Event
The company announced on the evening of June 16 that the board of directors approved the signing of the "entry Agreement" with the Management Committee of Fuyang Economic and technological Development Zone to invest in the construction of "Zhejiang Tailin Biotechnology Co., Ltd. Biological New Materials and Precision Intelligence Project" (hereinafter referred to as "the project") in Dongzhou New area of Fuyang Economic and technological Development Zone. The land area of the project is about 50 mu (the final land area is subject to the land listing documents), and the total investment of the project is 500 million yuan.
Brief comment
Capital expenditure plan to strengthen the layout of life and health industry chain Fuyang project's main products include high-end membrane separation technology products, high-end medical biomaterials and components, IVD reagent materials and so on. After the completion of the project, the annual output of 3000 sets of new biological materials and precision intelligent equipment. After the project reaches production, the annual output value is not less than 8.5 million yuan per mu, is expected to be 500 million yuan, the annual tax is not less than 500,000 yuan / mu, and the tax is not less than 25 million yuan according to the area of 50 mu. The investment in fixed assets of the project is not less than 5 million yuan / mu, which is calculated as not less than 250 million yuan per mu. The project will start construction within 6 months after the signing of the agreement, and will be completed and put into production within 24 months. From 2019 to 2021, the average ratio of revenue to fixed assets is 2.0,0.330.51), and the average ratio of net profit to the original value of fixed assets is 0.430.According to the estimate of 250 million increase in fixed assets, the estimated new operating income is about 500 million yuan and the net profit is about 110 million yuan.
NC membrane is successfully mass produced and is expected to benefit from domestic substitution.
In March, the company successfully realized the mass production of NC membrane (nitrocellulose membrane). In immunochromatographic diagnostic reagents, NC membrane is not only used as the carrier of Cramp T line, but also the place of immune reaction, and is one of the key raw materials of antigen detection products. Because of its high technical barriers, there are not many NC film manufacturers at home and abroad, and the production capacity is seriously insufficient. Tailin Life Sciences established a project at the beginning of 2020 to tackle the development of NC membrane for immunochromatographic diagnosis, through close cooperation with downstream well-known IVD manufacturers, after a large number of repeated tests and optimization, finally achieved mass production of NC membrane in March this year, and it is reported that the main functions and key performance indicators are excellent, and can achieve domestic substitution of imported NC membrane.
Actively distribute the equipment consumables of the cell therapy industry chain
The company announced in January 2021 that it had changed its original fund-raising project, carried out convertible bond financing at the same time, and planned to invest 300 million yuan to build an industrial equipment manufacturing base for cell therapy. The products mainly include cell preparation workstation, cell aseptic sub-assembly workstation and matching consumables, honeycomb cell culture equipment, intelligent cell incubator, automatic aseptic detection and culture system, etc., which is expected to be put into production in 2024 and reach production by 2027. The after-tax internal rate of return is 27.19%. The company has carried out research and development of cell therapy workstations and other equipment for 5 years, and applied for 17 patents, of which 8 have been authorized. Since 2018, the company's cell workstations and other products have been sold on a small scale.
With the introduction of the equity incentive plan and binding of core interests, the company launched a draft equity incentive plan on April 18, granting a price of 41.66 yuan, with a total size of 2% of the total equity. In terms of performance evaluation, based on 2021 income and profit, 2022-2024 assessment income and profit increased by 40%, 80% and 120% respectively compared with 2021, and the growth rate was relatively higher in income and profit growth. The equity incentive plan is expected to amortize 1363 yuan, 1649 yuan, 806 yuan and 2.31 million yuan respectively from 2022 to 2025.
Profit forecast and investment rating
We estimate that the company's operating income in 2022, 2023 and 2024 will be 5.2,7.0 and 910 million yuan respectively, and its net profit will be 1.2,1.6 and 200 million yuan respectively, with corresponding growth rates of 89%, 32% and 26% respectively, corresponding to 28 times, 22 times and 17 times of PE.
Risk hint
New technology development risk, market expansion risk, industry competition aggravating risk, industry policy risk and so on.