Items:
On the evening of August 28, 2022, the company disclosed its semi-annual report for 2022. During the reporting period, the company achieved operating income of 156 million yuan, down 14.62% from the same period last year, and its net profit was 22.1 million yuan, down 35.18% from the same period last year. The basic EPS was 0.33 yuan, down 35.52% from the same period last year. Of this total, the operating income of single Q2 was 78 million yuan, down 23.95% from the same period last year, and the net profit returned to its mother was 10 million yuan, down 47.93% from the same period last year.
Comments:
Revenue and profits are greatly affected by the epidemic. We believe that the impact of the epidemic on the company in March-June is mainly shown in the following three aspects: 1) the company's production and R & D center is in Beijing, and the company's production and R & D center could not be fully employed for a period of time due to the epidemic, and delivery is restricted to a certain extent; some raw material manufacturers are located in Shanghai and cannot arrive in time due to the epidemic, which has a greater impact on production. 2) the location of the customer is affected by the epidemic control policy to varying degrees, and the door-to-door installation of maintenance engineers is restricted, which affects the product acceptance. 3) the purchasing cycle of raw materials at home and abroad has been lengthened, the prices of some raw materials are expected to rise, and the company has increased its inventory reserves by 24.5573 million yuan compared with the beginning of the year. As a result, income during the reporting period decreased by 14.62%. However, the salary of expense staff did not decrease during the main period, so the decline in net profit was higher than that of operating income, reaching 35.18%.
Investment in R & D has not been reduced, and technological innovation has been continuous. During the reporting period, the company invested 17.08 million yuan in research and development, an increase of 21.08% over the same period last year. Inductively coupled plasma mass spectrometer LabMS 3000 further improved the product performance and realized the repurchase of the semiconductor industry head chip manufacturer. The sample pretreatment instrument PT2000 automatic solid-liquid blowing and trapping instrument has been officially released. The new product solves the problems of cross contamination and residue in the application process, improves the software function, and is more suitable for domestic customers to operate. It is expected to bring revenue growth in the second half of the year. The research process of triple quadrupole tandem mass spectrometer is also advancing continuously. We expect that with the continuous increase of R & D investment, the company will continue to launch new products with high technical content and strong competitiveness in the future to speed up the process of domestic substitution.
Actively expand the market and deepen the layout of the industry. During the reporting period, the company set up an automatic intelligent analysis and testing department. Automatic intelligent analysis and detection has developed rapidly in recent years, and it is also the development direction of analysis and detection in the future. In order to speed up the entry into this field and enter more areas of analysis and testing, the company has expanded from traditional laboratory-based products to online testing and mobile testing, from a product-centric business model to a model of providing solutions through customer needs. We believe that on the basis of making use of the existing technologies and products in the company, the establishment of the new department is expected to promote the expansion and improvement of the company's existing sales system and personnel business, and rapidly increase regional and industry sales.
Investment suggestion: driven by the spring tide of scientific research and innovation in China, the market of experimental instruments has a broad prospect. With the advantages of domestic leading products and the performance growth brought about by the continuous expansion of new products, it is expected to become a substitute leader in China's scientific instrument industry in the future. We keep the original forecast unchanged, and expect the company to return to its parent net profit of 0.87,1.06 and 128 million yuan from 2022 to 2024, an increase of 25.2%, 22.0% and 20.9% over the same period last year. Referring to the valuation of comparable companies in the same industry, we value the company 41 times PE in 2022, with a target price of 53.3 yuan, maintaining a "push" rating.
Risk tips: domestic substitution is not as expected; competition in the industry is intensified; business development is not as expected; sales of mass spectrometer products are not as expected.