\u3000\u3 China Vanke Co.Ltd(000002) 821 Asymchem Laboratories (Tianjin) Co.Ltd(002821) )
Events
On March 25, Asymchem Laboratories (Tianjin) Co.Ltd(002821) announced that the company plans to reach cooperation agreements with Hillhouse venture capital and Haihe Asymchem Laboratories (Tianjin) Co.Ltd(002821) fund, which will jointly invest no more than 2.534 billion yuan, so as to build Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology into a leader in global biological medicine and CGT cdmo.
Brief comment
Reached 2.534 billion yuan cooperation with Hillhouse and others to jointly build Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology Asymchem Laboratories (Tianjin) Co.Ltd(002821) will work with Hillhouse venture capital and Haihe Asymchem Laboratories (Tianjin) Co.Ltd(002821) fund to increase the total capital of Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology by no more than 2.534 billion yuan (of which Asymchem Laboratories (Tianjin) Co.Ltd(002821) the maximum capital contribution is 1.66 billion yuan), so as to meet the capital needs of Asymchem Laboratories (Tianjin) Co.Ltd(002821) biological follow-up capital expenditure and operating expenditure, and further promote the development of cdmo business of its macromolecules and CGT. After the completion of the transaction, the shareholding ratio of Asymchem Laboratories (Tianjin) Co.Ltd(002821) to Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology changed from 100% to 83%.
The national layout of production capacity and the layout of new businesses have been strengthened. As another important innovative therapy after small molecule drugs, biological drugs and CGT therapy have broad prospects in the future, and their outsourcing service market is huge Asymchem Laboratories (Tianjin) Co.Ltd(002821) continuously strengthen the layout of new businesses and speed up the construction of production capacity. At present, the R & D and pilot test center (biological drug cdmo) has been established in Jinshan, Shanghai, the R & D and pilot test center (plasmid, mRNA and other cdmo) has been established in Suzhou, and the R & D and commercial production base of biological drug cdmo (antibody drug, ADC and other biological drug cdmo) has been invested in Fengxian, Shanghai. The service capacity has been further improved.
The industry has a high outlook and multi business coordinated development. We believe that CXO industry will maintain a high profile in the future, thanks to the global industrial chain transfer and the rise of China's indigenous innovation. Asymchem Laboratories (Tianjin) Co.Ltd(002821) as the leader of cdmo in the industry, the newly signed and on hand orders are full, the performance is uncertain, and the future development potential is great. At the same time, the company has arranged multiple business areas to form a one-stop collaborative development, such as small molecule cdmo business, preparation business, clinical business, macromolecule and CGT business, so as to accelerate the building of an integrated cdmo leader.
Investment advice
We expect the net profit attributable to the parent company from 2021 to 2023 to be RMB 1.061/25.18/2.561 billion, corresponding to 87 / 37 / 36 times of PE respectively, maintaining the "buy" rating.
Risk tips
The contract performance is less than expected, the sales of downstream new drug products are less than expected, the price rise of upstream raw materials, exchange rate fluctuations, environmental protection and safety production, the expansion of new business is less than expected, and the loss of core technology (business) personnel.
