This week we discuss the investment value of nearshore protein
China's recombinant protein reagent is a pioneer, and the industry development is driving into the fast lane
Inshore protein has been deeply cultivating recombinant protein reagent for more than ten years. In the early stage, it built a powerful core technology platform and developed more than 7700 kinds of products and service projects based on it, covering the forefront of domestic production; In recent years, with the gradual growth of the market demand for diagnostic raw materials and mRNA vaccine raw materials, the company has entered a new stage of large-scale production and supply of raw materials.
Thanks to the steady development of the recombinant protein industry and the further boost demand of epidemic prevention and control, the company's core business has entered a rapid growth period, with a revenue of 341 million yuan in 21 years and a compound growth rate of 136% in three years. The profit side has also turned losses into profits, and the net profit returned to the parent after deduction in 21 years is 149 million yuan; With the expansion of the company's business scale and the improvement of market recognition, the number of customers continued to increase, and the average order volume increased steadily. This IPO will enhance the industrialization ability of core diagnostic raw materials and innovative diagnostic reagents, and continue to improve the R & D strength in the field of recombinant protein.
The protein reagent market is expanding steadily, and the company's share is expected to continue to increase
Protein reagents are widely used in scientific research, drug discovery and in vitro diagnostic reagent raw materials. With the growth of China's biomedical R & D investment and the expansion of IVD terminal market, the scale of China's protein reagent market is expected to maintain a steady growth trend. In recent years, the quality and performance of domestic reagents have improved rapidly. Under the influence of the epidemic and the international situation, domestic reagents have the advantages of high quality, low price and good service, and the trend of domestic substitution is obvious.
The company is a pioneer of recombinant protein reagents in China, with a comprehensive product layout covering many application fields. Covid-19 epidemic brings diagnostic needs. The sales scale of covid-19 related antigen antibody reagents of the company has increased greatly, and the recognition of customers has improved. In recent years, relying on the professional protein design platform, we have continued to launch new products. Some high barrier products such as organoid culture factors are expected to help the company's conventional products maintain stable growth.
The accumulation in recent ten years ushered in the harvest period, and the domestic mRNA enzyme leader blue ocean nuggets
MRNA drugs direct protein synthesis through direct control. They are widely used and show great development potential; Covid-19 epidemic promotes the breakthrough of mRNA vaccine technology, and the prospect of mRNA therapy is becoming clearer. Considering the problem of virus mutation and vaccination in China in the short term, there is still broad space for the R & D and sales of domestic covid-19 mRNA vaccine; Medium and long-term preventive vaccines and tumor vaccines will open the market space of mRNA vaccines.
Enzyme is the core composition of mRNA therapy raw materials, and the strong terminal demand drives the high prosperity of enzyme market. As early as 13 years ago, the company prospectively arranged the research and development of mRNA raw material enzymes. At present, it has successfully realized the large-scale production of seven core raw material enzymes. The existing base can support the annual output of 5 billion copies of mRNA vaccine raw materials. The large-scale production capacity of GMP mRNA raw material enzymes ranks first in China; In addition, the company's mRNA raw material enzyme has reached the advanced level of imported brands in quality control and performance indicators. At present, the company cooperates with domestic covid-19 mRNA vaccine enterprises that have made rapid progress, such as Watson and rivanda. In addition to the short-term commercialization, which will directly bring huge orders, the medium and long-term will form a demonstration effect, which will continue to be beneficial to the business expansion of other mRNA raw materials and enzymes, and the company is expected to form a competitive pattern in which the strong will remain strong.
Nearshore protein is a leading enterprise of domestic recombinant protein reagent and mRNA raw material enzyme. Its core technology platform has strong competitiveness, comprehensive product layout and its coverage area is at the forefront of domestic production. In recent years, with the gradual growth of market demand for diagnostic raw materials and mRNA vaccine raw materials, the company has entered a new stage of large-scale production and supply of raw materials.
Risk tip: the customer expansion is less than expected, the order volume is less than expected, the development of new products is less than expected, and the price drop is more than expected.
