The technical barrier of mass spectrometer is high, and the company is a leading high-tech company specializing in mass spectrometer R & D and production in China. Mass spectrometer is a high-end analytical instrument which integrates mechanical, electronic, vacuum, computer, optics and other cross-field technology. its research and development involves precision electronics, precision machinery, vacuum, software, automatic control and other technologies, as well as electronic optics, ion optics, physical chemistry and other disciplines, with high technical barriers. Under the leadership of the management represented by Dr. Zhou Zhen, the company's R & D team has mastered many key technologies of mass spectrometer through years of research and development, such as quality analyzer, ion source, sample injection system, data system and so on. 12 of the 14 core technologies have been applied industrially, and the remaining 2 are being industrialized, and now they have become the leading companies in the R & D and production of mass spectrometers in China.
Starting from environmental monitoring, the technical strength of the product is recognized. At present, the company's main products are SPIMS series and SPAMS series, which are mainly used in the on-line source analysis of air pollutants PM2.5 and VOCs. The company's income increased from 93 million yuan in 2017 to 312 million yuan in 2020, and CAGR49.7%, is obviously faster than companies in the same industry, indicating the strong competitiveness of the company's products.
Expanding into new areas such as medical testing, it is expected to become an integrated platform company. Relying on the accumulation of existing technology, the company is actively marching into the fields of medical treatment, food safety and so on. at present, it has developed a microbial mass spectrometer and is being popularized and verified in the market. At the same time, the company's technical service income continues to grow with the increase in the number of products sold and the enhancement of the company's technical strength. Compared with the development path of overseas leaders, service income is expected to expand rapidly and transform into an integrated platform company.
Profit forecast and investment advice. The results in 21-23 years are 1.22,1.77 and 2.44 yuan per share, respectively. As the company is a leading company in China, its products, technology and service capabilities have been verified in the field of environmental testing and are expanding into medical, food testing and other fields. There should be a certain leading premium. We think it is suitable to give the company a 22-year PE valuation of 45-55 times. The corresponding reasonable value range is 79.7-97.4 yuan per share.
Risk hint. The development and promotion of new products is not as expected; the risk of increased competition; the risk that some high-end components rely on imports.