\u3000\u30 Shenzhen Quanxinhao Co.Ltd(000007) 39 Apeloa Pharmaceutical Co.Ltd(000739) )
In 2021, the overall performance grew steadily. In 2021, the company realized a revenue of 8.943 billion yuan (+ 13.5%), a net profit attributable to the parent company of 956 million yuan (+ 17.0%), and a net profit not attributable to the parent company of 833 million yuan (+ 20.5%). Among them, in the fourth quarter, the revenue in a single quarter was 2.543 billion yuan (+ 22.9%), the net profit attributable to the parent company was 193 million yuan (+ 3.6%), and the net profit not attributable to the parent company was 160 million yuan (+ 18.2%).
Business splitting: cdmo's contribution was further improved, with revenue growth of 32.1% and gross profit margin of 0.9 P.P. Considering the business segments, the API and intermediate business achieved a revenue of 6.546 billion yuan (+ 10.4%), the cdmo sector achieved a revenue of 1.394 billion yuan (+ 32.1%), and the preparation sector achieved a revenue of 867 million yuan (+ 14.1%). The contribution of cdmo sector is outstanding: the contribution of sector revenue is further increased from 13.4% in 2020 to 15.6%, and the contribution of gross profit is increased from 19.9% in 2020 to 25.5%; The transformation and upgrading strategy of "starting API registered intermediate to registered intermediate + API" has achieved remarkable results, and the gross profit margin of the sector has increased from 41.6% in 2020 to 43.1%; The number of projects continued to grow rapidly, with 812 quoted projects, a year-on-year increase of 50%, and 323 ongoing projects, a year-on-year increase of 62%. Production capacity construction accelerated, and projects under construction reached a new high. The construction of production capacity has entered a stage of rapid development, and the end of 2021
The company's construction in progress was 709 million yuan, a year-on-year increase of 347.0%; From 2021 to 2025, the company's investment in new capacity and original capacity improvement is expected to reach about 5 billion yuan and 2 billion yuan respectively, and the pace of capacity construction is significantly accelerated.
R & D investment increased, and R & D expenses reached a new high. At the end of 2021, the company had 879 R & D personnel, an increase of 65% over the same period in 2020; The R & D cost was 446 million yuan, an increase of 27.5% over the same period in 2020. In September 2021, three engineering technology platforms of fluid chemistry, crystal and powder, synthetic biology and enzyme catalysis were awarded. Among them, the fluid chemistry technology platform has completed the implementation and commercial production of several continuous projects; The biological R & D experimental center was put into use in early 2021, which can carry out the construction and screening of high-efficiency biocatalysts, synthetic biology and other research and technology development; The safety laboratory can provide comprehensive safety technical services for the company's R & D and production projects, and successfully passed the CNAs certification in November 2021; The analysis and test center will be officially put into use at the end of 2021.
Risk tip: repeated epidemic, downward risk of prosperity, geopolitical / safety and environmental protection policy impact
Investment suggestion: cdmo business grows rapidly and maintains the "buy" rating. The epidemic led to the decline in the company's demand for antibiotics exports, superimposed on the rise in raw material / energy and power prices, lowered the profit forecast for 2022 / 2023 and added the profit forecast for 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.18/14.8/1.85 billion yuan (1.390/1.73 billion yuan in 2022 / 2023), with a year-on-year increase of 24 / 25 / 26%; The current share price corresponds to PE = 33 / 27 / 21x. With the continuous production of new production capacity and the gradual appearance of R & D investment benefits, the company is expected to usher in a new stage of development and maintain the "buy" rating.
