Pharmablock Sciences (Nanjing) Inc(300725) (300725)
event
On November 29, Pharmablock Sciences (Nanjing) Inc(300725) announced the appointment of Dr. Miao Wenfang, the former senior vice president of quality management, as the CEO of the company. In his new position, Dr. Miao Wenfang will manage the company’s global operation and development and promote the implementation of the company’s strategies.
make a concise evaluation
Dr. Miao has rich industry experience and continuously improves the company’s competitive advantage. Dr. Miao joined Pharmablock Sciences (Nanjing) Inc(300725) in 2020 and served as senior vice president of quality management. Previously, he worked in large multinational pharmaceutical companies such as GSK and elan pharmaceutical, and successively served as senior vice president of Pharmaron Beijing Co.Ltd(300759) quality and regulations and vice president of Wuxi Apptec Co.Ltd(603259) Hequan pharmaceutical, with more than 20 years of rich industry experience. We believe that under the leadership of Dr. Miao, the company will continue to improve its competitive advantage and have full growth potential in the future.
Strengthen the development and production capacity of API and improve the integrated service system of “intermediate + API + Preparation”. Intermediates and APIs play a key role in connecting the preceding and the following in the pharmaceutical R & D industry chain. Through the construction of the previous convertible bond investment project, the company will further expand the cdmo business capacity of intermediates and APIs and form business collaboration with the company’s existing non GMP intermediates and preparations cdmo business, Help the company further realize the integrated cdmo service platform of “intermediate + API + Preparation”, effectively enhance customer stickiness and promote the sustainable and healthy development of the company’s business.
We will deepen the integrated layout of the industrial chain and further build a medicine stone brand. In the future, the company will further deepen the integrated layout of the industrial chain, realize the expansion of cdmo service capacity, the continuous construction and improvement of quality and EHS system, and ensure the compliance, stable and sustainable supply of products required by customers’ projects; In addition, the company will continue to strengthen the application of innovative technologies, apply innovative chemical technologies such as continuous flow chemistry, micro packed bed and heterogeneous catalysis to large-scale production, and further create the dual brands of “medicine stone R & D” + “medicine stone manufacturing”.
Actively pay attention to the development progress of the company’s new drug R & D platform, which may bring additional profit elasticity. The company continues to increase R & D investment and strengthen the construction of three core technology platforms for innovative drug discovery (FBDD / del / virtuallibrary). Subsequent foreign cooperation may bring additional profit elasticity.
Profit adjustment and investment suggestions
We expect EPS to be 3.20/2.64/3.56 yuan and corresponding PE to be 48 / 58 / 43 times respectively from 2021 to 2023, maintaining the “buy” rating.
Risk statement
The R & D and sales of downstream products do not meet expectations, the prices of raw materials rise, exchange rate fluctuations, safety production and environmental protection, new business development do not meet expectations, the loss of core technicians, the risk of lifting the ban, the risk of dependence on key customers, etc.
