\u3000\u3 China Vanke Co.Ltd(000002) 821 Asymchem Laboratories (Tianjin) Co.Ltd(002821) )
Event: on March 30, 2022, the company released its annual report for 2021. In 2021, the company achieved a revenue of 4.639 billion yuan, a year-on-year increase of 47.28%; The net profit attributable to the parent company was 1.069 billion yuan, a year-on-year increase of 48.08%, and the performance growth was in line with expectations.
In 2021, the net profit attributable to the parent company increased by 48% year-on-year, and the performance growth was in line with expectations:
On the revenue side, the company achieved a revenue of 4.639 billion yuan in 2021, a year-on-year increase of 47.28%. Among them, cdmo solution business in clinical stage, cdmo solution business in commercial stage and emerging business achieved revenue of 1.723 billion yuan (+ 37.58%), 2.515 billion yuan (+ 51.70%) and 398 million yuan (+ 67.43%) respectively.
On the profit side, in 2021, the company realized a net profit attributable to the parent company of 1.069 billion yuan, a year-on-year increase of 48.08%; The net profit attributable to the parent company after non deduction was 935 million yuan, with a year-on-year increase of 45.22%, and the performance growth was in line with expectations.
With sufficient orders on hand and further optimization of the project structure, the small molecule cdmo business is expected to develop continuously and rapidly:
In terms of hand orders, according to the company's announcement, the company's major orders continue to land, and the order amount has exceeded 9 billion yuan. The delivery time of each major order is 2022, which is expected to have a positive impact on the company's performance in 2022.
In terms of project pipeline, in 2021, the company was in preclinical, early clinical, clinical phase III and commercialization stages, with 235, 55 and 38 projects respectively. The current project structure was further optimized and the funnel effect was prominent, so as to ensure the sustainable growth of the company's medium and long-term performance.
In terms of capacity reserve, according to the company's announcement, by the end of 2021, the volume of the company's traditional batch reactor was about 4700m3, and the capacity is expected to increase by 46% year-on-year by the end of 2022. The continuous launch of new production capacity effectively ensures the on-time delivery of orders.
Emerging businesses have entered the fast lane of development and fully accumulated strength for the medium and long-term development of the company:
In 2021, the company's emerging business achieved a revenue of 398 million yuan, a year-on-year increase of 67.43%, and its revenue proportion gradually increased from 2.19% in 2018 to 8.57% in 2021. At present, emerging businesses continue to develop rapidly, which fully accumulates strength for the medium and long-term development of the company. According to the announcement of phasii, the company has undertaken 42 new projects, with a year-on-year increase of 23.48% in revenue. With the breakthrough of delivery technology, oligonucleotide cdmo and other services are expected to be promoted rapidly; The preparation business increased by 80.33% year-on-year, and 40 API + Preparation projects were undertaken; Clinical research services increased by 83.71% year-on-year, and the synergy between Keno pharmaceutical and cdmo team was obvious. More than 150 project contracts were signed in 2021 (more than 70 were innovative drug projects); There are more than 200 people in Asymchem Laboratories (Tianjin) Co.Ltd(002821) biological team, and Shanghai Jinshan has initially formed the ability of R & D and pilot production.
Investment suggestion: we expect the company to realize net profits of 2.753 billion yuan, 3.045 billion yuan and 4.129 billion yuan respectively from 2022 to 2024, with a year-on-year increase of 157.5%, 10.6% and 35.6% respectively; Give an investment rating of buy-a.
Risk tips: the growth of orders is less than expected, the production of new capacity is less than expected, the impact of exchange gains and losses, the progress of emerging businesses is less than expected, etc.
