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华西证券:给予禾信仪器中性评级

Huaxi Securities: give Wo Xin Instruments a neutral rating

證券之星 ·  Nov 3, 2021 09:46

In 2021-11-03, Yu Nengfei of Huaxi Securities Co., Ltd. studied Hexin Instruments and released the research report "Environmental Medical Multi-product layout, large Space for Localization of Mass Spectrometry". This report gives a neutral rating to Hexin Instruments, and the current stock price is 63.93 yuan.


Wo Xin Instruments (688622)
Hexin Instruments is a key high-tech enterprise of the National Torch Plan, which integrates mass spectrometer research and development, production, sales and technical services. The company's products and services are highly focused on PM2.5, VOCs and O3 monitoring in the field of atmospheric environmental monitoring, and have achieved a strong brand advantage in this sub-field, contributing about 95% of revenue; at the same time, the company is actively expanding into medical and health, food safety and other application areas. From 2018 to 2020, the company's revenue and return net profit grew at a compound rate of 58.23% and 65.03%, respectively.
Downstream applications promote the rapid growth of the industry, and there is plenty of room for domestic alternatives.
1) Environmental monitoring: policy-driven, rapid growth of VOCs market. Since the 12th five-year Plan was included in the control index, the VOCs monitoring market has ushered in a period of rapid growth, with a market size of nearly 40 billion yuan from 2018 to 2020. As a high-end monitoring instrument, mass spectrometer can share the growth of the industry.
2) Medical field: it can be used in clinical examination and has great market potential. In the three major applications of microbiological identification, neonatal disease screening and vitamin D detection, mass spectrometry has obvious advantages, and the permeability is expected to increase gradually, and the market scale is about 10 billion yuan.
3) monopoly by international giants and acceleration of domestic substitution. The domestic high-end mass spectrometer market has long been occupied by international industry giants with a global market share of about 90%. With the development of mass spectrometer technology in China, the degree of import dependence has decreased from 94.7% in 2014 to 74.0% in 2020.
The competitiveness is leading in the industry, the technical strength is outstanding, and the new scene continues to advance.
1) strong independent research and development ability, team focus on technical improvement. The company has been ploughing mass spectrometry for many years, and 12 of the 14 core technologies have been industrially applied. They have been selected into the national innovation team in key areas and participated in the national high-tech special plan. The company's environmental monitoring mass spectrometry products have achieved the industry-leading level in technology and contributed basic revenue.
2) the reserve product line is rich, and the applications outside the environment have begun to expand. The company has technical reserves in the fields of environment, medical treatment, food and so on, and the echelon construction of products is complete, which is expected to open the second growth curve. The company's first microbial identification mass spectrometer has been popularized, the rapid detection of pesticide residues mass spectrometer has been successfully launched, and the nucleic acid detection instrument is in the stage of research and development.
Investment suggestion: the total revenue for 2021-2023 is estimated to be 442, 621, 000,000,000 yuan, an increase of 41.6%, 40.5, 39.0%, and a net profit of 0.74, 126, 179 million and 6.1%, 71.1, 41.7%, respectively, corresponding to 1.05, 1.80, 2.55 and 2.55 yuan, respectively, on the basis of the closing price of 62.00 yuan on November 2, 2021, with a year-on-year increase of 6.1%, 71.1, and 41.7%, respectively, corresponding to EPS of 1.05, 1.80, and 2.55 yuan, respectively, and calculated based on the closing price of 62.00 yuan on November 2, 2021. The corresponding PE was two times higher than that in 59-34-24. Considering that the domestic mass spectrometry industry is in the early stage, the future of the company is uncertain. Cover for the first time, give "neutral"
Rating. Risk hints: iterative risk of technology upgrading, profit dependence on government subsidies, less-than-expected market expansion, and systemic risk in the capital market.

The stock has been rated by two agencies and one buy rating in the last 90 days; the average institutional target price has been 109.8 in the past 90 days; according to the Securities Star valuation analysis tool, Wo Xin Instruments (688622) has a rating of 2.5 stars, a good price rating of 0.5 stars and a comprehensive valuation rating of 1.5 stars.

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