Event: the company released its semi-annual report for 2023, with an operating income of 190 million yuan, an increase of 4.6% over the same period last year, a net profit of 30 million yuan for shareholders belonging to the parent company, a decrease of 38.5% over the same period last year, and a net profit of 30 million yuan after deduction, a decrease of 35% over the same period last year.
Weak end demand in the industry affects performance. From a quarterly point of view, the company's 2023Q1/Q2 single-quarter operating income is 0.9 million yuan (- 5.9% Universe 16%), and its net profit is 0.17 million yuan (- 44.4% Universe 29%) respectively. The reason for the decline in the company's profits in the second quarter is mainly due to the rapid growth of the company's managers and R & D personnel, the rapid increase in personnel salary expenditure, and the share payment fee of about 3.62 million yuan. From the perspective of profitability, the company's H1 gross profit margin in 2023 is 59.5% (- 0.2pp), the sales expense rate is 8.2% (+ 1pp), and the management expense rate is 16.9% (+ 4.6pp). This is mainly due to the rapid growth of the company's managers and R & D personnel, and the rapid increase in personnel salary expenditure. The net interest rate is 16.7% (- 11.7pp) and the R & D expense rate is 14.2% (+ 4.7pp), which is mainly due to the company's increased investment in R & D.
The life science plate is growing rapidly, and the category of self-research is gradually improving. The growth rate of the company's operating income slowed down, with less sales revenue in January this year and a higher base in June last year, resulting in a slowdown in revenue growth in the first half of this year compared with the same period last year. In addition, the income of specific products such as streptavidin and guanidine isothiocyanate accounted for a relatively high proportion last year, which also affected the growth rate of operating income this year. Excluding the revenue from the above-mentioned specific products, the real growth rate in the first half of 2023 is 21.2%. The follow-up company is expected to continue to invest in the research and development of the life sciences sector and look forward to the future. The company is expected to achieve rapid growth under the continuous introduction of new varieties and the gradual accumulation of brand advantages.
Profit forecast and investment advice. It is estimated that the EPS from 2023 to 2025 is 0.69,0.94 and 1.30 yuan respectively. In the long run, as a leading enterprise in domestic scientific research reagents, the company continues to expand its product categories and SKU, and its brand power continues to realize its achievements. There is a large import substitution space in the domestic market, and the foreign market is in urgent need of development. Maintain a "buy" rating.
Risk tips: new product research and development may be lower than expected, product price reduction risk.