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力合科创(002243):科创服务深化布局 助力业绩增长

Lihe Kechuang (002243): deepening the layout of scientific and technological services to promote performance growth

東北證券 ·  Oct 28, 2021 00:00

Event: in the first three quarters of 2021, the company achieved revenue of 1.658 billion yuan, an increase of 17.35% over the same period last year, a net profit of 370 million yuan, an increase of 27.07% over the same period last year, and a deduction of 207 million yuan for non-net profit, an increase of 20.46% over the same period last year. Of this total, 21Q3 achieved revenue of 645 million yuan, an increase of 9.09% over the same period last year, a net profit of 183 million yuan, an increase of 24.94% over the same period last year, and a deduction of 85 million yuan for non-net profit, a decrease of 11.17% over the same period last year.

Comments:

The science and technology innovation service plate contributes the main performance increment. 2021Q3's revenue and net profit increased by 7.9% and 23.6%, respectively, compared with the previous month. Under the influence of rising costs such as raw materials, energy, freight and power constraints in the third quarter, the company's traditional business achieved month-on-month growth, while the park carrier sales and basic incubation services in the scientific and technological innovation service sector maintained a good growth trend, which strongly boosted the company's performance. Under the influence of the new round of financing valuation and stock price fluctuations in the secondary market, the profit and loss of fair value changes increased by 438% compared with the same period last year.

The gross profit margin declined month on month, and the expense rate decreased compared with the same period last year. The gross profit margin / net profit rate of the company's 21Q3 is 29.80% / 33.78% respectively, with a month-on-month change of-6.65 pct/ + 7.35 pct. The decrease in gross profit margin is mainly due to the increase in costs such as raw materials, and the increase in net interest rate is mainly due to the increase in net income from investment and changes in fair value. From the expense point of view, the expense rate in the first three quarters decreased by 0.16 pct to 22.47% compared with the same period last year, with sales / management / R & D / financial rates changing from-1.08 /-0.34 /-0.22 pct to 3.75% / 11.25% / 4.47% / 3.00% respectively.

Science and technology innovation service plate continues to deepen the layout, the steady development of new materials business. At present, about 70% of the company's revenue comes from the new materials business, and about 70% of the profits are contributed by the science and technology service sector. In terms of traditional business, the company strengthens its core competitiveness by extending the industrial chain and expanding product lines, while strengthening the scientific and technological services and industrial empowerment of the country's strategic emerging industries around the "double first-class" strategy, so as to promote the deep integration of industry-university-research. On October 27, the company announced that it will work with related parties to increase investment in Yunji science and technology to distribute "environmental antibody" materials, and to participate in the establishment of venture capital funds to promote the transformation of scientific and technological achievements, promote the development of science and technology enterprises, and contribute to the increment of performance for the company.

Profit forecast: taking into account the impact of rising costs and power cuts to reduce the profit forecast and target price, it is estimated that the EPS in 2021-2023 will be 0.46 / 0.51 / 0.57 yuan, and the current stock price corresponds to 19.35 / 17.29 PE 15.71x. Maintain a "buy" rating.

Risk tips: new business expansion is not as expected, raw material prices fluctuate.

The translation is provided by third-party software.


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