\u3000\u3 Guocheng Mining Co.Ltd(000688) 690 Suzhou Nanomicro Technology Co.Ltd(688690) )
Event overview: the company issued a fixed increase announcement to issue shares to specific objects. The total amount of the subscription objects to be issued this time is 196.7 million yuan, and the net amount of the raised funds is to be invested in (1) acquiring part of the equity of cypress instrument; (2) Changshu nanomicro eliminated 1000 t / a light diffusion particles and reduced the production of 40 t / a agarose microspheres and 10 t / a dextran microspheres chromatography medium technology transformation project (3) replenished working capital.
Acquire cepstrum instruments and build a closed-loop industrial chain of life sciences. The acquisition of spectrum instrument will further help the company realize the closed-loop industrial chain and improve the overall competitiveness of the company. (1) At present, the company’s products are mostly fillers, IVD magnetic beads and other consumables. At present, nano spectrum analysis technology company arranges chromatographic columns, nano micro life technology arranges IVD fillers, and cypress instrument products are laboratory and production level chromatographic systems. This acquisition will further enhance the company’s control over equipment end products, match equipment with fillers, and realize the integration of upstream and downstream industrial chains. (2) Some customers of cypress instruments are scientific research end users. This acquisition is expected to increase the penetration of filler and other biological products of the company in scientific research end customers.
Soft rubber has entered the stage of mass production, and the business line is expected to be further expanded. At present, the company’s dominant category is hard rubber purification filler. This transformation project is the transformation project of 40 t / a agarose microsphere chromatography medium and 10 t / a dextran microsphere chromatography medium, which will greatly improve the company’s production capacity of soft rubber products, further improve the company’s business line coverage of purified filler products, enhance customer viscosity and improve product penetration.
Investment suggestion: the company’s industry grows rapidly and has clear long-term space. The company has the first mover advantage and has a stable leading position. With the continuous implementation of the company’s R & D projects and the optimization of product structure, it is estimated that from 2022 to 2024, the net profit attributable to the parent company will be 281 million yuan, 393 million yuan and 545 million yuan respectively, with a year-on-year increase of 49.3%, 39.8% and 38.9%, maintaining the “recommended” rating.
Risk warning: the risk of performance falling short of expectations, new business investment risk and fixed asset investment risk.
