\u3000\u3000 Asymchem Laboratories (Tianjin) Co.Ltd(002821) (002821)
Events
On February 20, Asymchem Laboratories (Tianjin) Co.Ltd(002821) announced that in the process of continuously providing cdmo services for a small molecule chemical innovative drug of a pharmaceutical company, the company signed a new batch of supply contracts with related products, with a contract amount equivalent to about 3.542 billion yuan. Due to confidentiality agreements and other reasons, the company has not disclosed the relevant information of counterparties and products.
Brief comment
New orders continued to exceed expectations, contributing to high performance growth in 2022. CXO industry has strong certainty and high prosperity. Relying on its strong strength in the field of small molecule cdmo, the company continues to exceed expectations and obtain new orders. The cumulative amount of orders and contracts disclosed in this announcement is about 3.542 billion yuan, and the delivery time is expected to be 2022. If successfully performed, it is expected to have a positive impact on the performance in 2022.
Accelerate the construction of production capacity and ensure the delivery of orders. According to the company’s 2021 interim report, the company has accelerated the construction of production capacity. At present, the production capacity has been about 2980 cubic meters. It is expected that about 1390 cubic meters will be added in 2021, reaching about 4370 cubic meters; It is estimated that about 1500 cubic meters will be added in 2022, reaching about 5870 cubic meters. In addition, considering the average execution cycle of large orders and other factors, we believe that the performance will be released gradually and smoothly, and we are optimistic about the performance of the company in the next 1-2 years.
One stop collaborative development of multiple business segments to accelerate the building of 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 have increased rapidly. The company has actively arranged the CGT field at the same time, coordinated the development of multiple business segments, and accelerated the building of an integrated cdmo leader.
Investment advice
Considering the current impact of the signing of major contracts and the continuity of orders, we raised the EPS from 2021 to 2023 to 4.03/9.57/9.73 yuan (0.00% / 26.02% / 11.10% respectively), and the corresponding PE was 76 / 32 / 32 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.
