts/2.24pcts/5.70pcts respectively.
In April 2022, the company announced the restricted stock incentive plan (Draft) for 2022, which plans to grant about 800000 restricted shares (accounting for 1.00% of the total share capital) to the directors, senior managers and core business backbone of the company (including subsidiaries), with the grant price of 76 yuan / share. The assessment year corresponding to the restricted shares is 20222024, and the performance assessment goal is to achieve the income of 493 million yuan, 640 million yuan and 835 million yuan respectively, Based on the revenue in 2021, it increased by 28%, 30% and 30% respectively year-on-year.
Profit forecast: we predict that the net profit of the company from 2022 to 2024 will be RMB 255 / 378 / 576 million respectively, with a year-on-year increase of 46.5% / 48.2% / 52.3% respectively, and the corresponding EPS will be RMB 3.19/4.73/7.20 respectively. The company is deeply engaged in the R & D field of recombinant protein. Its good product strength makes the company have a good reputation among industrial customers. The layout of overseas business helps further open the market pattern. We give the company 58xpe in 2022, with a corresponding target price of 184.98 yuan, maintaining the rating of “better than the market”.
Risk tips: the risk of import substitution is less than expected, the risk of uncertainty of covid-19 epidemic, the risk of intensified market competition, and the risk of failure of new product research and development.
