Asymchem Laboratories (Tianjin) Co.Ltd(002821) (002821)
Event (1) on November 17, the company announced that its wholly-owned subsidiaries asymchem, Inc. and Jilin Asymchem Laboratories (Tianjin) Co.Ltd(002821) signed a new batch of supply contract for related products with customers, and the cumulative contract amount of cdmo service for this product was 481 million US dollars;
(2) On November 29, Jilin Asymchem Laboratories (Tianjin) Co.Ltd(002821) , a wholly-owned subsidiary of the company, signed a new batch of supply contract for related products with customers. The contract amount is equivalent to about 2.720 billion yuan.
The leading advantages of small molecule cdmo are obvious. As the world’s leading small molecule cdmo one-stop pharmaceutical outsourcing service leader, the company has obvious core competitiveness advantages, and its service ability has been continuously affirmed by customers. It has successively won large orders, totaling about 5.8 billion yuan. We expect that the vast majority of orders are expected to be released in 2022, contributing to the rapid growth of revenue in the whole year of 22 years.
Orderly expansion of production capacity provides a solid guarantee for large-scale performance. According to the data disclosed in the interim report, as of 21h1, the total volume of the company’s small molecule cdmo reactor is about 3000m3. The company expects to release about 1390m3 of production capacity in Tianjin, Jilin Dunhua and other places, and increase 1500m3 of production capacity in Dunhua, Zhenjiang and other places in 22 years. We expect the company’s cumulative production capacity to nearly double by the end of 22 years. We believe that although the order has a large demand for capacity, the company can still achieve better supply and delivery, large-scale continuous reaction technology, improve reaction efficiency and yield, and provide a solid guarantee for the company’s large-scale performance.
Actively expand new business and build a one-stop service platform. The company continues to study the mature chemical small molecule cdmo business, rapidly develop the growth business such as chemical macromolecular cdmo and Bioengineering, and steadily expand the strategic business of clinical research and biological macromolecular cdmo.
(1) Chemical macromolecules: 20 years of service to customers at home and abroad, 30 + projects, 50 + projects, covering polypeptides, polysaccharides, oligonucleotides, toxin linkers, polypeptide drug conjugates, etc. the first phase I clinical oligonucleotide API + sterile preparation production project, the first polypeptide drug conjugate process validation research (PPQ) project and the first toxin linker process validation research were completed (PPQ) project: sign the first Chinese peptide NDA order, the first adcdruglinker NDA order, and another 10 projects are promoted or will be promoted to clinical phase II.
(2) Bioengineering: it serves nearly 30 customers and undertakes 50 + enzyme related order projects throughout the year, including enzyme catalysis projects, customized production projects of enzyme powder, customized production projects of immobilized enzyme and medicinal enzyme projects; it has fully built R & D and production capacity in the field of medicinal protein (enzyme), and has 2 after upgrading × With a GMP fermentation capacity of 5000L, it has undertaken the first foreign pharmaceutical enzyme production project in late clinical stage.
(3) Preparation: the revenue increased by 183.07% year-on-year, of which 1 / 3 came from orders from foreign customers such as the United States and South Korea, and undertook 28 “API + Preparation” projects.
(4) Biological macromolecules: in the past 20 years, we have focused on establishing a core team and building a pilot production workshop meeting GMP requirements. At present, there are 200L and 500L disposable reactor production lines and a Xilin bottle production line for producing various specifications of injection and freeze-dried powder injection.
(5) clinical research: 20 years, the income was 48 million 4 thousand and 300 yuan, 87 customers were accumulated, including 14 new cell therapy and stem cell clients. It has helped customers complete 1 new radiosensitizing drugs, 1 new anti HIV fusion inhibitors, 1 biological products mesenchymal stem cell project, and obtained the approval of clinical trial. China has completed the phase II clinical trial of the first nucleoside anti AIDS new drug 1. After, apply for conditional listing; Complete preclinical research for iPS cells, multiple stem cell drugs and biological products, and enter the ind declaration stage.
Considering the impact of major contracts on performance, we raised our profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.013/1.598/1.940 billion respectively, the corresponding EPS will be RMB 3.85/6.07/7.37 respectively, and the current share price will be corresponding to PE 118 / 75 / 62x, maintaining the “recommended” rating.
Risk warning: industry competition intensifies risk; The risk that the capacity expansion is less than expected; Risk that the ability to obtain orders is less than expected.
