Jia Biyou (688089) 2023 Interim Report Review: Q2 Revenue Increased 16%, Long-term Upward Logic Remain Unchanged

國元證券 · Sep 1, 2023 00:00

事件

公司公告2023 年中报。2023H1，公司实现总营收1.99 亿元（+16.13%），归母净利0.35 亿元（-30.34%），扣非归母净利0.23 亿元（-36.50%）。23Q2单季，公司实现总营收1.11 亿元（+16.10%），归母净利0.21 亿元（-23.36%），扣非归母净利0.15 亿元（-29.14%）。

新国标实施，国内ARA&DHA 收入高增

2023H1 公司境内/境外收入分别为1.29/0.60 亿元，同比+50.18%/-25.66%，国内收入高增主要得益于新国标实施，带动国内ARA&DHA 收入增长。

利润率主要受短期因素影响，23Q2 毛利率已环比改善1）23Q2 毛利率环比改善。2023H1，公司毛利率为41.04%，同比-4.42pct，23Q2，公司毛利率为43.16%，同比-0.74pct，环比+4.80pct，上半年毛利率下滑主要受客户结构变化影响，23Q2 环比已现改善。

2）上半年归母净利率主要受短期因素影响。2023H1，公司归母净利率为17.53%，同比-11.70pct，主要由于毛利率同比-4.42pct、财务费用率同比+3.88pct、资产减值损失和信用减值损失增加（收入占比分别同比+2.40/+2.19pct）、营业外收入和其他收益减少（收入占比分别同比-1.23/-1.09pct），财务费用主要为汇率波动产生的汇兑损益，其他收益变动主要为政府补贴本期减少，营业外收入变动主要为帝斯曼补偿款减少。

3）23Q2 归母净利率环比改善2.20pct。23Q2，公司归母净利率为18.50%，同比-9.53pct，环比+2.20pct，同比下降主要由于财务费用率同比+6.20pct、资产减值损失和信用减值损失增加（收入占比分别同比+4.40/+1.69pct）、营业外收入和其他收益减少（收入占比分别同比-1.48/-1.75pct）。

国内外双重机遇下，ARA&DHA 基石产品需求有望增长1）奶粉新国标落地，ARA&DHA 需求高。奶粉新国标，已于2023 年2 月22 日正式实施，对于ARA&DHA 的添加要求提高，需求有望稳步增长。

2）藻油DHA 对鱼油DHA 替代有望加速。公司藻油DHA 均在密闭、洁净、可控的环境中培育，在日本排海情况下，或将加速对鱼油DHA 替代。

3）DHA 纳入保健食品原料目录，新增应用领域。2023 年6 月，DHA 纳入保健食品原料目录，为其在保健食品上的应用打开了法规通道。

4）帝斯曼主要专利到期，ARA 海外增长空间大。2023 年6 月，帝斯曼全球ARA 主要专利到期，未来公司海外ARA 市占率有望进一步提升。

投资建议

公司是国内ARA&DHA 行业领先企业，以合成生物学技术立身，受益于23年奶粉新国标落地、帝斯曼ARA 全球专利到期，长期向上逻辑不改。我们预计公司23/24/25 年归母净利润为1.01/1.48/1.88 亿元，增速57.45%/46.25%/ 26.82%，对应8 月31 日PE36/24/19 倍（市值36 亿元），维持“买入”评级。

风险提示

食品安全风险、市场竞争加剧风险、政策调整风险。

Event

The company announces its mid-year report in 2023. 2023H1, the company realized total revenue of 199 million yuan (+ 16.13%), net profit of 35 million yuan (- 30.34%), and non-return net profit of 23 million yuan (- 36.50%). In a single quarter of 23Q2, the company achieved a total revenue of 111 million yuan (+ 16.10%), a net profit of 21 million yuan (- 23.36%) and a non-return net profit of 15 million yuan (- 29.14%).

The implementation of the new national standard has led to a high increase in domestic ARA&DHA income.

The domestic and overseas income of 2023H1 company is 1.290.60 million yuan, which is + 50.18% and 25.66% respectively compared with the same period last year. The high increase in domestic income is mainly due to the implementation of the new national standard, which leads to the growth of domestic ARA&DHA income.

Profit margin is mainly affected by short-term factors, 23Q2 gross profit margin has improved month-on-month. 1) 23Q2 gross margin month-on-month improvement. 2023H1, the gross profit margin of the company is 41.04%, year-on-year-4.42pctMagne23Q2, the gross profit margin of the company is 43.16%, year-on-year-0.74pct, month-on-month + 4.80pct. The decline in gross profit margin in the first half of the year is mainly affected by changes in customer structure, and 23Q2 has improved.

2) the net interest rate of homing in the first half of the year is mainly affected by short-term factors. 2023H1, the company's parent net interest rate is 17.53%, year-on-year-11.70pct, mainly due to gross profit margin year-on-year-4.42pct, financial expense rate year-on-year + 3.88pct, asset impairment loss and credit impairment loss increased (income share year-on-year + 2.40/+2.19pct), non-operating income and other income decreased (income share year-on-year-1.23/-1.09pct). Financial expenses are mainly exchange gains and losses caused by exchange rate fluctuations. The change of other income is mainly the decrease of government subsidy in the current period, and the change of non-operating income is mainly the decrease of DSM compensation.

3) 23Q2 homing net interest rate improved 2.20pct compared with the previous month. 23Q2, the company's parent net interest rate is 18.50%, year-on-year-9.53pct, month-on-year + 2.20pct, year-on-year decline is mainly due to the financial expense rate year-on-year + 6.20pct, asset impairment loss and credit impairment loss increased (revenue share year-on-year + 4.40/+1.69pct), non-operating income and other income decreased (income share year-on-year-1.48/-1.75pct).

Under the double opportunities at home and abroad, the demand for ARA&DHA cornerstone products is expected to increase. 1) the new national standard of milk powder has landed, and the demand for ARA&DHA is high. The new national standard of milk powder has been formally implemented on February 22, 2023, and the demand for the addition of ARA&DHA is expected to increase steadily.

2) the substitution of algae oil DHA for fish oil DHA is expected to be accelerated. The algal oil DHA of the company is cultivated in a closed, clean and controllable environment. In the case of sea discharge in Japan, the replacement of fish oil DHA may be accelerated.

3) DHA is included in the raw material catalogue of health food and new application fields are added. In June 2023, DHA was included in the list of health food raw materials, opening a legal channel for its application in health food.

4) DSM's main patents expire, and there is a lot of room for overseas growth of ARA. In June 2023, DSM global ARA major patents expire, and the company's overseas ARA market share is expected to further increase in the future.

Investment suggestion

The company is a leading company in the domestic ARA&DHA industry, based on synthetic biology technology, benefiting from the 23-year landing of the new national standard for milk powder, DSM ARA global patent expiration, long-term upward logic. We expect the company's annual return net profit on 23-24-25 to be RMB 1.01 trillion, representing a growth rate of 57.45% and 46.25% / 26.82%, corresponding to PE36/24/19 times (market capitalization 3.6 billion yuan) on August 31, maintaining the "buy" rating.

Risk hint

Food safety risk, market competition aggravating risk, policy adjustment risk.

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嘉必优(688089)2023年中报点评：Q2收入增16% 长期向上逻辑不改

Jia Biyou (688089) 2023 Interim Report Review: Q2 Revenue Increased 16%, Long-term Upward Logic Remain Unchanged

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