\u3000\u3000 Pharmaron Beijing Co.Ltd(300759) (300759)
Event: on January 10, 2022, the company’s official website announced the successful acquisition of aesica pharmaceutical, a subsidiary of recipharm in cramlington, UK. After this acquisition, the company obtained its API production base in Newcastle, UK.
The global supply system is gradually completed, and it is expected to accelerate the continuous and large volume of small molecule cdmo business. The capacity of the acquired cramlington production base exceeds 100m3, which can provide cGMP API production services from pilot scale to ton scale. After the acquisition, cramlington production base can cooperate with hoddesdon process development and early cGMP API production team to provide customers with comprehensive end-to-end and integrated R & D and production outsourcing services. In addition, the acquisition further expands the global layout of the company’s small molecule cdmo and provides customers with the strategic needs of global dual plant production. With the continuous acceleration of capacity expansion, the revenue of small molecule cdmo project is expected to accelerate.
The integrated and multi therapy platform has significant competitive advantages, and the four plates are making continuous efforts, which is expected to promote the continuous high growth of the overall business. 1) Laboratory services: with the continuous release of the scale advantages of chemical and biological sciences and the continuous improvement of the proportion of Biological Sciences, the profitability of laboratory services is expected to continue to increase. 2) Small molecule cdmo: the CMC of the company has strong technical strength and rich project reserves. With the gradual implementation of epitaxial and endogenous commercial production capacity, the proportion of projects in the later stage of clinic continues to increase, and the small molecule cdmo business is expected to accelerate its growth. 3) Clinical research services: with the gradual integration of the integrated clinical research service platform and the complementary advantages of detai Mai, Nanjing Sirui and Unistar, it is expected to maintain rapid growth in the future. 4) Macromolecular and cellular gene therapy: the company built a C & gt service platform integrating R & D and production by investing in accugengroup, acquiring absorption and ABL, and built an end-to-end macromolecular R & D and production platform by extending macromolecular discovery and research services from laboratory services and building a macromolecular production base in Ningbo. With the continuous improvement of the multi therapy platform, it is expected to continuously contribute new increments to the company.
Profit forecast and investment suggestions: we estimate that the operating revenue of the company from 2021 to 2023 will be RMB 7.030 billion, RMB 9.359 billion and RMB 12.392 billion respectively, with a year-on-year increase of 36.94%, 33.13% and 32.40%; The net profit attributable to the parent company was 1.566 billion yuan, 2.067 billion yuan and 2.720 billion yuan respectively, with a year-on-year increase of 33.60%, 31.94% and 31.62%. As one of the leading cro + CMO enterprises in China, the company has significant advantages in integrated service platform. In the future, with the continuous improvement of end-to-end and multi therapy service platform, it is expected to drive the continuous and rapid growth of performance and maintain the “buy” rating.
Risk warning events: the risk that the R & D investment of innovative drug enterprises does not meet the expectations, the risk that the new business progress is not as expected, the risk of deterioration of the competitive environment, and the risk of exchange rate fluctuation.
