\u3000\u3 Shengda Resources Co.Ltd(000603) 259 Wuxi Apptec Co.Ltd(603259) )
Event: on April 10, 2022, the company issued the announcement of pre increase of performance in the first quarter of 2022. It is expected that the company will achieve a revenue of about RMB 8.474 billion in 2022q1, with a year-on-year increase of 71.18%; The net profit attributable to the parent company is expected to be 1.643 billion yuan, a year-on-year increase of 9.54%; It is estimated that the net profit attributable to the parent company after deducting non-profit is RMB 1.714 billion, with a year-on-year increase of 106.52%, and the performance growth is higher than expected.
It is estimated that the net profit attributable to the parent company after deducting non profits in 2022q1 will increase by 107% year-on-year, and the performance growth is higher than expected: on the revenue side, the company is expected to achieve a revenue of about 8.474 billion yuan in 2022q1, a year-on-year increase of 71.18%. Thanks to the company’s stable production and operation capacity and rapid response to orders, the growth rate of 2022q1 revenue exceeded the growth range previously predicted. On the profit side, the net profit attributable to the parent company is expected to be 1.643 billion yuan in 2022q1, with a year-on-year increase of 9.54%; It is estimated that the net profit attributable to the parent company after non deduction is RMB 1.714 billion, with a year-on-year increase of 106.52%. The non recurring profit and loss mainly comes from the changes in fair value and investment income of the company’s bidding.
The competitive advantage of the integrated layout is obvious, and a number of businesses will continue to develop rapidly in 2022: the company continues to promote the development strategy of “following the molecules”, and the competitive advantage of the integrated layout is obvious. All businesses will continue to develop rapidly in 2022. Among them, according to the company’s announcement, the revenue of chemical business is expected to double in 2022; China’s leading position in SMO business is prominent, and the revenue of test business in 2022 is expected to continue the growth momentum in recent years; The cell and gene therapy ctdmo business continues to expand globally, and its revenue growth is expected to exceed that of the industry in 2022.
Investment suggestion: we expect the company to realize net profits of 8.334 billion yuan, 10.261 billion yuan and 13.748 billion yuan respectively from 2022 to 2024, with a year-on-year increase of 63.5%, 23.1% and 34.0% respectively; Give an investment rating of buy-a.
Risk tips: order growth fails to meet expectations, order delivery fails to meet expectations, industry prosperity fails to meet expectations, risk of overseas policy changes, etc
