\u3000\u3 Guocheng Mining Co.Ltd(000688) 621 Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) )
Event overview
The company announced its 2021 annual report: the annual operating revenue was 494 million yuan, a year-on-year increase of 42.12%; The net profit attributable to the parent company was 106 million yuan, with a year-on-year increase of 45.81%; Deduct non net profit of 102 million yuan, an increase of 41.07% year-on-year.
Analysis and judgment:
The performance growth is in line with expectations, and the service capacity of innovative medicine business continues to improve
In 2021, the company achieved an operating revenue of 494 million yuan, with a year-on-year increase of 42.12%, deducting non net profit of 102 million yuan, with a year-on-year increase of 41.07%. The performance growth was in line with market expectations and continued high-speed growth. In 2021, the company added 136 new customers and the cumulative number of customers exceeded 500. In 2021, the amount of newly signed orders was 929 million yuan, an increase of 76.42% year-on-year, and the cumulative amount of orders reached 1.568 billion yuan, laying the foundation for rapid growth in the future. Looking forward to the future, the company continues to strategically overweight the innovative drug cro business, while deeply cultivating the generic drug cro business, and gradually forms a cro supplier with multi business whole process layout of "generic drug cro + innovative drug cro + independent products". It is expected that the performance will continue to show rapid growth in the future.
Drug discovery and pharmaceutical research business: continue to show a rapid growth trend. In 2021, the company's drug discovery and pharmaceutical research achieved an operating revenue of 279 million yuan, a year-on-year increase of 35.98%, and its gross profit margin was 62.75%, a year-on-year increase of 4.35 PCT. In 2021, the company had 635 employees in the pharmaceutical research sector, with a year-on-year increase of 21.65%. Looking forward to the future, driven by the high growth rate of orders, this business is expected to continue to show rapid growth.
Clinical trials and biological analysis business: strategic layout business, showing ultra-high growth. In 2021, the company's clinical trial and biological analysis business realized an operating revenue of 214 million yuan, a year-on-year increase of 50.95%, and its gross profit margin was 41.12%, a year-on-year increase of 4.24 PCT. The company has 238 business teams in this business in 2021, with a year-on-year increase of 52.56%. In the future, it plans to expand the team size by 100% ~ 150%. The company continues to strengthen and improve the clinical trial and clinical related research service platform, strategically layout the innovative drug cro business, and add impetus to the performance growth in the next 3 ~ 5 years.
Independent R & D business: it will contribute profit elasticity in the future. The company's R & D expenses in 2021 were 48 million yuan, with a year-on-year increase of 39.15%. At present, 150 self-developed projects have been formed. Looking forward to the next 2-3 years, the company's self-developed innovative drug projects and generic drug projects are expected to be completed one after another, contributing performance flexibility to the company's profit side.
It is suggested that the company continue to develop the generic drug cro business, increase the innovative drug cro business strategically and gradually enrich the layout of independent products to contribute to the core growth power for future performance growth, and slightly raise the profit forecast of 22-23, that is, the expected revenue is adjusted from 685 / 947 million yuan in 22-23 years to 695 / 970 / 1351 million yuan in 22-24 years, EPS is adjusted from 1.85/2.55 in 22-23 years to 1.91/2.60/3.55 yuan in 22-24 years, corresponding to the closing price of 94.89 yuan / share on February 25, 2022, and PE is 49.61/36.47/26.70 respectively, maintaining the "buy" rating of the company.
Risk tips
(1) risk of loss of core technical backbone and management; (2) The generic drug cro industry has uncertain risks in the future; (3) The future of clinical cro business and bioanalysis business with strategic layout is uncertain; (4) Exchange rate fluctuation risk; (5) the impact of New Coronavirus epidemic.
