Incident Overview
The company announced its 2022 annual report: it achieved revenue of 706 million yuan in 2022, an increase of 58.14% over the previous year; realized net profit of 275 million yuan, an increase of 46.27% over the previous year; and achieved net profit of 197 million yuan after deducting non-return mother's net profit, an increase of 14.46% over the previous year.
At the same time, the company announced the first quarter report of 2023:2023Q1 achieved revenue of 132 million yuan, a decrease of 6.21% over the previous year; the net profit of the mother was 12.36 million yuan, a decrease of 79.71% over the previous year; after deducting the net profit of the non-return mother was 5.99 million yuan, a decrease of 89.35% over the previous year.
Affected by quarterly fluctuations in COVID-19 business and project delivery, the company achieved revenue of 132 million yuan in 2023Q1 in 2023Q1, a decrease of 6.21% over the previous year; Guimu's net profit was 12.36 million yuan, a decrease of 79.71% over the previous year. After adjustments, excluding share payment fees, the company's net profit for 2023Q1 was 45.31 million yuan, a year-on-year decrease of 25.68%. We judge that the main reason for the pressure on Q1 performance was due to the decline in revenue from the COVID-19 business, as well as fluctuations in quarterly performance of project delivery and the impact of increased R&D investment. The company's revenue from Q1 nucleic acid testing magnetic beads decreased by about 15.63 million yuan compared to the same period last year, accounting for 11.09% of operating revenue for the same period last year. At the same time, Q1 R&D investment was 3.89 million yuan, an increase of 136.89% over the same period last year.
The core business grew rapidly with high investment in R&D. Project reserves were abundant. In 2022, the company's sales revenue of chromatographic fillers and chromatography media products was 452 million yuan, an increase of 29.58% over the previous year, of which sales revenue from commercialized or clinical phase III projects was about 264 million yuan, accounting for an increase of about 11 percentage points over the previous year; the number of customers that generated sales of chromatographic fillers and chromatography media products throughout the year was 611, an increase of 111 over the previous year; the number of chromatographic fillers and chromatography media introduced into various stages of application projects throughout the year was about 928 project applications, accounting for about 928 project applications, accounting for about 928 project applications, accounting for about 928 project applications, accounting for about 928 project applications, accounting for about 928 project applications, accounting for about 928 project applications, accounting for about 928 project applications The total number of projects in the company's cumulative application history is about 41.52%. We judge that the company is speeding up the process of replacing domestic production at the filler end in terms of the quality and quantity of the project. At the same time, the company increased investment in R&D. The R&D cost in 2022 was 117 million yuan, an increase of 77.12% over the previous year. It successively launched UniMab, a core-shell type soft and hard rubber combined with Protein A affinity chromatography medium. New products such as EXE and UniGel-65Q HC, a next-generation anion-exchange chromatography medium, have laid a solid foundation for the company to maintain its product advantages.
Profit forecasts and investment advice
Considering the pressure on the company's 2023Q1 performance, we adjusted the company's performance forecast and added the 2025 profit forecast: 2023-2025 revenue was 9940/1,189/1,466 million yuan respectively (previous values were 951/1277/100 million yuan respectively); 2023-2025 EPS was 0.89/1.09/1.32 yuan respectively (previous value was 0.87/1.18/-yuan respectively). For 2023-2025, it should be 42/02325 44.10 yuan/share price, 2023-2025 PE 49/40/33 times, respectively, maintaining the company's “increase in holdings” rating.
Risk warning
Increased market competition risks, risk of new product development failure or inability to industrialize, risk of changes in industry policies, etc.