Porton Pharma Solutions Ltd(300363) (300363)
1、 Event overview
On December 15, 2021, in order to further promote the implementation of the company’s end-to-end cdmo pharmaceutical service platform strategy, accelerate the company’s digital intelligence transformation and establish a new drug R & D industry ecology, and provide support for the company’s sustainable development in the future, the company plans to use its own capital of RMB 12 million to jointly invest and establish a joint venture with Chongqing starling, sun min and Peng Wei.
2、 Analysis and judgment
Promote the transformation of digital intelligence and build a world-class cdmo platform
With the advent of the digital era, compared with the traditional R & D, production and business model, digital technology will bring new reforms. Through deployment in the plant, process and batch control will be realized to optimize flexible production and ensure quality and repeatability. Use digital twin, dynamic model and other technologies to monitor the operation dynamics of assets and processes, realize the visualization of production management, comprehensively realize the intelligent upgrading of the plant, reduce regulatory risks and improve operation efficiency as much as possible, so as to shorten the delivery cycle. Taking workshop 109 of boten benchmarking factory as an example, after the implementation of the project, about 75% of the operation units of the workshop can be automated, and the highly flexible multi-functional system can meet the production needs of different projects. With digital intelligence as the driving engine, boten will focus on the continuous deep cultivation of the main channel of cdmo and build a leading digital transformation highland. Therefore, boten plans to establish a subsidiary, Chongqing Yaoling Technology Co., Ltd., to promote digital intelligence ecological construction, of which boten invested 12 million yuan, accounting for 60%; Chongqing sidaling intelligent technology partnership invested 4 million yuan, accounting for 20%; Sun min and Peng Wei contributed 2 million yuan each, accounting for 10% respectively.
In the era of boten 3.0, Trinity international cdmo service providers welcome the new wave
After 2022, the drug substance cdmo + Preparation cdmo + biological cdmo Troika will keep pace.
1) API cdmo: short-term performance growth driving force, product structure upgrading accelerated, and the USD 217 million large order contract announced on November 30, 2021 drives the certainty and high elasticity of next year’s performance.
2) Preparation cdmo: medium and long-term growth point, API + Preparation integrated service mode is deepened, moat, laboratory R & D and commercial production capacity are under active construction, and the future can be expected.
3) Biological cdmo: a medium and long-term growth point, an outsourcing blue ocean market with unmet precision card position – cell gene therapy “track”. The three-stage capability circle is increasing step by step. It is expected to become the first echelon of global cell gene therapy cdmo after 2025.
3、 Investment advice
It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 500 million, RMB 890 million and RMB 990 million respectively, with a year-on-year increase of 54%, 78% and 11%, maintaining the “recommended” rating.
4、 Risk tips:
The risk of performance falling short of expectations, exchange rate fluctuation risk, new business investment risk and fixed asset investment risk.
