Event: the company released its annual report of 2022, with annual revenue of 280 million yuan, down 39.63% from the same period last year; net profit of-63.3283 million yuan, deducting non-return net profit of-92.181 million yuan, turning from profit to loss compared with the same period last year. The company released a report for the first quarter of 2023, with revenue of 56.916 million yuan in the first quarter, an increase of 26.10% over the same period last year. The net profit of returning to the mother was-16.3617 million yuan, deducting the non-return net profit of-22.6677 million yuan, and the year-on-year loss expanded.
Comments:
In 22, revenue recognition was delayed due to the epidemic, and the recovery of the market in the first quarter led to a rebound in revenue: the year-on-year decline in revenue in 2022 was mainly due to factors such as poor logistics and inconvenient travel for personnel in 2022, which delayed the revenue recognition of goods issued by the company. and the periodic adjustment of government expenditure on environmental protection delayed the bidding process. The net profit of home ownership changed from profit to loss compared with the previous year, mainly due to the company's continuous increase in R & D resources and market resources in CMI series, LC-TQ series, GCMS series and other products. The revenue growth in the first quarter of 2023 was due to the recovery of the market and the timely execution of orders, while the decline in net profit was due to the company's increased investment in market and sales resources to meet the needs of market expansion and project operation in 2023.
Mass spectrometry research and development capability ranks first in China, breaking through key technologies and heavyweight products: the company is one of the few enterprises with independent research and development capability in the field of mass spectrometers in China. In 2022, R & D investment was 77.7049 million yuan, accounting for 27.73% of operating income, an increase of 47.97% over the same period last year. The company is still in the transitional stage of large investment in new product research and development and has not yet achieved large-scale sales, so the company will continue to increase R & D investment, break through key technologies and enrich product categories in 2022. By the end of 2022, the company has obtained a total of 50 domestic invention patents and 91 utility model patents. In 2022, the company completed a number of key technologies such as inductively coupled plasma discharge technology with high stability and high sensitivity. In terms of new product research and development, the company launched a number of important new products in December 2022, such as triple quadrupole LC-MS, GC-MS and so on.
The replacement of domestic mass spectrometers is accelerated, and the fund-raising project is expected to release production capacity: the company continues to promote the fund-raising project in 2022, and the expansion project of Guangzhou Hexin Mass Spectrometry industrialization Base is advancing normally, with a total investment of 56.8917 million yuan by the end of 2022; substantial progress has been made in some scientific research projects of R & D center construction projects, with a total investment of 46.9981 million yuan in 2022. The comprehensive service system construction project strengthens the company's localization service advantage, with a total investment of 39.8648 million yuan in 2022. In the future, as the fund-raising projects release new production capacity, it will boost the company's long-term performance growth.
Profit forecast, valuation and rating: considering the changes in the company's revenue structure during the recovery phase, we slightly lowered the company's homing net profit forecast for 23-24 to RMB 0.63 billion (the original forecast was RMB 0.64 billion, down 1.6% by 5.0% respectively), and introduced a 25-year net profit of RMB 127 million, corresponding to the current price of 23-25 PE, which is twice as much as 42-29-21. Considering that the company is one of the few domestic enterprises that have fully mastered the core technology of mass spectrometry, and has built technology and product barriers, we are optimistic about the long-term development of the company and maintain the "overweight" rating.
Risk tips: new product research and development failure or market promotion is not as expected; industrialization failure; intellectual property risk, etc.