\u3000\u3 China Vanke Co.Ltd(000002) 821 Asymchem Laboratories (Tianjin) Co.Ltd(002821) )
Events
On April 20, Asymchem Laboratories (Tianjin) Co.Ltd(002821) released the first quarterly report of 2022. In 2022q1, the company achieved a revenue of 2.062 billion yuan, a year-on-year increase of 165.28%, a net profit attributable to the parent company of 499 million yuan, a year-on-year increase of 223.59%, and a net profit attributable to the parent company of 486 million yuan after deduction, a year-on-year increase of 275.76%. Both revenue and profit sides achieved strong growth.
Brief comment
2022q1 has a good performance, with strong growth in revenue and profit. According to the first quarterly report of 2022 released by the company, the company achieved a revenue of RMB 2.062 billion, with a year-on-year increase of more than 165.28%. After excluding the impact of exchange rate fluctuations, the company increased by 171.64% year-on-year; The net profit attributable to the parent company was 499 million yuan, a year-on-year increase of 223.59%, and the adjusted net profit attributable to the parent company increased by 252.42% year-on-year; The net profit attributable to the parent company after deduction was 486 million yuan, a year-on-year increase of 275.76%, and the revenue and profit sides achieved strong growth. We expect that some non covid-19 businesses will maintain a growth rate of more than 30%, and covid-19 businesses will drive the overall performance to grow at a high speed.
The company continues to lay out new business areas and develop in a one-stop coordinated manner with multiple sectors. At present, the company has arranged multiple business areas to form a one-stop collaborative development. While continuing to undertake large orders, the business of other sectors shows an accelerating momentum. In the field of small molecule cdmo, clinical projects are constantly enriched and commercial projects continue to expand; The revenue of new business areas continued to maintain rapid growth, and the preparation business grew rapidly, gradually forming a one-stop collaboration. In the clinical field, acquire the digital system business of yipukono and improve the comprehensive service ability of clinical cro; In the field of macromolecules, the orders of chemical macromolecules and biological macromolecules are growing rapidly, and the field of CGT is expanding rapidly.
The industry is booming, and the company has broad growth space and strong certainty in the future. Benefiting from the global industrial chain transfer and the rise of China's indigenous innovation, CXO industry has maintained a high economic growth. Asymchem Laboratories (Tianjin) Co.Ltd(002821) .
Investment advice
We expect the net profit attributable to the parent company from 2022 to 2024 to be RMB 2.515/2.561/2.745 billion, corresponding to 31 / 30 / 28 times of PE respectively, maintaining the "buy" rating.
Risk tips
The contract performance is less than expected, the sales of downstream new drug products are less than expected, the price rise of upstream raw materials, exchange rate fluctuations, environmental protection and safety production, the expansion of new business is less than expected, and the loss of core technology (business) personnel.
