Description of the event
The company published its 2022 annual report and the first quarterly report of 2023. In 2022, the company achieved operating income of 706 million yuan (+58.1%), net profit of 275 million yuan (+46.3%), and net profit of 197 million yuan (+14.5%) after deducting non-return mother's net profit. In the single quarter of 2023Q1, the company achieved revenue of 132 million yuan (-6.2%), net profit of 12.36 million yuan (-79.7%), and net profit of 5.99 million yuan (-89.4%) after deducting non-return mother's net profit.
Incident comments
There was rapid growth in 2022, and new products were actively deployed. In 2022, the company achieved revenue of 706 million yuan, an increase of 58.1% over the previous year, gross margin was 78.6%, a decrease of 5.3 pct. The main reason was the increase in the share of protein chromatography systems and accessories business with low gross margin. Looking at the specific business split: 1) chromatographic fillers and chromatography media products achieved revenue of 452 million yuan, up 29.6% year on year, gross margin of 84.7%; 2) Protein chromatography systems and accessories (chromatographic instrument business) achieved revenue of 80.36 million yuan, up 1314.9% year on year, gross margin of 50.3%; 3) Liquid chromatography columns and sample preparation products achieved revenue of 45.74 million yuan, up 44.5% year on year, gross margin was 74.4%; 4) IVD microspheres achieved revenue of 73.54 million yuan, a big increase of 364.4% over the previous year 5%, gross margin is 78.4% ; 5) Separation and purification technology services achieved revenue of 9.51 million yuan, a sharp increase of 226.0% over the previous year, with a gross margin of 80.0%; 6) Microsphere products used in the optoelectronics sector achieved revenue of 34.33 million yuan, a year-on-year decrease of 8.9%. In 2022, the company achieved net profit of 275 million yuan, an increase of 46.3% over the previous year. Among them, the impact of share payments on Guimo's net profit was 62.37 million yuan. In 2022, the company successively launched new products such as the protein A affinity chromatography medium UniMAB @EXE, the ion exchange chromatography medium nanoGelTM-50QHC, and the mRNA affinity chromatography medium NanoGel DT20 to continuously meet user needs and consolidate its advantages in the field of chromatographic fillers.
Affected by the decline in demand for magnetic beads for testing, 2023Q1 will be under pressure in the short term. With 2023Q1, the company achieved revenue of 132 million yuan, a year-on-year decrease of 6.2%. Among them, revenue from magnetic beads for nucleic acid testing decreased by about 15.63 million yuan; M1-3 revenue was 16.23 million yuan, 43.57 million yuan, and 72.32 million yuan respectively, showing a month-on-month upward trend. In 2023Q1, the company achieved net profit of 12.36 million yuan, a year-on-year decrease of 79.7%. Among them, the impact of share payment fees on Guimo's net profit was 32.95 million yuan.
The number of projects continues to increase, and domestic alternatives are constantly being verified. In 2022, the number of customers that the company produced chromatographic fillers and chromatography media products sold was 611, an increase of 111 over the previous year; the revenue of chromatographic fillers and chromatography media applied to pharmaceutical companies' official production or phase 111 clinical projects was about 264 million yuan, accounting for 58.4% of total filler revenue, an increase of about 11 pct over the previous year. Furthermore, in 2022, the number of application projects for various stages of the company's fillers increased markedly, accounting for about 928 project applications in the direction of antibodies, vaccines, blood products, enzymes, etc., accounting for 41.5% of the company's cumulative number of clinical projects. 111 The number of scheduled projects is 35 (total 90), and the number of commercialized projects is 58 (total 195). With the continuous increase in mentoring programs and the development of existing programs from early clinical to late clinical stages, the amount of fillers used by the company will continue to increase.
Profit forecast and investment advice: The company's revenue for 2023-2025 is estimated to be 958 million yuan, 1,260 million yuan and 1,649 million yuan, up 35.7%, 31.5% and 30.8% over the previous year, while the net profit of the mother is 349 million yuan, 491 million yuan, and 674 million yuan, up 27.0%, 40.6%, and 37.3% year-on-year. The current stock price corresponding to PE is 51, 36, 26 times, respectively, maintaining the “buy” rating.
Risk warning
1. If the development of biopharmaceuticals falls short of expectations, it will affect the company's performance; 2. If the company's core technical personnel are lost, it will affect the company's R&D capabilities.