\u3000\u3 Guocheng Mining Co.Ltd(000688) 690 Suzhou Nanomicro Technology Co.Ltd(688690) )
In 2022, Q1 company’s operating revenue was 141 million yuan, with a year-on-year increase of 111.70%, and the net profit attributable to the parent company was 609236 million yuan, with a year-on-year increase of 176.23%, deducting the net profit not attributable to the parent company of 562167 million yuan, with a year-on-year increase of 176.56%.
Key points supporting rating
The expense rate decreased and the gross profit margin increased year-on-year. The total expense rate of Q1 company in 22 years was 35.67%, with a year-on-year decrease of 1.42pct. Q1 net interest rate increased to 43.90%. Considering the large-scale effect, the company’s profitability is expected to continue to maintain.
The performance is growing rapidly and the development speed is expected. The company’s performance in affinity chromatography, silica gel chromatography and other media related businesses has maintained rapid growth for 22 years. In the future, with the improvement of project coverage, stable customer expansion and commercialization of clinical orders after the second phase of innovative pharmaceutical enterprises, the company will continue to be optimistic about the follow-up development of the company.
High investment in research and development, focusing on the field of biological drugs. The R & D expenses increased by 98.65% year-on-year in 21 years and 69.5% year-on-year in Q1 in 22 years, continuing to build a dominant position in the field of high-performance microsphere product development and drug separation and purification technology services. The company reached an agreement with the Management Committee of Zhejiang Dushan Port Economic Development Zone and plans to set up a wholly-owned subsidiary in Zhejiang Dushan Port area to purchase about 60 mu of chemical land and build a new production base. Layout the product capacity of 40 t / a agarose microspheres and 10 t / a dextran microspheres, and further increase the investment in the field of biological drug purification. In April, the company raised funds by way of fixed increase to acquire spectrum instrument, so as to realize collaborative sales with the company’s filling business.
Valuation
Based on the company’s announcement, the company’s Q1 performance in the past 22 years increased significantly than expected. We raised the profit forecast and estimated that the net profit attributable to the parent company from 2022 to 2024 was 280, 428 and 601 million yuan (previously predicted that the net profit attributable to the parent company from 2022 to 2023 was 211 and 327 million yuan), corresponding to EPS of 0.70, 1.07 and 1.50 yuan, maintaining the increase rating.
Main risks of rating
The risk that the market of the industry does not meet the expectations; Pharmaceutical industry policy risk; The risk of competition deterioration and the risk that business expansion is less than expected.
