\u3000\u3 Guocheng Mining Co.Ltd(000688) 202 Shanghai Medicilon Inc(688202) )
Event: on April 28, 2022, the company released the first quarter report of 2022. In 2022q1, the company achieved a revenue of 356 million yuan, a year-on-year increase of 65.79%; The net profit attributable to the parent company was 77 million yuan, with a year-on-year increase of 71.09%, and the performance continued to grow high.
With the rapid growth of orders on hand, the performance of 2022q1 continues to grow at a high level:
In 2022q1, the company achieved a revenue of 356 million yuan, a year-on-year increase of 65.79%; The net profit attributable to the parent company was 77 million yuan, a year-on-year increase of 71.09%. Thanks to the rapid growth of the company’s orders in hand, the company’s performance continued to grow at a high level. Among them, the newly signed orders for drug discovery, pharmaceutical research services and preclinical research services in 2021 were 1.044 billion yuan and 1.409 billion yuan respectively, with a year-on-year increase of 69.13% and 104.24% respectively.
With the rapid improvement of service capacity and active expansion of production capacity, the company is expected to maintain high growth:
In terms of service capacity, in 2021, drug discovery, pharmaceutical research and preclinical research services had 1067, 326 and 724 R & D personnel respectively, with a year-on-year increase of 58.31%, 29.37% and 62.33% respectively. The R & D personnel of various businesses expanded rapidly, and the overall service capacity of the company continued to improve. In terms of capacity expansion, the fixed assets and projects under construction of 2022q1 company were 438 million yuan and 114 million yuan respectively, with a year-on-year increase of 24.70% and 133.27% respectively. The company’s capacity is in the period of rapid release. According to the company’s announcement, the company has 74000 square meters of R & D laboratories in the current period, which has significantly increased the production capacity of R & D laboratories compared with the beginning of listing. According to the company’s announcement, in the future, the company plans to raise no more than 2.16 billion yuan through customization for laboratory expansion projects of drug discovery, pharmaceutical research and application platform.
The profitability of the company continued to improve, and the net interest rate in 2022q1 increased by 0.67pct year-on-year
In 2022q1, the company’s overall net profit margin was 21.68%, an increase of 0.67 percentage points year-on-year. The per capita quarterly income of 2022q1 company was 145900 yuan, an increase of 15100 yuan / person compared with the same period last year. Thanks to the improvement of the scale effect of the company’s business and the implementation of measures to improve quality and efficiency, the company’s profitability continued to improve.
Investment suggestion: we expect the company to realize net profits of 482 million yuan, 727 million yuan and 1066 million yuan respectively from 2022 to 2024, with a year-on-year increase of 70.8%, 50.8% and 46.6% respectively; Give an investment rating of buy-a.
Risk tip: the growth of order quantity does not meet expectations, the increase of market competition leads to the decline of order price, the prosperity of the industry is less than expected, and the business expansion of the company is less than expected.
