\u3000\u30 Zhongyan Technology Co.Ltd(003001) 71 Tofflon Science And Technology Group Co.Ltd(300171) )
Event: Tofflon Science And Technology Group Co.Ltd(300171) released the plan for issuing A-Shares to specific objects in 2022. It is proposed to issue shares to specific objects to raise a total amount of no more than 3.2 billion yuan, which is mainly used for the enrichment of biopharmaceutical and cell gene therapy front product line (DS), innovation, upgrading and expansion of injection production line (DP). No more than 35 fixed issuance objects, no more than 189 million shares, and a lock-in period of 6 months. After the completion of the project, it will further enhance the company's production capacity of core equipment for complex preparation preparation, extend the industrial chain, build an integrated industrial ecology of CGT pharmaceutical equipment, instruments and consumables, and help improve the ability of talent introduction, digital intelligence and internationalization.
Point of view: constant growth helps the multi-point growth of diversified layout, "equal emphasis on equipment + consumables", "biological macromolecules + cell gene therapy" dance together, "digital intelligence + platform" empowerment, and the leader of platform pharmaceutical scientific manufacturing service is ready to accelerate.
It is planned to raise 3.2 billion yuan this time, of which: the trial production center project of biopharmaceutical equipment industry (530 million yuan, accounting for 16.56%), which is planned to invest in cutting-edge technology development, new product research and development, upgrading iteration and information upgrading of core products; Jiangsu biomedical equipment industrialization base project (RMB 990 million, accounting for 30.94%) plans to invest in DP capacity expansion and manufacturing upgrading; Hangzhou life science industrialization base project (1.25 billion yuan, 39.06%) plans to invest in CGT related equipment, instruments and consumables to store energy for CGT commercialization.
In the short and medium term, biopharmaceutical equipment and consumables will lead the growth. In the long run, CGT related equipment and consumables are expected to take over. At DS end, Tofflon Science And Technology Group Co.Ltd(300171) can provide different specifications of bioreactor, chromatography system, ultrafiltration system and liquid preparation system for Biopharmaceutical Enterprises; At DP end, Tofflon Science And Technology Group Co.Ltd(300171) can provide injection stand-alone and system, and help customers upgrade their products. During the construction period of biopharmaceutical production capacity at home and abroad, it is expected to bring continuous release of performance. The company has a comprehensive product layout in the field of cell gene therapy and obvious first mover advantages. With the advent of CGT industrialization, it is expected to take over biopharmaceutical and build the next growth curve of the company.
The international layout is accelerated and the future can be expected. During the epidemic period, with excellent product quality and stable delivery, the company's products cut into the supply chain of many well-known overseas pharmaceutical enterprises / CXO, such as recipharm, the fifth largest cdmo enterprise in the world, r-pharm, a well-known pharmaceutical enterprise in Russia, etc. With the promotion of the company's product popularity and the continuous accumulation of overseas customers, the contribution of overseas business is expected to continue to increase.
Profit forecast and investment suggestions: we predict that the net profit attributable to the parent company from 2021 to 2023 will be 834 million yuan, 1.030 billion yuan and 1.297 billion yuan, with a year-on-year increase of 80.0%, 23.5% and 25.9% respectively. The corresponding PE of the current stock price is 30x, 25X and 20x respectively. Excluding the impact of amortization of equity incentive expenses, the net profit attributable to the parent company will be RMB 904 million, RMB 1081 million and RMB 1324 million from 2021 to 2023, with a year-on-year increase of 95%, 19.6% and 22.6% respectively. Maintain the "buy" rating.
Risk warning: the risk that the fixed increase scheme fails to pass; Income dilution risk; Market competition intensifies risks.
