\u3000\u3000 Asymchem Laboratories (Tianjin) Co.Ltd(002821) (002821)
Events
On February 12, Asymchem Laboratories (Tianjin) Co.Ltd(002821) announced that it would acquire American snapdragon for us $57.94 million (the specific amount can be adjusted according to its financial performance). After the acquisition, Asymchem Laboratories (Tianjin) Co.Ltd(002821) will realize 100% control of snapdragon.
Brief comment
Snapdragon has been deeply cultivated for many years and has core technology advantages. Snapdragon is a leader in continuous response technology, with cutting-edge technology in this field. The company is committed to the research, development and industrial application of disruptive technological continuous reaction in the production of innovative drug APIs, and provides route development, design and process optimization services for large pharmaceutical companies and small and medium-sized innovative drug companies in Europe and America.
Continuous production has multiple advantages, safer, more economical and greener. Continuous production technology has great advantages in process safety, cost and environmental benefits. In recent years, it has been more and more widely used in the R & D and production of pharmaceutical and chemical industry. This acquisition will further enhance Asymchem Laboratories (Tianjin) Co.Ltd(002821) ‘s technical strength in the field of continuous production and further promote the development of U.S. business and overseas strategic layout.
The coordinated development of multiple services has created an integrated cdmo leader. In the field of small molecule cdmo, clinical projects are constantly enriched and commercial projects continue to expand. The revenue of new business areas continued to grow at a high speed, and the preparation business grew rapidly, gradually forming a one-stop collaboration; In the clinical field, in 2021q3, yipukono was acquired to layout the digital system business and improve the comprehensive service capacity of clinical cro; In the field of macromolecules, the orders of chemical synthetic macromolecules and biological macromolecules are growing rapidly, and the company actively arranges the field of CGT at the same time. In addition, the signing of the last two major contracts will further accelerate the process of accelerating the company’s performance.
Investment advice
Since the acquisition has not been completed yet, we will not consider the consolidation factor for the time being. We maintain the previous profit forecast. It is estimated that the EPS from 2021 to 2023 will be 4.03/7.60/8.76 yuan, and the corresponding PE will be 65 / 35 / 30 times respectively, maintaining the “buy rating”.
Risk tips
The contract performance is less than expected, the sales of downstream new drug products are less than expected, the price rise of upstream raw materials, exchange rate fluctuations, environmental protection and safety production, the expansion of new business is less than expected, and the loss of core technology (business) personnel.
