Medici (688202) 19-year performance newsletter review: revenue growth accelerates into the fast lane

Medici (688202) 19-year performance newsletter review: revenue growth accelerates into the fast lane
Event: The company released a report on 2019 performance, and the company achieved revenue in 20194.49 ppm, an increase of 38 in ten years.14%; net profit attributable to mother is 0.66 ppm, a ten-year increase of 8.87%; net profit deducted from non-attribution to 0.580,000 yuan, an increase of 9 in ten years.57%. The company’s revenue has grown rapidly in 2019, and its development has entered the fast track.The company’s revenue growth accelerated in the second half of 2019. In H1, 2019Q3 and 2019Q4, the company’s revenue growth was 30.3%, 45.2% and 45.0%.According to the company announcement, the company’s new extension order for 2019 is 6.1.6 billion, an annual increase of 46.49%.The company’s revenue growth has accelerated in the past two years. At the same time, based on the growth of orders, we expect the company to continue to maintain a high growth rate in the next two years.Taking into account the company’s years of intensive cultivation, it has completed the pre-clinical CRO entire industry chain layout through horizontal expansion and preliminary in-depth methods. The internal CRO market has a relatively obvious competitive advantage. At the same time, the company has more abundant funds after listing and the capacity expansion plan changesUpon landing, we believe that the rapid development of medium and long-term companies is expected to maintain. The company continuously expands its marketing efforts, invests in independent research and development projects, and actively promotes the construction of new production capacity, which will serve as a basis for more orders in the future.The growth rate of the company’s profit in 2019 is lower than the growth rate of revenue, which is mainly affected by one-time expenditures, increased marketing and research and development, and the promotion of new capacity construction.The company’s net 武汉夜生活网 profit attributable to the parent in 2019 is 14.7%, which is lower than the average level of net profit attributable to mothers in the past 3 years.0%.In H1, 2019Q3 and 2019Q4, the company’s net profit attributable to the parent was 13 respectively.6%, 17.2% and 16.8%, the company’s net profit attributable to the mother in the first half of 2019 was significantly lower than in previous years, mainly due to the company’s 19H1 antiques and the “15th Anniversary” marketing activities, resulting in an increase of 255 market fees.170,000 yuan. At the same time, in order to strengthen the expansion of overseas markets, increase the expansion of overseas markets 173.440,000 yuan. Investment advice: We expect the company’s revenue from 2019 to 2021 to be 4 respectively.4.9 billion (+38.1%), 6.4.1 billion (+42.7%), 8.8.7 billion (+38.6%), net profit attributable to mothers is 0.6.6 billion (+8.9%), 0.9.5 billion (+44.0%), 1.3.4 billion (+40.3%), the corresponding EPS is 1.07 yuan, 1.54 yuan, 2.16 yuan, corresponding to 68 for PE.3 times, 47.5 times, 33.8 times.We are optimistic about the rapid growth of the company’s CRO business in the future and give it an “Overweight-A” rating. Risk Warning: Order growth is lower than expected, capacity release is lower than expected, intensified competition leads to decline in order prices, and the industry is weaker than expected, etc.

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