\u3000\u3 China Vanke Co.Ltd(000002) 821 Asymchem Laboratories (Tianjin) Co.Ltd(002821) )
In 2021, the company achieved a total operating revenue of 4.639 billion yuan (+ 47.28%), and a revenue of 1.715 billion yuan (+ 60.83%) in the fourth quarter; The net profit attributable to the parent company was 1.069 billion yuan (+ 48.08%), and the net profit attributable to the parent company was 374 million yuan (+ 73.45%) in the fourth quarter.
Key points supporting rating
The performance maintained rapid growth, and the traditional small molecule business grew strongly. In 2021, the company achieved a total operating revenue of 4.639 billion yuan, a year-on-year increase of 47.28%; The revenue in the fourth quarter was 1.715 billion yuan, a year-on-year increase of 60.83%; The net profit attributable to the parent company was RMB 1.069 billion, a year-on-year increase of 48.08%, and the net profit attributable to the parent company was RMB 374 million in the fourth quarter, a year-on-year increase of 73.45%. Among them, the income of small molecule preclinical projects was 1.723 billion yuan, a year-on-year increase of 37.58%; Small molecule commercialization projects reached 2.515 billion yuan, a year-on-year increase of 51.7%. The cooperation between the company and major overseas pharmaceutical companies has continued to deepen, and more than 30% of the five major multinational pharmaceutical companies in the United States have participated in the phase II or phase III clinical stage small molecule candidate drugs, and the proportion of one of them has reached 50%. Meanwhile, the company obtained the first commercial project order from a large pharmaceutical company in Japan in 2021. The company has also made some achievements in the customers of overseas small and medium-sized innovative drug companies, and the revenue from overseas small and medium-sized innovative drug companies increased by 50.99% year-on-year.
Emerging businesses have achieved rapid development and high-speed growth in performance. In 2021, the company’s emerging businesses such as animal preparations, chemical macromolecules, biosynthetic technology and biological macromolecules developed rapidly, achieved a revenue of nearly 400 million yuan, a year-on-year increase of 67.43%, and completed 327 emerging service projects. Among them, as of the disclosure date of the company’s annual report, the company’s biological macromolecule cdmo had orders on hand of 130 million yuan.
The construction of production capacity has been continuously promoted, and the service capacity has been further improved. By the end of 2021, the volume of the traditional batch reactor of the company was nearly 4700m3, and the volume of the traditional batch reactor was 5000m3 as of the disclosure date of the annual report of the company. By the end of 2022, the capacity of the company’s small molecule traditional batch reactor is planned to increase by 46% compared with the end of 2021. At the same time, Asymchem Laboratories (Tianjin) Co.Ltd(002821) continues to increase the application of continuous reaction in various plant areas. In Dunhua plant, Asymchem Laboratories (Tianjin) Co.Ltd(002821) can use continuous reaction to realize the production of 1.3 tons / day of key raw materials of a project. If the same production scale is achieved, 180m3 batch capacity is required. In terms of biological macromolecule business, Jinshan has initially formed the capacity of R & D and pilot production. It is expected to complete the capacity construction of 2x2000l disposable bioreactor antibody stock solution and 2x500ladc commercial coupling stock solution by the middle of 2022.
Valuation
It is expected that the company will realize net profits of 2.134 billion yuan, 2.430 billion yuan and 2.912 billion yuan in 2022, 2023 and 2024, and EPS of 8071 yuan, 9194 yuan and 11017 yuan respectively.
Main risks of rating
Risk of delisting or large-scale recall of major innovative drugs served; The risk that the life cycle replacement and marketing of major innovative drugs are lower than expected; Overseas market operation risk; exchange-rate risks
