\u3000\u3000 Asymchem Laboratories (Tianjin) Co.Ltd(002821) (002821)
Event: on February 20, 2022, the company issued an announcement on signing major contracts for daily operation. The wholly-owned subsidiary Jilin Asymchem Laboratories (Tianjin) Co.Ltd(002821) signed a new batch of supply contracts for related products with customers. The contract amount is equivalent to about 3.542 billion yuan.
The landing of major orders of RMB 3.542 billion is expected to have a positive impact on the company’s performance in 2022: according to the company’s announcement, the company has successively signed major orders with an amount of US $481 million and RMB 2.720 billion respectively, and the amount of newly signed major contracts is as high as RMB 3.542 billion. The delivery time of each major order contract is 2022, which is expected to have a positive impact on the current performance.
Continue to strengthen the construction of small molecule production capacity and effectively ensure the on-time delivery of major orders: in order to ensure the on-time delivery of orders, the company continues to strengthen the construction of production capacity. At present, it has established a number of small molecule R & D and production bases and biological macromolecule bases in Fuxin, Liaoning, Dunhua, Jilin and Jinshan, Shanghai. In terms of small molecule capacity, according to the company’s announcement, the delivery capacity of 2021h2 is 1390m3, and the delivery capacity of 2022 is expected to be 1500m3. Judging from the launch of new capacity, we believe that the company has sufficient small molecule capacity to effectively ensure the on-time delivery of major orders.
The prosperity of China’s CXO industry continues, and the high performance growth of CXO listed companies is expected to continue: according to the exclusive CXO multi-dimensional tracking system of Anxin pharmaceutical, China’s CXO industry still maintains a high outlook at present. At the macro level, according to the data of CrunchBase, in January 2022, the investment and financing amount of global and China Meheco Group Co.Ltd(600056) industry VC & PE was US $7.729 billion and US $1.072 billion respectively, with a year-on-year increase of 10.44% and 138.28% respectively, and the investment and financing of innovative drugs continued to grow; Major R & D orders of cx823 and cx300o companies have been continuously transferred to the market in combination with the announcement of major R & D orders of Listed Companies in China; At the micro level, the continuous investment in fixed assets / projects under construction and the rapid growth in the number of employees indicate that the future performance of CXO listed companies is expected to grow high.
Investment suggestion: we expect the company to realize net profits of 1.082 billion yuan, 2.765 billion yuan and 3.202 billion yuan respectively from 2021 to 2023, with a year-on-year increase of 49.8%, 155.6% and 15.8% respectively; Give an investment rating of buy-a.
Risk tips: the growth of orders is less than expected, the production of new capacity is less than expected, the impact of exchange gains and losses, the progress of emerging businesses is less than expected, etc.
