\u3000\u3 Shengda Resources Co.Ltd(000603) 658 Autobio Diagnostics Co.Ltd(603658) )
Event: the company released the annual report of 2021 and the first quarterly report of 2022, and the performance basically met our expectations. In 2021, the company achieved a revenue of 3.766 billion yuan, a year-on-year increase of 26.45%; The net profit attributable to the parent company was 974 million yuan, a year-on-year increase of 30.20%, and the net profit not attributable to the parent company was 957 million yuan, a year-on-year increase of 41.03%. In the first quarter of 2022, the company achieved a revenue of 1.031 billion yuan, a year-on-year increase of 26.21%; The net profit attributable to the parent company was 240 million yuan, with a year-on-year increase of 40.07%, and the net profit not attributable to the parent company was 232 million yuan, with a year-on-year increase of 37.36%.
Comments:
The operating performance increased steadily, and all business lines performed well: in 2021, the company achieved an operating revenue of 3.766 billion yuan, a year-on-year increase of 26.45%, and a net profit attributable to the parent company of 974 million yuan, a year-on-year increase of 30.20%. Under the influence of covid-19 epidemic, the company still maintained a steady growth in performance and a relatively high growth in net profit. From the perspective of main production lines, in 2021, the revenue of immune diagnosis business reached 1.806 billion yuan, a year-on-year increase of 29.29%; The revenue of microbiological testing business was 260 million yuan, a year-on-year increase of 30.88%; The revenue of biochemical testing business was 186 million yuan, a year-on-year increase of 36.58%; The revenue of testing instrument business was 256 million yuan, with a year-on-year increase of 92.53%, contributing to a new growth point; In addition, the new molecular diagnosis business revenue was 21 million yuan and began to contribute to the revenue. Based on the immune diagnosis business, the company actively expands other fields, and shows development potential in microbial detection, biochemical detection and other fields.
Continued high investment in R & D and further expansion of product application scenarios: the company invested 486 million yuan in R & D in 2021, accounting for 12.90% of operating revenue, an increase of 1.27 percentage points year-on-year. By the end of 2021, the company has obtained 833 patents, 596 product registration certificates and CE certification of 341 products. In terms of immune diagnosis, the company has successively listed autolumoa1800, autolumoa6000 and other new products; In terms of microbial detection, fully automatic microbial mass spectrometry detection system has been realized, and 6 models have been fully listed; In terms of molecular diagnosis, a fully automatic nucleic acid purification and real-time fluorescent PCR analysis system was introduced; In terms of intelligent medical laboratory, autolasx-1 series will be launched soon. The company has further expanded its application scenarios in the field of general health.
The construction of high-end platform is advancing steadily, and strategic cooperation provides new opportunities: by the end of 2021, the company has initially established a sequencing and synthesis technology platform, and has built reference platforms such as spectrum, liquid chromatography tandem mass spectrometry and proton chromatography relying on two professional reference laboratories in Zhengzhou and Beijing. It will gradually improve the R & D system centered in Zhengzhou and branched from Beijing Shanghai Suzhou North America, and the construction of high-end platform will continue to advance. In addition, in 2021, the company will cooperate with many enterprises to further expand its business layout. In the field of coagulation testing, the company cooperates with hicken medical to jointly build a domestic brand of coagulation; Cooperate with pushkang biology in the field of POCT; In addition, the company cooperates with Shuishui medical strategy to layout the comprehensive assembly line of Biochemistry, immunity and coagulation.
Profit forecast, valuation and rating: considering the impact of repeated epidemics and centralized mining, we slightly lowered the forecast of parent net profit in 22-23 years to 1.24/1.59 billion yuan (the original forecast was 1.30/1.65 billion yuan, down 4.4% / 4.0% respectively), and introduced the forecast of parent net profit in 24 years to 2.04 billion yuan, a year-on-year increase of 27.57% / 27.89% / 28.16%, and the current price corresponding to PE is 20 / 15 / 12 times. Considering that the company is China National Chemical Engineering Co.Ltd(601117) luminous leader and has diversified product layout, it is optimistic about the long-term development of the company and continues to maintain the “buy” rating.
Risk warning: repeated epidemic risk; The risk of centralized purchase policy exceeding expectations; Market competition intensifies risks.
