\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 47 Hangzhou Tigermed Consulting Co.Ltd(300347) )
During the reporting period, the company achieved an operating revenue of 52135381 million yuan, a year-on-year increase of 63.32%; The total profit was 36845658 million yuan, a year-on-year increase of 66.07%; The net profit attributable to the shareholders of the listed company was 2874163 million yuan, a year-on-year increase of 64.26%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 12315201 million yuan, a year-on-year increase of 73.90%; The basic earnings per share was 3.31 yuan, a year-on-year increase of 50.45%.
The growth of clinical trial technical services significantly exceeded expectations. During the reporting period, the company’s clinical trial technical services achieved a revenue of 29936517 million yuan, a year-on-year increase of 97.05%; The gross profit margin was 44.77%, down 5.36 percentage points from the same period last year. The revenue of clinical trial related services and laboratory services was 2193715 million yuan, a year-on-year increase of 32.39%; The gross profit margin was 41.48%, down 3.11 percentage points from the same period last year. Other business services achieved a revenue of 26.714 million yuan, a year-on-year increase of 63.12%; The gross profit margin is 78.61%. The rapid growth of the company’s clinical trial technical service business and the rapid growth of clinical trial related services and laboratory services drive the rapid growth of the company’s overall performance.
Orders were sufficient and overseas revenue increased significantly. At present, the company has sufficient orders on hand, with 567 order items being executed, far exceeding 367 in the same period last year. In terms of project progress, more than half of the projects have entered clinical stages II, III and IV, and are progressing smoothly. In terms of regions, during the reporting period, the company achieved a domestic revenue of 2740713300 yuan, a year-on-year increase of 44.17%; The overseas income was 2446653400 yuan, a year-on-year increase of 91.87%. Affected by the increased demand for covid-19 pneumonia clinical trial project and other factors, the company’s overseas business grew rapidly. With the continuous improvement of the number of new orders and the continuous promotion of overseas strategy, the company’s performance is expected to continue to grow rapidly in the future.
Accelerate mergers and acquisitions, globalize scientific research teams and continuously improve R & D competitiveness. During the reporting period, the company acquired two overseas and one Chinese R & D technology company through its subsidiaries to enhance the company’s core competitiveness in genomics services, drug discovery and other fields. In addition, the company continues to expand the personnel of overseas clinical operation and project management team and enhance the strength of global R & D team. At present, the company has 24 overseas subsidiaries and 930 overseas project operators.
Investment suggestion: we expect that the EPS of the company after dilution from 2022 to 2024 (excluding the impact of conversion to share capital) will be 3.80 yuan, 4.34 yuan and 5.10 yuan respectively, and the corresponding dynamic P / E ratios will be 25.92 times, 22.71 times and 19.32 times respectively. At present, China’s clinical cro industry is in a period of rapid development. As a leading enterprise in the clinical cro industry, the company is expected to continue to benefit from the rapid development of the industry and maintain the buy rating.
Risk tips: policy risk, R & D risk, exchange rate risk
