\u3000\u3000 Porton Pharma Solutions Ltd(300363) (300363)
Event overview
On February 11, 2022, Porton Pharma Solutions Ltd(300363) announced the receipt of major orders: the company received a new batch of purchase orders from Pfizer Ireland pharmaceuticals under Pfizer Inc, a multinational pharmaceutical company, with a total amount of 681 million US dollars (equivalent to about 4.336 billion yuan).
Then sign large new orders, with high performance and deterministic growth
After the company announced the signing of USD 217 million order contract on November 30, 2021, it announced the signing of USD 681 million order contract on February 11, 2022, with a total amount of USD 898 million (equivalent to about RMB 5.717 billion). According to the agreement, the order delivery time is 2022, which we believe will drive the high growth of performance in 2022. Secondly, the company can successively obtain innovative drug orders from the world’s top 20 pharmaceutical enterprises, which confirms that the company has a good delivery record, high standard quality system, leading technical ability and perfect intellectual property management system. Its strength is highly recognized by multinational pharmaceutical enterprises, and the company is expected to rank among the first echelon of global cdmo.
Increase the construction of cdmo production capacity of API and enhance the core competitiveness
The new capacity acquired by Yuyang pharmaceutical in August 2021 will be gradually put into operation in 2022. The capacity of the three production bases is nearly 2000m3 to meet the diversified needs of customers. Meanwhile, on February 10, 2022, the company announced to invest 260 million yuan to expand the cdmo capacity of API located in Chongqing Changshou production base. The production capacity of this project is expected to be 142.6m3 after 2023, and the capacity of this project is expected to support the development of the intermediate production base, which will be put into commercial operation in 2023.
In the era of boten 3.0, Trinity international cdmo service providers welcome the new wave
After 2022, the drug substance cdmo + Preparation cdmo + biological cdmo Troika will keep pace.
1) API cdmo: the driving force of short-term performance growth, the continuous improvement of API commercialization ability and the acceleration of product structure upgrading.
2) preparation cdmo: medium and long-term growth point, API + Preparation integrated service mode is deepened, moat, laboratory R & D and commercial production capacity are under active construction, and the future can be expected.
3) biological cdmo: medium and long-term growth point, outsourcing blue ocean market with unmet precision card position – cell gene therapy “track”. The three-stage capability circle is increasing step by step. It is expected to become the first echelon of global cell gene therapy cdmo after 2025.
Investment suggestion: Based on the newly signed large orders, we raised the performance expectation of the company. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 510 million yuan, 1236 million yuan and 1402 million yuan respectively, with the corresponding PE of 65, 27 and 24 times respectively, maintaining the “recommended” rating.
Risk warning: the risk of performance falling short of expectations, new business investment risk and fixed asset investment risk.
