\u3000\u3 Guocheng Mining Co.Ltd(000688) 131 Shanghai Haoyuan Chemexpress Co.Ltd(688131) )
Event content: on March 5, the company announced that it planned to purchase 100% equity of drug source drugs by issuing shares and paying cash, and the price of the underlying assets is expected to be no more than 420 million yuan; At the same time, the company plans to issue shares to the controlling shareholder Anshu information to raise supporting funds, with a total amount of no more than 50 million yuan, to pay the expenses related to the restructuring, investment in new projects and supplement working capital.
It is expected to provide a competitive advantage in the pharmaceutical raw material R & D and back-end preparation services of the company, especially in the field of pharmaceutical raw material R & D and preparation services. By comparison, Haoyuan's expansion in the R & D back-end in the past was basically limited to the API and intermediate business. This acquisition is expected to continue to extend the company's service chain, make up for the company's shortcomings, and build a cro / cdmo / CMO whole industry service platform integrating "intermediate API preparation".
Based on the promised net profit of the target company acquired in 2022, the PE of the drug source drug acquisition is only 21x, which is significantly lower than the industry valuation level. The preparation workshop of the target company passed the EU QP quality audit, and successfully accepted the drug registration and GMP two in one dynamic on-site inspection of the State Food and Drug Administration and Jiangsu food and drug administration at the end of 2021. The large-scale production capacity has been improved. According to the relevant agreements signed by the parties to this acquisition transaction, the performance commitment party intends to promise that the net profit of the target company in 2022, 2023 and 2024 will not be less than 20 million yuan, 26 million yuan and 38 million yuan respectively, with a total of not less than 84 million yuan; Estimated at the transaction price of no more than 420 million yuan, the PE acquired corresponding to the promised net profit of the underlying assets from 2022 to 2024 are 21x, 16.15x and 11.05x respectively.
This acquisition intends to raise no more than 50 million yuan from the controlling shareholders, demonstrating the confidence of shareholders: according to the acquisition plan issued by the company, in order to cooperate with this acquisition plan, it is planned to raise supporting funds from the controlling shareholders in a fixed price issuance. The price of this issuance is 151.33 yuan / share (the closing price of the company before the announcement of the acquisition plan is 173.99 yuan). The shares subscribed by the controlling shareholders in this directional offering shall not be transferred in any way within 18 months from the date of issuance. We tend to believe that the controlling shareholders' exclusive directional subscription or demonstrated their investment confidence.
Investment suggestion: the company has recently released the 2021 performance express, and the overall performance has maintained rapid growth, which is in line with our previous expectations; We predict that the company's earnings per share from 2021 to 2023 will be 2.56 yuan, 4.14 yuan and 5.99 yuan respectively (the previous prediction was 2.65 yuan, 3.85 yuan and 5.58 yuan). Considering the scarcity of the company and the continuous expansion and improvement of the company's CXO whole industry chain platform business; At present, the company's valuation and cost performance have been improved. At the same time, combined with the possible catalysis brought by this acquisition event, the company's rating has been raised to buy-b.
Risk tips: 1. Third party patent infringement risk; 2. Risk of new product R & D failing to meet expectations; 3. Policy risk, etc
