share_log

科拓生物(300858):业绩企稳 静待扩能

Ketuo Biotech (300858): Performance is stable and needs to be expanded

Southwest Securities ·  Oct 23, 2023 16:00

Event: the company released its three-quarter report in 2023, with revenue of 220 million yuan in the first three quarters,-17.9% compared with the same period last year, and net profit of 70 million yuan, 16.9% compared with the same period last year. Q3 alone achieved 77.01 million yuan in revenue,-28.2% in the same period last year, and 31.67 million yuan in net profit in the first three quarters,-24.3% in the same period last year.

Downstream demand is gradually recovering, and the company's performance is expected to continue to improve. The company's performance fell in the third quarter compared with the same period last year, but there was a marked improvement compared with the second quarter, with revenue up 13.6% and net profit up 56.2%. The downstream demand of the company's compound food additive products gradually recovers, and the revenue gradually picks up; the business barrier of probiotics is high, and the domestic demand space is large. With the continuous recovery of downstream demand in the field of food additives and the continued increase in the revenue share of the probiotic business with high gross margin, the company's performance is expected to maintain growth.

In the construction capacity is rich, the performance growth space is big. The company's existing production capacity of compound food additives is 3500 tons / year, and the company is currently under construction of 10000 tons / year; the existing probiotic raw material bacterial powder production capacity of 30 tons / year, under construction capacity of 1200 tons / year; the production capacity of yoghurt starter under construction is 1200 tons / year; the company also has a plant microecological preparation production capacity of 1800 tons / year. After the full production of the project under construction, the production capacity of compound food additives, probiotic raw material powder and probiotic terminal consumer goods will be 3.9 times, 14.3 times and 13 times of the existing production capacity, respectively. The company's new layout capacity is larger, and the doubling expansion of production capacity will open up new space for the company's performance growth.

Domestic probiotic bibcock has a wide range of applications. Founded in 2003, the company specializes in the research and development of food formula, compound food additive formula and corresponding process technology, and has been engaged in the production and sales of compound food additives for a long time. Closely cooperate with downstream food production enterprises and provide or jointly develop food formula and corresponding technology, and establish good cooperative relations with China Mengniu Dairy and many other well-known dairy enterprises. The company pays attention to research and development, by the end of June 2022, the company has 76 invention patents (including 2 foreign patents), 19 utility model patents, a number of non-patent technologies, numerous product formulations, a large number of test data, lactic acid bacteria resource database data and a number of unique technology. The company has high-tech barriers brought by R & D and has broad prospects for future development.

Profit forecast and investment advice. It is estimated that the EPS from 2023 to 2025 will be 0.43,0.48,1.06yuan respectively, and the corresponding dynamic PE will be 46 times, 41 times and 18 times respectively. The company's new production line has been centrally put into production in the past 25 years, the production capacity has expanded rapidly, the downstream demand has gradually warmed up, the gross profit margin of the new production capacity is high, long-term layout, covering for the first time, and given a "hold" rating.

Risk tips: downstream demand is lower than expected, raw material prices rise sharply, production capacity is not as expected, and other risks.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
Comment Comment · Views 281

Recommended

Write a comment

Statement

This page is machine-translated. Futubull tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation.