Asymchem Laboratories (Tianjin) Co.Ltd(002821) (002821)
Event overview
Jilin Asymchem Laboratories (Tianjin) Co.Ltd(002821) Pharmaceutical Chemistry Co., Ltd., a wholly-owned subsidiary of the company, signed a small molecule innovative drug cdmo contract with a pharmaceutical enterprise, with a total contract amount of 2.72 billion yuan and a performance period of 2022.
Analysis and judgment:
Sign another large order and raise the performance forecast for 2022 again
This time, the company signed another cdmo contract with a pharmaceutical enterprise of about 2.72 billion yuan, and will realize revenue recognition in 2022. It is expected that the contract will significantly increase the company's revenue and profit in 2022. The signing of this contract also highlights the company's competitive position in the global small molecule cdmo field, and deepens the cooperation with pharmaceutical enterprises again.
Global leader in small molecule cdmo industry, acceleration of capital expenditure and strategic emphasis on long tail customers drive the acceleration of company performance
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, since 2020, the company has upgraded and established four technology platforms: Process Science Center, continuous science and technology center, biosynthesis Technology R & D center and Intelligent Manufacturing Technology Center for R & D and reserve of various technologies, The continuous improvement of cdmo + service capability supporting Asymchem Laboratories (Tianjin) Co.Ltd(002821) enables 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
Based on the deep cultivation of small molecule cdmo business, Rapid development of chemical macromolecular business (oligonucleotides, peptides, liposomes, etc.), preparations, bioengineering and other businesses, as well as steadily expanding clinical research services, biomacromolecule cdmo and other businesses. Among them, the preparation business and bioengineering continue to enable and realize collaborative business cooperation in the fields of small molecules, oligonucleotides, peptides and biomacromolecules. In the first half of 2021, the new business of the company realized business The revenue was 144 million yuan, a year-on-year increase of 144.62%, of which the chemical macromolecule business increased by 98.39% and the preparation sector increased by 82.72% year-on-year. 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 a leading small molecule cdmo supplier in China, the company looks forward to continuously cultivating the integrated service capacity of small molecule "intermediate + API + Preparation" in the future. 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 large orders again and the increase of the profit forecast for 2022, that is, the revenue in 21-23 years is increased from RMB 49.19/76.47/82.02 billion to RMB 49.19/103.47/82.02 billion, and the EPS is increased from RMB 4.44/6.94/7.83 to RMB 4.44/9.09/7.83, corresponding to the closing price of RMB 478.00/share on November 26, 2021. The PE is 107.66/52.60/61.05 times respectively, maintaining the "buy" rating.
Risk statement
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.
