Event: on the evening of April 28, the company released its first quarterly report of 2022.
The high increase in performance is in line with expectations. In 2022, Q1 deducted non-home net profit increased by 50% over the same period last year. The total revenue of 2022 Q1 company was about 71.53 million yuan, an increase of 49% over the same period last year; the net profit was about 13.93 million yuan, an increase of 45% over the same period last year, and the net profit after deducting non-return was about 13.68 million yuan, an increase of 50% over the same period last year. We believe that the improvement of 2022Q1 profitability is mainly due to the continued superposition of some epidemic factors in the biomedical industry, and the further increase in demand for related products such as the company's isolator technology series, organic analysis series, sterilization series and so on, and the overall performance is in line with expectations.
The ability of cost control was further enhanced, with 2021Q1 down about 7.8% compared with 2020Q1. 2022Q1's gross profit margin on sales / net profit margin on sales was about 57% and 19%, respectively, down 5.5/0.5pct from the same period last year. The cost rate during the period decreased from 42.88% to 35.05% compared with 2021Q1, a decrease of 7.83pct compared with the same period last year. According to the breakdown, the sales / management / R & D / financial expense rate of 2022Q1 is 10.9%, 8.7%, 19.2%, 3.7%, respectively, which is lower than the same period last year, and the ability of cost control and control is further improved.
National level to promote COVID-19 antigen self-test, if the follow-up frequency gradually increase, NC film market space elasticity!
NC membrane is one of the most important materials in COVID-19 's detection kit. According to our estimation, the cost of NC membrane in each kit is about 0.1yuan. In the short term, taking Shanghai as an example, it is estimated that the space of NC membrane market will increase by about 40 million / month in 2022 (equivalent to about 480 million / year). In March 2022, the National Health Commission issued the notice on issuing novel coronavirus Antigen Detection Application Program (trial). It is formally proposed to add antigen detection as a supplement on the basis of nucleic acid testing. From a medium-and long-term perspective, the market scale of NC membrane in COVID-19 self-testing is expected to reach 3.4 billion / year.
NC membrane + cell workstation two-wheel drive, 2022 high performance growth with strong certainty!
NC membrane is mainly imported, promoted by COVID-19 antigen self-test, the global supply and demand of NC membrane is tight, and the opportunity of domestic substitution appears. The company has been researching and developing in the field of microporous membrane for more than ten years, and its technology occupies the international advanced level, and it successfully realized small batch production of NC membrane in March this year. At present, the company's NC membrane is recognized by sample customers, and domestic substitution is expected to go further. We believe that the NC membrane will have a great increase in the company's performance in 2022. From the higher contract debt / total asset ratio at the end of 2021, we expect the company's performance to improve in 2022 with strong certainty, which is expected to form a two-wheel drive situation of NC membrane + cell workstation.
Profit forecast
It is estimated that the company's homing net profit from 2022 to 2024 will be 1.6 million yuan, 2.1 billion yuan, an increase of 153% over the same period last year, 30% and 21%, corresponding to Pamp E 23, 18max 15X. Under the epidemic, the supply and demand of NC membrane is tight, and the gradual release of the company's new NC film is expected to further boost the company's performance and maintain the company's "buy" rating.
Risk hint
1) the competition in the NC film market worsened and the price fluctuated sharply; 2) the development of the downstream COVID-19 self-test market was not as expected.