301047 Yiqiao Shenzhou valuation and operation ideas analysis

Circulation: 17 million Total: 68 million

Issue price: 292.92 yuan Price-to-earning ratio: 17.76 times

Circulation market value: 4.98 billion Annual performance: 1.38 Yuan

Industry: Biology Region: Beijing

Net profit in 2020 increased by 2996.89 year-on-year

Net profit in the 2021 semi-annual report increased by 25.5 to 49.4 year-on-year

The company is a biotechnology company engaged in the research and development, production, sales and provision of technical services of biological reagents. Its main business includes recombinant proteins, antibodies, genes and culture media, as well as the development and bioanalytical testing of recombinant proteins and antibodies. Waiting for service. Customers include universities, scientific research institutes, pharmaceutical R&D companies and other domestic and foreign biological R&D units. Specifically, they include Tsinghua University, Peking University, Fudan University, University of Pennsylvania, Stanford University and other well-known domestic and foreign institutions of higher learning as well as WuXi AppTec, Sano Philippines and other large domestic and foreign pharmaceutical R&D companies and biotechnology companies.

Most of the company's recombinant protein production is carried out using human engineered cells HEK293 cells. The process flow chart is as follows:

From 2018 to 2020, the number of new R&D products of the company reached 4979 and 4,979 respectively. 5196 and 3483 types. During each period of the report, the company's R&D strategy was appropriate and adapted to the scientific research needs of downstream customers and in line with the R&D hotspots of the industry. Therefore, the proportion of R&D products sold to external parties has been increasing year by year. In 2020, the company responded quickly and developed new coronavirus-related products, which met market demand and gained market recognition. The sales of related products were in good condition, and the number of newly developed products sold to external parties reached 2,724, accounting for 78.21%.

The company’s main business income is as follows

The company’s financial status is as follows

The prospectus shows that from 2018 to 2020, Yiqiao China’s operating income was 13,922.77 respectively. million, 180.8267 million yuan and 1.596293 million yuan. The net profit attributable to shareholders of the parent company was 79.0148 million yuan, 149.806 million yuan and 1.2986435 million yuan. The company’s revenue attributable to the parent company in the past three years and the The compound growth rate of net profit reached 125.49 and 154.25 respectively. In 2020, the company's revenue and net profit both exploded by more than 7 times. The growth rate of net profit was significantly higher than the growth rate of operating income, and the company's gross profit margin reached 96.88. A year-on-year increase of 11.49 percentage points. Yiqiao Shenzhou explained that since the COVID-19 epidemic, it has rapidly developed a series of novel coronavirus-related proteins, antibodies and other biological reagent products, which have been purchased in large quantities by domestic and foreign customers, and the company's operating performance has grown rapidly. In 2020, the company's revenue from new coronavirus-related products reached 1.342 billion yuan, accounting for 84.07% of the current operating income.

It is worth noting that although the epidemic is somewhat sporadic, and the company also reminded in the prospectus that the new crown epidemic may be gradually controlled, there is a risk that the revenue of related products may fall, but it is consistent with the industry. Unlike most companies that have had some of their main business income affected by the explosive growth of the COVID-19 epidemic, Yiqiao Shenzhou has experienced an increase in income from services with higher gross profit margins in CRO services due to the scale effect brought about by the expansion of the company's production and sales, excluding the COVID-19 virus. After related products, the company's non-COVID-19 operating income in 2020 reached 254.2185 million yuan, a year-on-year growth rate of 40.59, and the gross profit margin increased by 5.96 percentage points to 89.95.

The purpose of the raised funds is as follows

Benchmarking companies in the same industry

Personal summary

The company is engaged in the research and development, production and sales of biological reagents It is a biotechnology company that provides technical services. Its main business includes products such as recombinant proteins, antibodies, genes and culture media, as well as services such as the development of recombinant proteins and antibodies and bioanalytical testing. The outbreak of the epidemic last year caused the company's performance to explode, and it issued its first shares at a high price on the GEM. It is destined that this stock will not be mediocre. The winners are already assuming that the price will exceed Moutai, and some are not optimistic. Some believe that this stock will break through within half a year. Yes, both sides were quarreling and arguing with each other. They listed various opinions and had a great time fighting. This is the fun of stock trading. Different positions will definitely lead to different conclusions. Nowadays, self-media is too developed, and Yiqiao Shenzhou is distributed all over the Internet. The chips are all in the hands of retail investors. The retail investors who win the lottery are counting on this stock to turn around and buy houses and cars. Then the first hidden danger will arise tomorrow, when the market opens. If the lottery is opened low, the winner is unwilling to sell, and the turnover rate cannot increase. If the lottery is opened high, and the target of the lottery winner is reached, who will take over? In addition, there is the issue of the sustainable development of the company's performance. The company's performance surge last year was mainly affected by the new crown epidemic. It is estimated that this performance will be the company's highest point in recent years. This is the so-called debut is the peak. The company's overall operating income and profit level in 2021 There is a risk of a decline of more than 50% from the previous year, and there is no sustainability in performance growth. This is the second hidden danger. Third, judging from the issuance of high-priced stocks in the past, A-share *** issued 31 high-priced stocks with an issue price of more than 100 yuan, among which the pharmaceutical and biotechnology industries accounted for the most, with 6 stocks. Yiqiao Shenzhou happens to be in this industry. Judging from the trends on the first day of previous issuances, the 20 high-priced stocks issued and listed after 2010 all rose on the first day. XGIMI Technology, which was listed in March this year, rose 296.33% on the first day, far ahead, followed closely by Hua. Five stocks including Feng Measurement and Control and Aimeike rose by more than 100%. Overall, 6 stocks were able to double on the same day, accounting for 30%. There were 10 stocks with an increase of less than 50%, accounting for 50%. Among them, Youan Design, which had the smallest increase on the first day, was only 7.67%, which shows a huge difference. Therefore, it is inevitable for Yiqiao Shenzhou, which has the highest issue price in history, to rise, but it is estimated that it will be difficult to rise to the expected target of the lottery winner. Based on the above, I plan to watch a show tomorrow and not participate in the battle unless there is an opportunity to participate.