Main points of investment
Recently, the company has carried out technology layout, purchased technologies and assets related to stevioside microbial enzyme conversion and set up a subsidiary, which is conducive to the efficient extraction of scarce RD/RM; in cooperation with Jiangnan University for the research and development of microbial synthesis technology of natural sweeteners, effectively ensuring technological advances and supply chain stability, and maintaining long-term competitive advantage.
Event: cooperation with Jiangnan University on the research and development of microbial synthesis technology and industrialization of natural sweeteners the company and Jiangnan University have reached cooperation and signed relevant agreements on the development of efficient microbial synthesis of natural sweeteners, such as mogroside, and signed relevant agreements to rapidly promote the development, application and industrialization of technologies related to synthetic biology in the field of natural sweeteners. The term of this contract is 5 years (December 1, 22-December 1, 27). The total cost of technology development is 12 million yuan, with an annual payment of 2.4 million yuan.
The company's project is carried out by the Academician team of the School of Biological Engineering of Jiangnan University and the Future Food Science Center, whose team is mainly engaged in synthetic biotechnology in the field of food. it has strong R & D ability and technical level in the research direction of synthetic biology.
The company carries on the technology layout to ensure the advanced technology and the stability of the supply chain, and maintain the long-term competitive advantage. 1) layout enzyme conversion method to improve the conversion rate of scarce RD/RM, enrich product formula to meet more customer needs. The company previously purchased stevioside microbial enzyme conversion related technology and assets and set up a subsidiary, proposed to build a fermentation production workshop, and with the company's separation, purification and other extraction related processes to effectively play a synergistic effect and improve the rate of return on assets. Because the content of RD/RM in natural sweetener is scarce, but the taste quality is the best, and the price is 3-5 times that of other glycosides, but its content in stevia is low, and the yield of extracted product is low, which is not conducive to cost control.
Enzyme conversion technology can help companies improve the yield of RD/RM with lower cost, provide more solutions for the compounding of the company's natural sweeteners, meet the order needs of more customers, enhance more space for formula optimization, enhance the competitive advantage of products, and ensure the company's advanced technology.
2) the microbial synthesis technology cooperated with Jiangnan University will be arranged in advance. At present, it is still in the stage of development, but the technical route has run smoothly, and it is expected to achieve industrialization under the cooperation of Jiangnan University. The company continues to lay out at the technical level, effectively ensuring the stability of supply (stable quality + stable quantity), at the same time, it can help the company to reduce costs and increase efficiency, and can guarantee the company's technological advantages for a long time, laying a solid foundation for the company's long-term development.
Maintain the buy rating. Continue to be optimistic about the company's long-term growth, 23 years of new customer orders are expected to bring new catalysis, industrial marijuana to open up the space for follow-up growth. We believe that the current company has a high margin of safety and continue to focus on recommendation.
According to the company's 22Q3 performance, we slightly adjust the company's profit forecast. It is estimated that the realized income from 2022 to 2024 will be 1545,2314,3465 million yuan respectively, an increase of 47%, 50% and 50% respectively over the same period last year. The net profit of home ownership will be 573 million yuan, 112%, 49% and 52% respectively. It is estimated that the EPS of 22-24 years is 0.340.51 and the corresponding PE is 31.10, 20.80 and 13.66 times, respectively.
Risk tips: order expansion is not as expected, market development is not as expected, industry competition is intensified, etc.
