The company released its annual report that revenue maintained rapid growth and net profit was lower than expected. The 21-year revenue was 464 million yuan, an increase of 48.66% over the same period last year. In the same period, the net profit returned to the mother was 79 million yuan, up 13.13% over the same period last year. The net profit from non-return to the mother was 44 million yuan, down 14.29% from the same period last year. The net cash flow generated by operating activities was 15 million yuan, down 76.71% from the same period last year.
The gross profit margin is under pressure and the product structure has been improved. The company's comprehensive gross profit margin in 21 years was 51.67%, a decrease of 12.81pct compared with the same period last year, mainly due to the increase in the company's general contracting projects, resulting in a decline in gross profit margin. From the perspective of the company's revenue structure, the revenue of environmental protection online monitoring instruments, which accounts for a large proportion of revenue, increased by 45.08% compared with the same period last year, and the gross profit margin decreased by 12.58pct; the revenue from data analysis services increased by 11.28%, and the gross profit margin decreased by 11.51pct. At the same time, the growth rate of new business is relatively fast, the revenue of medical equipment and consumable materials increased by 384.49% compared with the same period last year, and the laboratory analytical instruments increased by 1229.33% over the same period last year.
Continue to invest in research and development, the future can be looked forward to. In the past 21 years, the company has expanded its R & D personnel to 167, accounting for 21.19% of the total number of employees, and has newly applied for 35 domestic invention patents and 15 utility model patents.
From the point of view of the projects under research, the products outside the field of environmental protection have made some progress, and the "triple quadrupole tandem mass spectrometer" for drug research and development and clinical detection is in the engineering prototype stage and has entered the stage of development and trial promotion; the "laser resonance time-of-flight mass spectrometer" and "W-type time-of-flight mass spectrometer" for isotope analysis in the environment, geology, aerospace, life sciences and other fields have continuously made breakthroughs.
Profit forecast and investment advice. It is expected that the performance in 22-24 years will be 1.29,1.50,1.69 yuan per share respectively. As the company is the leading company of mass spectrometer in China, its product, technology and service capabilities have been verified in the field of environmental testing, and new fields such as medical treatment, food testing, geology, aerospace and life sciences continue to be developed. It is expected to contribute considerable performance in the future. We give the company a 22-year PE valuation of 30 times. Corresponding to the fair value of 38.70 yuan per share, given a "buy" rating.
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.