今年外部经济环境不确定性增加，生物医药行业投融资趋紧，公司积极克服外部因素影响，短期业绩表现承压。从收入端来看，2023Q1和2023Q2 公司分别实现营业收入1.32 亿元和1.63 亿元，2023Q2环比2023Q1 增长23.41%，去年同期核酸检测用磁珠产品实现营业收入0.35 亿元，今年同期已无相关业务收入，如果剔除核酸检测用磁珠产品影响，2023H1 营业收入同比增长14.04%。从利润端来看，今年上半年股份支付费用摊销金额为0.63 亿元，比去年同期增加0.50 亿元，去年同期收购赛谱仪器确认投资收益0.52 亿元，今年同期已无相关投资收益，如果剔除以上两项因素影响，2023H1 公司实现归母净利润0.94 亿元，同比下滑25.50%，实现扣非归母净利润0.81 亿元，同比下滑29.31%。Incidents:
On August 24, 2023, the company released the 2023 Interim Report. 2023H1 achieved operating income of 295 million yuan, an increase of 0.45% year on year; realized net profit of 32 million yuan, a year-on-year decrease of 80.72%; realized net profit of non-return net profit of 119 million yuan, a year-on-year decrease of 81.16%. In a single quarter, 2023Q2 achieved operating income of 163 million yuan, an increase of 6.59% over the previous year; realized net profit of 119 million yuan, a year-on-year decrease of 81.31%.
Performance is under pressure, and non-recurring factors have a lot of influence.
Uncertainty about the external economic environment has increased this year, investment and financing in the biomedical industry has been tightened, the company has actively overcome the influence of external factors, and short-term performance is under pressure. Looking at the revenue side, 2023Q1 and 2023Q2 companies achieved revenue of 132 million yuan and 163 million yuan respectively. 2023Q2 increased 23.41% from 2023Q1, and magnetic bead products for nucleic acid testing achieved revenue of 35 million yuan in the same period last year. There was no relevant business revenue for the same period this year. If the impact of nucleic acid testing magnetic bead products is excluded, 2023H1's revenue increased 14.04% year on year. Looking at the profit side, the amortization amount of stock payments in the first half of this year was 63 million yuan, an increase of 50 million yuan over the same period last year. The acquisition of Spectrum Instruments in the same period last year confirmed investment income of 52 million yuan. There was no relevant investment income for the same period this year. If the above two factors are excluded, 2023H1 achieved a net profit of 94 million yuan, a year-on-year decrease of 25.50%, and achieved net profit of 81 million yuan, a year-on-year decrease of 29.31% over the same period last year.
Focusing on the biomedical industry, reserve projects are constantly increasing.
The company attaches great importance to the biomedical market opportunities. The 2023H1 biomedical sector achieved revenue of 270 million yuan, an increase of 12.09% over the previous year; among them, chromatographic fillers and chromatographic media products achieved sales revenue of 211 million yuan, an increase of 5.45% over the previous year, accounting for 71.46%, an increase of 3.51 pct over the previous year. Depending on the R&D stage, commercial production or phase III clinical phase projects achieved sales revenue of 104 million yuan, accounting for 49.15%, an increase of 8.10 pct over the previous year. According to different drug types, the macromolecule drug project achieved sales revenue of 141 million yuan, an increase of 6.73% over the previous year, and the small molecule drug project achieved sales revenue of 58 million yuan, a year-on-year decrease of 9.92%. In the first half of 2023, the company added 630 new applications of chromatographic fillers and chromatography media, accounting for about 22% of the company's total application statistics, including 598 pre-clinical research projects, 7 clinical phase 1 projects, 10 clinical phase II projects, 12 clinical phase III projects, and 3 commercial projects. We believe that the company has deep experience in the biomedical field, and that its chromatographic fillers and chromatographic media products have successfully broken the monopoly of importers. As reserve projects continue to increase, long-term development is worth looking forward to.
Endogeny+epitaxial are in parallel to maintain high investment intensity.
From an endogenous perspective, the company maintained a high level of R&D investment. 2023H1 R&D expenses reached 83 million yuan, up 112.95% year on year; if the impact of share payments was excluded, the year-on-year increase was 69.55%; 2023H1 R&D expenses accounted for 28.24% of operating income, an increase of 14.92 pct over the same period last year; by the end of June 2023, the company's R&D team reached 212 people, an increase of 27 over the same period last year; it is expected that in the second half of the year, a new generation of hybrid silicone chromatography fillers, new soft gel Protein A Many important new products, such as affinity chromatography media, have been marketed and sold.
Judging from the extension, following the acquisition of Cypress last year, the company announced in June 2023 that it would acquire 44.80% of the shares of Fuli Instruments and enter the chromatography field. We believe that if the company's endogeny and extension go hand in hand and maintain a high investment pace, the product line is expected to expand in depth and breadth, and maintain market competitiveness over a long period of time.
Investment advice:
We expect the company's operating income from 2023 to 2025 to be 797 million yuan, 1,056 million yuan, and 1,351 million yuan respectively, and net profit to parent to be 156 million yuan, 256 million yuan, and 377 million yuan respectively. The corresponding PE is 88.4 times, 53.9 times, and 36.6 times, respectively. Since there are many non-recurring disruptive factors in 2023, we believe that the profit forecast for 2024 is of greater reference significance. Considering the high growth of the industry and the company, and also referring to historical valuation levels, we gave 70 times PE in 2024, corresponding to a target price of 44.10 yuan for 12 months, and an investment rating of -A for increase in holdings.
Risk warning: uncertain investment and financing environment; new project expansion falling short of expectations; risk of failure in new product development.
