\u3000\u3 China Vanke Co.Ltd(000002) 821 Asymchem Laboratories (Tianjin) Co.Ltd(002821) )
Event: Asymchem Laboratories (Tianjin) Co.Ltd(002821) released the 2021 annual report and 2022m1-2 business data announcement. In 2021, the company realized an operating revenue of 4.639 billion yuan, a year-on-year increase of 47.28% (the fixed exchange rate increased by 56.13%), a net profit attributable to the parent company of 1.069 billion yuan, a year-on-year increase of 48.08%, deducting 935 million net profit not attributable to the parent company, with a growth rate of 45.22%, and realized EPS 4.4 40 yuan.
From January to February 2022, the company's revenue increased by more than 130% year-on-year. It is estimated that the Q1 operating revenue in 2022 will increase by more than 150% year-on-year, with an amount of more than 2 billion yuan.
Production capacity landing, large orders and capital increase are multiple guarantees, and development has entered the fast lane.
the six highlights of Asymchem Laboratories (Tianjin) Co.Ltd(002821) annual report are as follows:
The production pace of production capacity is more positive than before: the Chinese newspaper disclosed that the production capacity is 3000 cubic meters, 1390 cubic meters are expected to be added in the second half of the year, and 1500 cubic meters are expected to be added in the whole year of 22 years. The actual batch reactor at the end of 2021 was close to 4700 m3 (1700 m3 was added, exceeding the previous plan), and has increased to 5000m3 so far. At the end of the year, the small molecule capacity is planned to increase by 46% compared with the end of 2021 (i.e. nearly 2000 cubic meters will be added in 2022).
The amount of orders on hand tripled: the total amount of orders on hand was US $1.898 billion, a year-on-year increase of 320%.
The number of phase III clinical projects increased significantly: from 2019 to 2021, there were 39, 42 and 55 phase III clinical projects respectively. The number of phase III clinical projects increased significantly in 2021, laying a good foundation for the continuous growth of commercialization.
The penetration rate of the five multinational pharmaceutical companies continued to increase: the company participated in more than 30% of the phase II or phase III small molecule candidate drugs of the five multinational pharmaceutical companies in the United States, and the proportion of one of them reached 50%. The company undertook the production order of the aforementioned API commercialization project of an American multinational pharmaceutical company and made an important breakthrough (previously, the company rarely outsourced the API commercialization production of innovative drugs).
China's business has entered the harvest period and reached a new level: the revenue of small molecule business in China increased by 64.44% year-on-year. The company has more than 30 orders in China's NDA stage, and served 2 NDA projects during the reporting period, which successfully passed the on-site verification of nmpa.
The development momentum of emerging businesses is strong: the company has rapidly promoted the development of new businesses such as preparations, chemical macromolecules, biosynthetic technology and biological macromolecules. In 2021, the revenue was nearly 400 million yuan, with a year-on-year increase of 67.43%, and 327 emerging service projects were completed. The proportion of emerging business revenue increased to 8.57% from 2.19% in 2018.
By consolidating small molecules and marching into large molecules, the company will continue to practice the "two wheel drive" common development strategy. The company signed major orders successively from November 2021 to February 2022, with a total amount of 9.3 billion yuan, highlighting the service capacity of small molecule cdmo; In March 2022, the company further cooperated with Hillhouse to deepen the cdmo layout of macromolecular and cell gene therapy and improve the production and manufacturing capacity of emerging businesses.
Profit forecast and investment rating. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 2.516 billion yuan, 2.694 billion yuan and 3.297 billion yuan respectively, with a year-on-year increase of 135.3%, 7.0% and 22.4% respectively, and the corresponding PE will be 39x, 37x and 30x respectively. In the next few years, the company is expected to show rapid growth in performance with the increase of commercialization projects. We are optimistic about the company's development for a long time and maintain the "buy" rating.
Risk warning: risk of customer demand change; Market environment uncertainty risk; Exchange rate fluctuation risk.
