Asymchem Laboratories (Tianjin) Co.Ltd(002821) (002821)
event
On November 30, Asymchem Laboratories (Tianjin) Co.Ltd(002821) announced that the company officially announced the prospectus of Hong Kong shares and disclosed that the total number of shares issued this time was about 18415400 shares, and the price range was initially set at HK $350-410. In addition, the public offering is expected to end on December 3 and the issue price will be announced. It will be officially listed on the stock exchange of Hong Kong on December 10.
make a concise evaluation
The issuance range of Hong Kong stocks was announced to create a CXO leader listed in a + H. On November 30, the company officially announced the prospectus and the offering price range of Hong Kong stocks, and the listing of Hong Kong stocks is close at hand. We believe that the successful listing of Asymchem Laboratories (Tianjin) Co.Ltd(002821) in Hong Kong stocks in the future will usher in the next high-speed development period with the help of the capital market. We are optimistic about the future development potential of the company and become a CXO leading enterprise listed in a + H.
New orders and capacity release resonated, and the performance continued to grow at a high level. Asymchem Laboratories (Tianjin) Co.Ltd(002821) the newly signed orders hit new highs. The company disclosed a newly signed cdmo order on November 18, with a total amount of about RMB 2.72 billion. The announcement disclosed that if the contract is successfully performed and the delivery time is 2022, it will have a positive impact on the company’s performance in 2022. In addition, the company announced on November 16 that it had signed a major contract with a MNC, with a cumulative contract amount of USD 481 million. The last two major contracts will further accelerate the performance acceleration process of Asymchem Laboratories (Tianjin) Co.Ltd(002821) in the next 1-2 years. In addition, with the gradual release of production capacity in 2021, it is expected that about 55% of the new production capacity will be released in the whole year (in terms of reactor volume), we are optimistic about the performance of the company in the next 1-2 years.
Coordinated development of multiple services to create 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 CGT field at the same time.
Profit adjustment and investment suggestions
We expect EPS to be 4.01/7.20/8.70 yuan from 2021 to 2023, corresponding to 131 / 73 / 60 times of PE respectively, maintaining the “buy rating”. Assuming that the over allotment right is not exercised, a total of 18415400 shares are issued this time. Calculated according to the exchange rate today (Hong Kong dollar to RMB: 0.8173), the issuance price range of Hong Kong shares corresponds to the PE range predicted in 2022, which is 43-50 times. It is suggested to focus on the issuance of Hong Kong shares.
Risk statement
The contract performance is not as expected, the sales of downstream new drug products is not as expected, the price of upstream raw materials increases, exchange rate fluctuations, environmental protection and safety production, new business expansion is not as expected, and the loss of core technical (business) personnel, etc
