\u3000\u3000 Asymchem Laboratories (Tianjin) Co.Ltd(002821) (002821)
Event overview
The company once again announced the signing of a major contract: it continues to provide cdmo services for a small molecule chemical innovative drug of a pharmaceutical company. Recently, Jilin Asymchem Laboratories (Tianjin) Co.Ltd(002821) signed a new batch of supply contract for related products with customers. The contract amount is about 3.542 billion yuan. At present, the contract has come into force. The supply time of this order is 2022.
Analysis and judgment:
Sign major contracts again and raise the performance of 2022 again
On November 17, 2021 and November 29, 2021, the company announced orders of 480.94 million US dollars (about 3.030 billion yuan, US dollar / RMB exchange rate = 6.3) and 2.720 billion yuan respectively. This time, it announced the signing of major contract orders of about 3.542 billion yuan, totaling about 9.292 billion yuan. It is expected to significantly increase the performance in 2022. In addition to directly and significantly increasing the performance in 2022, the re signing of major contracts and orders will once again highlight the company’s supply capacity of large commercial orders and its core competitive advantages (cost, efficiency, etc.) worldwide. On the other hand, it will also deepen the strategic cooperation relationship with partners and help further deepen the cooperation with other core customers.
As a global leader in small molecule cdmo industry, with accelerated capital expenditure and strategic emphasis on long tail customers, the company’s performance has accelerated. The company has been deeply engaged in the field of small molecule cdmo for more than 20 years, and has established a world-class R & D platform with nearly 3000 scientists and engineers. At the same time, the company has upgraded and established a process science center, continuous science and technology center The four technology platforms of biosynthesis technology R & D center and intelligent manufacturing technology center are used for the R & D and reserve of various technologies, support the continuous improvement of cdmo + service capacity of Asymchem Laboratories (Tianjin) Co.Ltd(002821) and realize the continuous empowerment of the company’s pipeline under research. In the first half of 2021, the company’s small molecule cdmo business achieved an operating revenue of RMB 1.617 billion, with a year-on-year increase of 34.1%, of which commercial business accounted for 51.3% and clinical business accounted for 48.7%. Looking forward to the next three years, considering the order increment brought by continuing to cultivate key customers and accelerating the development of long tail customers, as well as the supply side acceleration brought by the acceleration of superimposed capital expenditure, we generally judge that the company’s performance will realize the trend of accelerated growth.
New business development: diversify business layout and add imagination to the company
On the basis of deep cultivation of small molecule cdmo business, the company has rapidly developed chemical macromolecule business (oligonucleotide, polypeptide, liposome, etc.), preparation, bioengineering and other businesses, and steadily expanded clinical research services, biological macromolecule cdmo and other businesses. Among them, the preparation business and bioengineering fields continue to be small molecule, oligonucleotide, polypeptide Continue to empower and realize collaborative business cooperation in the field of biological macromolecules. In the first half of 2021, the company’s new business realized an operating revenue of 144 million yuan, with a year-on-year increase of 144.62%, including a year-on-year increase of 98.39% in the chemical macromolecule business and 82.72% in the preparation sector. Looking forward to the future, with the continuous layout of synthetic macromolecules, biological macromolecules, clinical cro, biosynthesis and other businesses, the company will realize one-stop service business with small molecule business, realize rapid growth of business and increase the imagination of future performance growth.
Performance forecast and investment suggestions
As China’s leading supplier of small molecule cdmo, the company looks forward to the future and continues to cultivate the integrated service capacity of small molecule “intermediate + API + Preparation”. In addition, the company continues to strengthen the layout in the field of synthetic macromolecules and biological macromolecules, so as to escort the medium and long-term performance growth of the company. Considering the signing of major orders again, the performance forecast for 2022-2023 was raised, that is, the revenue in 21-23 years was adjusted from 4.620/85.38/10.084 billion yuan to 4.620/116.56/10.814 billion yuan, and the EPS was adjusted from 4.02/7.54/8.96 yuan to 4.02/10.27/9.61 yuan, corresponding to the closing price of 307.19 yuan / share on February 20, 2022, and the PE was 76.34/29.90/31.98 times respectively, maintaining the “buy” rating.
Risk tips
The core technology backbone and management risk of loss, the risk of increased competition, the loss of core technical personnel, the risk of exchange rate fluctuations, the expansion of New Coronavirus’s epidemic affecting China’s external business, and the implementation of COVID-19 orders are lower than expected.
