\u3000\u3 Guocheng Mining Co.Ltd(000688) 621 Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) )
Events
On February 27, Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) released the announcement of the annual report of 2021. The company achieved an operating revenue of 494 million yuan, an increase of 42.12% year-on-year; The net profit attributable to the parent company was 106 million yuan, a year-on-year increase of 45.81%; The net profit attributable to the parent company after deduction was 102 million yuan, with a year-on-year increase of 41.07%, and the revenue and profit achieved rapid growth.
Brief comment
The main business is advancing steadily, and the newly signed orders are growing rapidly China Meheco Group Co.Ltd(600056) R & D outsourcing industry has a high outlook. The company has continuously improved its R & D and market development capabilities, further built a preclinical and clinical integrated service platform, and achieved rapid growth in its main business. In terms of sectors, pharmaceutical research business achieved a revenue of 279 million yuan, a year-on-year increase of 35.98%; Clinical trials and biological analysis business achieved a revenue of 214 million yuan, a year-on-year increase of 50.95%. In addition, the newly signed orders of the company increased rapidly. In 2021, the newly signed orders were 929 million yuan, a year-on-year increase of 76.42%, and the cumulative stock orders were 1.568 billion yuan. The full orders ensure the rapid growth of future performance.
The company continues to increase research and development, and the talent team is further expanded. The company continues to increase R & D and strengthen the construction of various technical capacity platforms. In 2021, the R & D expenditure was 48 million yuan, a year-on-year increase of 39.15%, and the total number of R & D personnel was 716, accounting for 82.02%; The per capita output value of R & D personnel was 565500 yuan, a year-on-year increase of 10.38%. In addition, the R & D personnel in various business segments maintained a rapid growth trend, with 635 people in pharmaceutical research business, a year-on-year increase of 21.65%; There were 238 people in clinical trials and bioanalysis business, with a year-on-year increase of 52.56%, further enhancing the company’s comprehensive R & D service ability and competitiveness.
Independent innovation projects have been steadily promoted, and various business indicators have been gradually improved. We expect that from 2022, the company’s independent R & D sector will gradually start to climb the sales share of key products, and from 2023, there will be more significant classified income, which will significantly improve and enhance the gross profit margin, net profit margin and roe. On the whole, the company’s business level continued to improve, showing a good business trend of accelerating new business expansion and classified income.
Investment advice
Considering the high growth of the company’s main business, we raised the EPS from 2022 to 2023 to 1.87/2.64 yuan and 4.13% / 0.11% respectively, and gave the EPS for 2024 to 3.61 yuan (there was no forecast for 2024 before), and the corresponding PE was 51 / 36 / 27 respectively, maintaining the “buy” rating.
Risk tips
Risk of lifting the ban, loss of core technical personnel, supervision risk, IP protection risk, investment risk, exchange rate fluctuation risk, raw material price rise risk, safety production and environmental protection risk
