On October 27, Aladdin's stock price was reported at 75.5 yuan, an annual increase of -5%, down 31% in the past 60 days, with a total market value of 7.6 billion. According to SMDC's multi-factor quantitative scoring system, Huafeng has a measurement and control score of 167 points (1000 points), ranking 222nd on the Science and Technology Innovation Board.
Despite Aladdin's low rating and a 24% year-on-year decline in net profit in Q3, the company attracted a number of private and public offerings in Q3, and the pension fund was newly promoted to the company's second largest circulating shareholder. The agency took a fancy to Aladdin's "which lamp", smdc brought analysis.
Aladdin's Eight Great Values Portrait
Fundamentals
Aladdin was listed on the Science and Technology Innovation Board in October 2020, with an issue price of 19.43 yuan and an initial offering of 490 million yuan. Aladdin's industry is classified as "Research and Experimental Development", and is one of the few enterprises engaged in research and experimentation on the Science and Technology Innovation Board.
The company is mainly engaged in the manufacture of scientific research reagents, covering high-end chemistry, life sciences, analytical chromatography and materials science four major fields, while supporting a small number of experimental consumables. Independently create "Aladdin" brand scientific research reagents and "core Silicon Valley" brand experimental consumables, mainly relying on their own e-commerce platform (www.aladdin-e.com) to achieve online sales.
The company's products cover high-end chemistry, life sciences, analytical chromatography and material science four major areas, there are currently 35,000 kinds of standing sales varieties, in terms of product quality, some of the company's scientific research reagent products reached the domestic leading or international advanced level, the future rely on cost-effective, high-quality after-sales service gradually realize import substitution, alleviate the domestic enterprises import reagents expensive, long delivery cycle and other situations.
The company's scientific research reagent products include four categories: high-end chemistry, life sciences, analytical chromatography, and materials science. At present, there are 35,000 varieties for sale.
Operational power
From 2017 to 2019, the company's revenue structure, high-end chemistry accounted for the highest proportion of revenue. According to the tracking statistics of the National Chemical Reagent Information Station, in the ranking and comparison of domestic scientific research reagent enterprise e-commerce platforms, the company ranked first in each quarter from 2017 to 2021 (except the third quarter of 2018), with a leading industry position.
On the evening of the 27th, Aladdin disclosed three quarterly reports, and the results were "mixed" - the performance of the first three quarters increased, and the Q3 fell year-on-year. The financial report shows that the company achieved in the first three quarters of 2021
In Q1/Q2/Q3 this year, Aladdin's net profit attributable to the mother was 20.03 million yuan, 21.26 million yuan and 18.24 million yuan, respectively. Q3 net profit decreased 14% sequentially.
According to the prospectus, Aladdin's downstream clients include a number of A-share listed companies, pumen technology (688389. SH), WuXi AppTec (603259. SH), Yaoshi Technology (300725. SZ), Shentianma A (000050.SZ), Ewell Lithium Energy (300014. SZ), Xinlitai (002294. SZ), Xinhecheng (002001. SZ) and Shuo Shi Bio (688399.SH), etc.
Innovative power: A new subsidiary was established to carry out biological reagent business
In the first half of 2021, Aladdin invested in and set up a wholly-owned subsidiary, Shanghai Aladdin Biological Reagent Co., Ltd., to carry out biological reagent research and development business. At present, biological reagents have been sold, accounting for about 20% of the total sales, and have been profitable, not newly developed business.
In the first three quarters, Aladdin's R&D investment was 14.94 million yuan, +34.61% over the previous year, and the proportion of R&D investment in operating income was 7.56%; in the third quarter, Aladdin's R&D investment was 5.83 million yuan, +4.72% over the previous year, and the proportion of R&D investment in operating income was 8.66%.
With the rapid development of life science research fields such as genetic engineering, egg white matter omics and molecular biology, the demand for biological reagents will be rapidly expanded, which will comprehensively enhance the company's product research and development capabilities in the life science field, and is conducive to building a rich and biologically active recombinant protein library and antibody library to meet the diversified needs of customers.
Venture capital power: Nearly 100 institutions surveyed in a single month, pension funds were newly promoted to the second largest circulating shareholder
During September, nearly 100 institutions such as securities companies, public funds, and private funds investigated Aladdin.
In the survey, Aladdin said that the overall demand of the industry is relatively uniform, there is no major change, from the demand side, the annual demand for scientific research work is a steady growth, so it is difficult to appear in the short term explosive growth possibility; the future may appear fierce homogenization competition, but also need a long time process.
Aladdin said that the launch of the new ERP system in the second quarter has had a certain impact on the company's sales and shipping process, resulting in the loss of some orders. This is a favorable infrastructure for the company's long-term development, and the adverse effects in the layout process are short-term, which is conducive to improving the efficiency of delivery and shortening the delivery time in the long run. Now after the implementation of the new system, the company's delivery efficiency has been significantly improved, and there are almost no customer complaints, which can support the normal operation of the company.
During the third quarter, a number of public and private funds became aladdin's top ten outstanding shareholders. The basic pension insurance fund 309 combination was newly promoted to the second largest shareholder, and increased its holding of 589,000 shares in the third quarter. In addition, two of Galaxy's funds are newly promoted to the top ten outstanding shareholders; the two funds in Ceiblia remain unchanged.
〉〉〉Editor said〈〈〈
China's scientific research reagent industry started late, the foundation is thin, the development is relatively lagging behind, which is manifested in the large number of enterprises, small scale, and relatively backward technology. In the early stage of industry development, most enterprises adopt workshop-style processing and production, do not have strict process flow and testing procedures, and the quality is difficult to guarantee. At the same time, the prevalence of brand agency and the existence of price competition have hindered the localization of scientific research reagents to a certain extent, lowered the industry threshold, and intensified enterprise competition.
There is a big gap between domestic related products and similar products of american, European and other enterprises. At present, foreign-funded enterprises control more than 90% of the market share of the domestic scientific research reagent market, forming a competitive pattern dominated by well-known enterprises such as Merck KGaA, Thermo Fisher Scientific, and Danaher.
In terms of product quality, some of Aladdin's scientific research reagent products have reached the domestic leading or international advanced level, and the future will rely on cost-effective and high-quality after-sales service to gradually achieve import substitution, which is expected to alleviate the expensive import of reagents by domestic enterprises, and then promote the sustainable development of scientific research level.
(Source: SMDC Science and Technology Data)