Main points of investment

Event: recently, the company released its performance KuaiBao. During the reporting period, the company realized operating income of about 274 million yuan, an increase of 39.89% over the same period last year; realized net profit of about 60 million yuan, an increase of 33.81% over the same period last year; and realized net profit of 52 million yuan, an increase of 59.38% over the same period last year.

Comments: during the reporting period, the company's income and profit maintained rapid growth, and the year-on-year growth rate of net profit was affected by the proportion of non-recurrent profit and loss. In terms of specific business, standardized models and phenotypic analysis services are growing rapidly, and the company has successfully built an end-to-end integrated animal service system.

Profit forecast: the company focuses on CRO services such as research and development, sales and related pharmacodynamic phenotypes of genetically modified animal models. At present, the customer resources are rich, the sales model is mature, and a good market reputation has been formed. It is expected that the company's business is expected to achieve rapid growth. We adjust the profit forecast and expect the company's EPS to be 0.76,1.27,1.56 yuan in 2021-2023. Corresponding to February 25, 2022, the PE were 75.3X, 45.4X and 36.8X respectively, maintaining the "prudent overweight" rating.

Risk hints: order business operation and schedule are not as expected, technical iteration risk