\u3000\u3 Shengda Resources Co.Ltd(000603) 127 Joinn Laboratories (China) Co.Ltd(603127) )
In 2021, the company realized an operating revenue of 1.517 billion yuan (+ 40.97%) and a net profit attributable to the parent company of 558 million yuan (year-on-year + 76.96%); In Q4 of 2021, the operating revenue was 660 million yuan (+ 48.49%), and the net profit attributable to the parent company was 310 million yuan (+ 80.48%). By the end of 2021, the total amount of orders on hand of the company was about 2.9 billion yuan.
Key points supporting rating
The performance maintained rapid growth, and the orders on hand laid the foundation for future performance. In 2021, the company achieved an operating revenue of 1.517 billion yuan, a year-on-year increase of 40.97%, and a net profit attributable to the parent company of 558 million yuan, a year-on-year increase of 76.96%; In 2021, Q4 achieved an operating revenue of 660 million yuan, a year-on-year increase of 48.49%, and a net profit attributable to the parent company of 310 million yuan, a year-on-year increase of 80.48%. In terms of overseas business, Zhaoyan China company undertook overseas orders of about 160 million yuan, a year-on-year increase of more than 100%, and the overseas subsidiary biomere undertook orders of about 280 million yuan, a year-on-year increase of about 75%. By the end of 2021, the total amount of orders on hand of the company was about 2.9 billion yuan, providing guarantee for future performance.
The construction of production capacity has been continuously promoted and the ability to undertake orders has been continuously improved. The renovation project of about 7500 square meters of breeding facilities started by Suzhou Zhaoyan in 2021 has been completed and put into use by the end of 2021. The renovation construction of 1800 square meters of laboratory (P2) has been completed and obtained the filing license of biosafety level II laboratory. The expansion construction design of Suzhou Zhaoyan phase II project adds about 20000 square meters of building area, mainly feeding facilities, which is expected to be put into use in the second half of 2022. The construction of Guangzhou Zhaoyan safety assessment base was started in October 2021 and is currently under orderly construction. Zhaoyan Yichuang, a newly established subsidiary, plans to lease about 9000 square meters of laboratory and complete interior design and decoration by the end of 2022. In order to alleviate the shortage of facilities of biomere, an overseas subsidiary, Zhaoyan California newly renovated and invested about 6000 square meters of test facilities in 2021.
Actively carry out business capacity-building and continuously improve service capacity. In terms of non clinical business, focusing on the needs of new hot spots, new technologies and new target key technologies of innovative drugs, the company has carried out non clinical evaluation of many Chinese original new drugs in the fields of innovative cell therapy, bispecific antibodies and multi-target antibodies, innovative ADC, gene therapy, nucleotide drugs, innovative technology route vaccines and innovative inhaled macromolecular drugs. In 2021, the company introduced professional and technical talents to form a cell assay team, and the cell assay business will become a new growth point of the company in the future. In terms of experimental model research, in 2021, the mammalian somatic cloning technology platform of Suzhou Qichen, a Joinn Laboratories (China) Co.Ltd(603127) subsidiary, obtained the first batch of somatic cloned Bama pigs and somatic cloned mice.
Valuation
It is expected that the net profit of the company in 2022, 2023 and 2024 will be 730 million yuan, 920 million yuan and 1.209 billion yuan respectively, and the EPS will be 1917 yuan, 2415 yuan and 3174 yuan respectively.
Main risks of rating
Risk of policy change; New business expansion fails to meet expectations; Market competition intensifies.
