\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 59 Pharmaron Beijing Co.Ltd(300759) )
Event 1: the company achieved an operating revenue of RMB 7.444 billion in 2021 (+ 45.00%, which indicates the year-on-year growth rate in brackets, the same below); The net profit attributable to the parent company was 1.661 billion yuan (+ 41.68%); The net profit attributable to the parent company after non deduction was 1.341 billion yuan (67.46%); Adjusted non IFRS net profit attributable to the parent company was 1.462 billion yuan (+ 37.40%); Net operating cash flow was 2.058 billion yuan (24.84%).
Event 2: the company issued the 2022 A-share restricted stock incentive plan, with a total of 403 incentive objects. The number of restricted shares to be granted is 1548800, accounting for 0.20% of the total share capital of the company, and the grant price is 58.38 yuan per share. This incentive will assess the performance from 2022 to 2025, and the annual target is to take the operating revenue of 2021 as the base, with the growth rate of no less than 20%, 40%, 60% and 80%.
Each business segment has a strong growth momentum, and new business macromolecules and CGT services have opened up: by product: 1) laboratory services: operating revenue of 4.566 billion yuan (+ 41.09%), gross profit margin of 43.47%; 2) CMC (small molecule cdmo) service revenue was 1.746 billion yuan (+ 42.90%), with a gross profit margin of 34.92%; 3) The operating revenue of clinical research services was 956 million yuan (+ 51.96%), and the gross profit margin was 10.31%; 4) Macromolecular and CGT services amounted to 151 million yuan (+ 466.58%), with a gross profit margin of – 13.84%; 5) Other business income was 24 million yuan.
In 2021, the company acquired 12000m2 of equity and expanded the service capacity of the laboratory under construction to meet the long-term needs of the company; 2) CMC service capacity is also increasing. Phase III of Tianjin plant and phase II of Ningbo first park will be put into use in 2021. The capacity of 600m3 reactor in Shaoxing plant is under construction, of which 200m3 has been put into operation in early 2022 and the rest will be put into operation in mid-2022. Aesicapharmaceuticals Limited of the UK will be acquired and more than 100m3 reactor capacity will be increased; 3) Clinical research services have been integrated to build a deeply integrated clinical R & D service platform. In this part, 1149 employees (+ 52.04%) will be added in 2021 to improve the comprehensive operation capacity of clinical trials; 4) In addition to the bases in the United States and the United Kingdom, macromolecule and CGT continue to build China’s macromolecule cdmo platform. 70000m2 of bases under construction are expected to be put into operation in the first half of 2023. At the same time, long-term equity incentive can fully mobilize the enthusiasm of talents, improve the business ability of the platform and promote the long-term development of the company.
Profit forecast and investment rating: due to the project diversion and new business development brought by the advantages of the integrated platform, the company’s performance in 2021 exceeded expectations. Compared with the previous forecast of the company’s net profit attributable to the parent company of RMB 1439, 1937 and 2557 million from 2021 to 2023, we predict that the net profit attributable to the parent company from 2022 to 2024 will be RMB 2217, 3055 and 4167 million respectively, and the current market value corresponds to 41.11/29.84/21.87 times of PE from 2022 to 2024. Maintain the “buy” rating.
Risk warning: order delivery is not as expected; New business expansion is less than expected; Exchange gain and loss risk, etc.
