\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 58 Truking Technology Limited(300358) )
Key investment points
Event: the company released its annual report for 2021. In 2021, the company achieved revenue of 5.260 billion yuan (+ 47.08%), net profit attributable to the parent company of 566 million yuan (+ 182.45%), contract liabilities of 2.662 billion yuan (+ 146%), new orders of more than 9 billion yuan in the whole year, orders on hand at the end of the year of more than 7 billion yuan, and R & D investment of 488 million yuan (accounting for 9.28% of revenue). The company released the performance forecast in the early stage, which was the net profit attributable to the parent company of 500600 million, and the performance was in line with expectations.
Revenue splitting: major incremental contributions from testing and packaging, pharmaceutical water, bioengineering, etc. Sterile preparation solution and single machine: 1.273 billion yuan (+ 19%), testing and packaging solution and single machine: 1.606 billion yuan (+ 82.24%), solid preparation solution and single machine: 541 million yuan (+ 18%), pharmaceutical water equipment and engineering system integration: 615 million yuan (+ 37.55%), biological engineering solution and single machine: 244 million yuan (+ 84.30%). It is expected to benefit from covid-19 vaccine production capacity construction in the fields of testing and packaging, sterile preparations, pharmaceutical water, bioengineering and so on.
The trend of new orders is good, and we are not afraid of the impact of the high base after covid-19 vaccine. By the end of 2021, the company's contractual liabilities had amounted to 2.662 billion yuan, with an increase of 238 million yuan / 604 million yuan / 610 million yuan / 128 million yuan in Q1-Q4 single quarter. Affected by the centralized delivery of Q4 orders and revenue recognition, the amount of contract liabilities decreased in a single quarter. The order trend of Q4 in 21 and Q1 in 22 remained good. Under the influence of the high base effect of covid-19 vaccine, the order trend of the company was good. During the construction of covid-19 vaccine, the company's products obtained the opportunity to appear, seized the market opportunity and realized the import substitution of some products.
The product line continued to be enriched and the production capacity further increased. The company has eight business lines. Five new product lines will be added in 2021. The number of products continues to increase. The layout of bioengineering product lines has been completed, and the layout of disposable bioreactor, liquid distribution system, ultrafiltration chromatography system, stainless steel reactor and filler have been completed. It is expected that from 2022, the equipment and consumables related to biological drugs will start to contribute to the increment. Under the synergy of romaco, the solid preparation business of the Department will also achieve rapid growth. The production capacity has been further increased. The intelligent rear charter workshop and central workshop of phase IV project have been put into use. There are still testing and R & D buildings and innovative talent training buildings that have not been completed. It is expected that after the construction is completed, the production capacity of 10 billion will be formed, Shanghai Lingang Holdings Co.Ltd(600848) biological medicine disposable consumables of 200 million will be completed, and the Bologna plant, an Italian subsidiary of romaco group, will be completed and put into operation, It is expected that the increase of production capacity will further enhance the delivery capacity of the company.
Profit forecast and investment suggestions. It is estimated that from 2022 to 2023, the revenue will reach 6.336/7.612 billion yuan and the net profit attributable to the parent company will reach 683825 million yuan, corresponding to the current PE price of 13.61/11.34 times. The current valuation is highly cost-effective and maintains the "buy" rating.
Risk warning: product sales are less than expected; The newly signed order is less than expected; The prosperity of the industry has declined.
