\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 59 Pharmaron Beijing Co.Ltd(300759) )
The company issued the 2021 performance express. It is estimated that the operating revenue will reach 7.44 billion yuan in 2021, with a year-on-year increase of 45.0%; The net profit attributable to the parent company was 1.66 billion yuan, a year-on-year increase of 41.7%; The net profit after non deduction from the parent company was 1.34 billion yuan, a year-on-year increase of 67.5%; After adjustment, the net profit attributable to the parent company of non IFRS was 1.46 billion yuan, a year-on-year increase of 37.4%.
The performance is in line with expectations, and the mature sector continues to make efforts. During the reporting period, the laboratory service revenue was 4.57 billion yuan, a year-on-year increase of 41.09%; CMC (small molecule cdmo) service revenue was 1.75 billion yuan, a year-on-year increase of 42.90%; The revenue from clinical research services was 956 million yuan, a year-on-year increase of 51.96%; The mature sector continues to grow strongly, which verifies the strong demand for orders and the high prosperity of the industry, and reflects the company’s excellent R & D and production capacity of small molecule drugs throughout the whole process of drug discovery, preclinical, clinical development and commercialization.
The performance of new businesses is brilliant, providing new momentum for subsequent growth. While realizing intensive cultivation of mature business segments, the company has rapidly widened the service boundary and rapidly moved forward to a global leader in drug R & D services with multiple therapies. During the reporting period, the company’s macromolecule, cell and gene therapy service revenue was 150 million yuan, with a year-on-year increase of 466.58%. The new business expansion was smooth, and the revenue scale expanded rapidly. It is expected to accelerate the achievement of providing performance contribution, improve the company’s service territory of integrating the whole process of multi therapy drug research and development, and provide new momentum for subsequent growth.
Profit forecast and rating: we are optimistic about the sustained and rapid development of the company. Looking forward to 2022, all business segments will continue the development momentum of 2021 under the sustained strong customer demand, the improvement of service capacity, and the expansion of R & D team and production capacity. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.66 billion, RMB 2.28 billion and RMB 3.13 billion respectively, with a year-on-year increase of 41.7%, 37.0% and 37.5%; The corresponding PE is 50, 37 and 27 times respectively, maintaining the “buy” rating.
Risk warning: the global epidemic continues to affect the business risk, the risk of declining demand for pharmaceutical R & D services, the risk of intensified market competition, the risk of loss of core technicians and the risk of exchange rate changes.
