Event: the company released the 2021 interim report, with operating income of 150 million yuan, an increase of 87.1% over the same period last year; net profit of 50 million yuan, an increase of 136.3% over the same period last year; and net profit of 50 million yuan, an increase of 591% compared with the same period last year.
The performance is growing at a high speed, and the expense rate is well controlled. In the same period last year, the company's performance was relatively greatly affected by the COVID-19 epidemic, with a low base. In the first half of 2021, the company's performance recovered well and achieved rapid growth. 2021H1's gross profit margin was 69.6%, an increase in 7.6pp compared with the same period last year. The sales expense rate of 2021H1 is 20.5%, down 7.1% from the same period last year; the management expense rate is 9%, down 0.5 ppm from the same period last year; and the financial expense rate is 0.3%, down 0.7pp from the same period last year. On the whole, the company expense rate is well controlled.
The market space of allergy and autoimmune testing is large, and the import substitution can be expected. The company is in a leading position in the field of domestic allergy testing products, covering 56 kinds of IgE allergens and 80 kinds of food-specific IgG allergens.
At present, the company continues to increase investment in research and development, 13 new IgE allergies have been registered, and 25 allergies have been established. In the future, allergen single point detection and combined detection will cover 111allergy testing items. It is expected that with the increase of allergen types, the company's position in the industry is expected to be further consolidated. China's auto-immunity testing market is mainly occupied by overseas companies, and there is more room for import replacement in the future. Compared with imported manufacturers and traditional methodology, the company has more advantages in chemiluminescence technology platform. the fully automatic chemiluminescence technology of nano-magnetic particles can achieve accurate quantification, higher detection sensitivity, precision and efficiency, and significantly leading the test flux. and the operation is relatively simple, import substitution power is very sufficient, is expected to become a new growth point.
Increase investment in R & D and improve service capacity. The company continued to increase R & D investment, 2021H1 R & D investment of 12.84 million yuan (100%), an increase of 12.2% over the same period last year, accounting for 8.7% of revenue. The market of allergy testing and autoimmune testing in China started relatively late. At present, the types of allergens and antibodies that can be detected by medical institutions are still less than those in developed countries, and there is more room for expansion in the future. In addition, chemiluminescence is the main detection technology in foreign countries, while the technology of domestic enterprises is relatively backward, and there is more room for substitution in the future.
Profit forecast and investment advice. It is estimated that the EPS of the company from 2021 to 2023 is 1.65,2.14 and 2.73 yuan respectively, and the corresponding PE is 38 times, 29 times and 23 times respectively. The company is a leading enterprise in allergy and autoimmune testing in China, and is expected to continue to maintain rapid growth. Autoimmune testing takes the lead in introducing chemiluminescence autoimmune testing, accelerates import substitution, and is optimistic about the company's long-term development. maintain a "hold" rating.
Risk hints: the risk of policy change in the pharmaceutical industry; the risk that the development of innovative drugs is not as expected; the risk of order fluctuation.