\u3000\u3 Guocheng Mining Co.Ltd(000688) 131 Shanghai Haoyuan Chemexpress Co.Ltd(688131) )
It is proposed to acquire 100% equity of drug source drugs, improve the back-end service capacity and maintain the "buy" rating
On March 4, 2022, the company announced that it planned to acquire YaoYuan Pharmaceutical Chemistry (Shanghai) Co., Ltd. for no more than 420 million yuan Shanghai Haoyuan Chemexpress Co.Ltd(688131) existing businesses mainly focus on the research and development of molecular blocks and tool compounds in the field of small molecule drug discovery, as well as the process development and production technology improvement of small molecule drug APIs and intermediates. There is a lack of R & D service capacity of terminal preparations in the pharmaceutical industry chain, The acquisition will enable Shanghai Haoyuan Chemexpress Co.Ltd(688131) to quickly complete the construction of the whole industry chain service capacity of "intermediate API preparation" and improve the company's back-end service capacity Shanghai Haoyuan Chemexpress Co.Ltd(688131) front end and rear end integrated layout to create a technical platform for whole process drug research and development. We are optimistic about the long-term development of the company. According to the development trend of the company, we maintain the original profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 194 / 278 / 413 million respectively, and the EPS will be RMB 2.61/3.74/5.56 respectively. The corresponding P / E of the current stock price is 59.8/41.8/28.1 times respectively, maintaining the "buy" rating.
Drug source drugs have the ability of high-standard drug R & D services, and gradually establish large-scale production workshops for preparations
The API research service business of drug source drugs has multiple kilogram laboratories and API class D clean rooms. The relevant production capacity has passed nmpa on-site verification and customer audit for many times, and has a high standard quality system; At the preparation side, the drug source drugs have various technical platforms such as amorphous solid dispersion solubilization technology, pellet coating controlled release technology, freeze-drying technology and semi-solid vacuum emulsification homogenization technology. Now, the large-scale production capacity of oral solid preparations and semi-solid topical preparations has been completed / under construction, In December 2021, it successfully accepted the two in one dynamic inspection of drug registration and GMP by the State Food and Drug Administration and Jiangsu Provincial Bureau.
The proposed acquisition price does not exceed 420 million yuan. With reference to the performance commitment, the valuation and cost performance of the acquisition target are obvious
According to Shanghai Haoyuan Chemexpress Co.Ltd(688131) announcement, the performance commitment Party of the acquisition plans to promise that the net profit of standard drug source drugs in 2022, 2023 and 2024 will not be less than RMB 2000, 26 and 38 million respectively, and the year-on-year growth rate from 2022 to 2024 will be about 30% / 46% respectively, accelerating the growth in the performance commitment period. At the same time, based on the promised performance in 2022, the PE of the drug source to be purchased is 21x, and the valuation cost performance is obvious. The acquisition plans to raise no more than 50 million yuan from the issuance of shares by the controlling shareholder of the company, an Xu information, demonstrating the founder team's confidence in the long-term development of the company.
Risk warning: patent risk; Loss of core technical personnel; Intensified market competition; Safety and production risks.
