\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 59 Pharmaron Beijing Co.Ltd(300759) )
Events
The company issued a 21 year performance express
On the evening of March 10, the company released its annual performance express for 2021, which achieved: 1) operating revenue of 7.444 billion yuan, a year-on-year increase of 45.00%; 2) The net profit attributable to the parent company was 1.661 billion yuan, a year-on-year increase of 41.68%; 3) Net profit deducted from non parent company was 1.341 billion yuan, with a year-on-year increase of 67.46%; 4) After adjustment, the net profit attributable to the parent company was 1.462 billion yuan, a year-on-year increase of 37.40%. The annual performance is in line with the performance forecast.
Brief comment
The revenue side continued high growth, and the performance met the forecast of the annual report
Q4 company achieved an operating revenue of 2.142 billion yuan, a year-on-year increase of 38.42%; The net profit attributable to the parent company was 621 million yuan, a year-on-year increase of 61.99%; Deduct the net profit not attributable to the parent company of 410 million yuan, with a year-on-year increase of 110.12%; After adjustment, the net profit attributable to the parent company was 414 million yuan, a year-on-year increase of 36.63%.
On the whole, the revenue side achieved rapid growth in 21 years and maintained the same growth trend as that in the first three quarters; The higher than expected growth of net profit attributable to parent company was mainly due to the increase of investment income, and the adjusted net profit attributable to parent company slightly exceeded the previous expectation.
In 2021, all business segments achieved rapid growth, including: 1) laboratory services achieved an operating revenue of 4.566 billion yuan, a year-on-year increase of 41.09%; 2) CMC (small molecule cdmo) service achieved an operating revenue of 1.746 billion yuan, a year-on-year increase of 42.90%; 3) Clinical research services achieved an operating revenue of 956 million yuan, a year-on-year increase of 51.96%; 4) Macromolecules, cells and gene therapy services achieved an operating revenue of 151 million yuan, a year-on-year increase of 466.58%.
Profit forecast and investment rating
① the company’s ability to optimize the scale and increase efficiency of the company’s business is mainly driven by the increase of the company’s R & D capacity and the use of new technology. ③ the company’s ability to optimize the scale and increase efficiency of the company’s business is still driven by the increase of the company’s R & D capacity ④ In 2021, the company will be fully deployed in the field of cell gene therapy and biological macromolecules. At present, the performance volume is small, but the service capacity is expected to be rapidly strengthened in the future, with broad growth prospects. While the revenue is growing rapidly, the company will gradually contribute profits to the enterprise.
We expect that the net profit attributable to the parent company from 2021 to 2023 will be 1.661 billion yuan, 2.188 billion yuan and 2.867 billion yuan respectively, with a year-on-year increase of 41.7%, 31.7% and 31.1% respectively. The corresponding EPS is 2.09, 2.75 and 3.61 yuan / share, and the PE corresponding to the current stock price is 59.4, 45.1 and 34.4 times respectively, maintaining the “buy in” rating.
Risk tips
The investment income fluctuates sharply; The growth of orders on hand of the company was lower than expected; China’s investment in new drug research and development decreased; The market competition is fierce.
