\u3000\u3 China Vanke Co.Ltd(000002) 821 Asymchem Laboratories (Tianjin) Co.Ltd(002821) )
Event overview
In order to meet the capital needs of the company's wholly-owned subsidiaries Shanghai Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology for subsequent capital expenditure and operating expenses, Asymchem Laboratories (Tianjin) Co.Ltd(002821) plans to sign an investment agreement with Haihe Asymchem Laboratories (Tianjin) Co.Ltd(002821) fund, Gaoling Qirui, Zhuhai daiheng and Kailai Tongxin (holding platform), which stipulates that the total capital increase of Shanghai Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology will not exceed about 2.534 billion yuan by stages, of which the maximum capital contribution of the company is 1.66 billion yuan. Among them, the first capital increase is that Shanghai Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology issues 3891566265 yuan of newly increased registered capital to investors other than the company. After the capital increase is completed, the company's shareholding ratio of Shanghai Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology is changed from 100% to 83%; After the completion of the first capital increase, the company and other investors will subscribe for a total registered capital of 95 million yuan in two phases according to the agreed time. It is expected that after the completion of the capital increase, the shareholding ratio of the company will remain at 83%. In addition, within the scope that the total capital increase does not exceed 2.534 billion yuan, all investors will further agree to subscribe for the newly increased registered capital in phases and irregularly according to their shareholding ratio in Shanghai Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology in the future.
Analysis and judgment:
Join hands with Gaoling and Haihe Asymchem Laboratories (Tianjin) Co.Ltd(002821) fund to strategically build biological medicine and cgtcdmo business
Shanghai Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology, a wholly-owned subsidiary of the company, plans to introduce strategic shareholders of Haihe Asymchem Laboratories (Tianjin) Co.Ltd(002821) fund, Hillhouse Qirui, Zhuhai daiheng and Kailai Tongxin (holding platform), of which the first batch of capital increase will raise 410 million yuan, and the second and third batches of capital increase will raise 1 billion yuan in total, that is, a total of 1.41 billion yuan, and no more than 1.124 billion yuan will be invested in stages and irregularly. At present, Shanghai Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology has established R & D and pilot plant (monoclonal antibody, ADC, etc.) in Jinshan, Shanghai. Subsequently, it is planned to invest 3 billion yuan to build a biological drug commercialization workshop in Fengxian, Shanghai to meet the future development needs of Shanghai Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology. Looking forward to the future, Hillhouse is expected to bring business drainage to Shanghai Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology after taking shares, and work together to build Shanghai Asymchem Laboratories (Tianjin) Co.Ltd(002821) biology into a global leader in the field of biological drugs (monoclonal antibody, ADC, etc.) and CGT (cell and gene therapy drugs, mRNA vaccine, etc.) cdmo.
Global leader in small molecule cdmo industry, accelerated capital expenditure and strategic emphasis on long tail customers drive the acceleration of corporate performance
The company has been deeply engaged in the field of small molecule cdmo for more than 20 years and has established a world-class R & D platform with nearly 3000 scientists and engineers. At the same time, the company has upgraded and established four technology platforms since 2020, including process science center, continuous science and technology center, biosynthesis Technology R & D center and intelligent manufacturing technology center, which are used for R & D and reserve of various technologies and support the continuous improvement of Asymchem Laboratories (Tianjin) Co.Ltd(002821) 's cdmo + service capacity Continuously enable the pipeline under research of the company. In the first half of 2021, the company's small molecule cdmo business achieved an operating revenue of RMB 1.617 billion, with a year-on-year increase of 34.1%, of which commercial business accounted for 51.3% and clinical business accounted for 48.7%. Looking forward to the next three years, considering the order increment brought by continuing to cultivate key customers and accelerating the development of long tail customers, as well as the supply side acceleration brought by the acceleration of superimposed capital expenditure, we generally judge that the company's performance will realize the trend of accelerated growth.
New business development: diversify business layout and add imagination to the company
On the basis of deep cultivation of small molecule cdmo business, the company has rapidly developed chemical macromolecule business (oligonucleotide, polypeptide, liposome, etc.), preparation, bioengineering and other businesses, and steadily expanded clinical research services, biological macromolecule cdmo and other businesses. Among them, the preparation business and bioengineering field continue to empower and realize collaborative business cooperation in the field of small molecule, oligonucleotide, polypeptide and biological macromolecule. In the first half of 2021, the company's new business realized an operating revenue of 144 million yuan, with a year-on-year increase of 144.62%, including a year-on-year increase of 98.39% in the chemical macromolecule business and 82.72% in the preparation sector. Looking forward to the future, with the continuous layout of synthetic macromolecules, biological macromolecules, clinical cro, biosynthesis and other businesses, the company will realize one-stop service business with small molecule business, realize rapid growth of business and increase the imagination of future performance growth.
Performance forecast and investment suggestions
As China's leading supplier of small molecule cdmo, the company looks forward to the future and continues to cultivate the integrated service capacity of small molecule "intermediate + API + Preparation". In addition, the company continues to strengthen the layout in the field of synthetic macromolecules and biological macromolecules, so as to escort the medium and long-term performance growth of the company. Maintain the early-stage profit forecast, that is, the revenue in 21-23 years is 4.620/12.573/12.807 billion yuan, EPS is 3.75/10.31/10.61 yuan, corresponding to the closing price of 351 yuan / share on March 25, 2022, and PE is 93.72/34.03/33.08 times respectively, maintaining the "buy" rating.
Risk tips
The core technology backbone and management risk of loss, the risk of intensified competition, the loss of core technical personnel, the risk of exchange rate fluctuations, the expansion of New Coronavirus's epidemic affecting China's external business, the lower than expected implementation of COVID-19 orders, and the uncertainty of Shanghai's Asymchem Laboratories (Tianjin) Co.Ltd(002821) biological capital increase.
