\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 59 Pharmaron Beijing Co.Ltd(300759) )
Report summary
The company is a leading innovative drug R & D service platform in the world. It has unique advantages in the fields of drug discovery, preclinical and early clinical research. Through acquisition + self construction, the company expands its business scope and gradually builds a crdmo integrated service platform to provide customers with the whole process services from drug discovery to commercial production. We believe that with the gradual improvement of the company's crdmo integrated service platform, the accelerated layout of macromolecular & CGT business, the prominent synergy of various business sectors, and the gradual realization of multi project and multi field cooperation with customers, it is expected to promote the long-term steady growth of the company's performance.
Key investment points
Laboratory services: the advantageous business has been expanded vertically and horizontally, and the technical platform has been continuously improved
The company is one of the top three preclinical cro service providers in the world. Laboratory chemistry and Bioscience services are highly coordinated, and the integrated clinical approval application (ind) package reporting service has been continuously recognized, driving the continuous high growth of revenue in the sector. Laboratory chemistry is the core and cornerstone of small molecule drug discovery and research, and also the starting point of the company's business development. It provides customers with services covering synthetic chemistry, pharmaceutical chemistry, separation and analysis, etc. Bioscience services continued to improve the whole process of drug discovery, pioneered radiotag technology and focused on building an in vivo imaging technology platform to help customers speed up the process of drug discovery. With the continuous innovation of the company's laboratory chemistry and Bioscience service technology platform, it is expected to continue to maintain rapid growth in the future.
CMC (small molecule cdmo) business: Integrated Platform + global layout to cultivate a new growth pole of performance
Thanks to the fact that many drug discovery projects accumulated in the early stage of the company have entered the drug development stage, and the expansion of CMC service scope and continuous expansion of production capacity of the company, CMC (small molecule cdmo) service sector has gradually realized the layout of integrated platform + globalization. The company's whole process and integrated service platform model effectively improves customer stickiness, strengthens business collaboration among various sectors, and realizes the diversion of front and rear projects. CMC's global business layout has R & D teams and production facilities in many places in China and the UK to provide customized solutions in a multidimensional innovation mode to meet the diversified needs of global customers. With the gradual improvement of the company's integrated platform + global layout, the synergy of front and rear end + overseas business is gradually highlighted, and the depth and breadth of the company's CMC sector service are expected to be further expanded.
Clinical cro business: the Chinese clinical integration platform is perfect, and the overseas radioactive labeling platform has unique advantages.
The company actively integrates the clinical R & D capabilities of its global subsidiaries, builds a one-stop clinical service platform including clinical research, on-site management, regulatory biological analysis and radioactive labeling science, and provides integrated solutions for clinical research and complementary trials at home and abroad. In terms of clinical services in China, Chengdu clinical research subsidiary was established to integrate the clinical cro + SMO platform and build a deeply integrated clinical R & D service platform; In terms of foreign clinical services, it has built the world's only "radioisotope compound synthesis clinical analysis" platform, obtained radioisotope use license, and won wide recognition from customers at home and abroad with its unique advantages.
Macromolecular & CGT business: endogenous and epitaxial forces to activate new momentum of development
The company prospectively develops a new service platform and arranges two business segments: macromolecular drug discovery & cdmo and CGT laboratory service & cdmo. In the cell and gene therapy sector, the company built a laboratory service + cdmo comprehensive service platform to provide customers with the whole process services of CGT process development, testing and cGMP production. In the macromolecular sector, the company took the lead in arranging drug discovery and early process development services, providing macromolecular drug cell screening, expression and purification, and analytical method development services, and gradually extending from the early R & D platform to the back-end cdmo service platform. With the strengthening of the construction of the company's macromolecular & CGT technology platform and the gradual improvement of the layout outside China, the macromolecular & CGT business segment is expected to become a new performance growth point of the company.
Profit forecast and investment rating
We estimate that the company's operating revenue from 2022 to 2024 will be 10.416/13.659/17.312 billion yuan respectively, the net profit attributable to the parent company will be 2.269/29.46/3.782 billion yuan, and the EPS will be 2.86/3.71/4.76 yuan respectively. Referring to the valuation of comparable companies, the company is given 49 times PE in 2022, with a target price of 140.14 yuan. For the first time, give a "buy" rating.
Risk warning: the research and development progress of innovative drugs served and the fluctuation risk of end market demand; New business development progress risk; Exchange rate fluctuation risk.
