\u3000\u3 China Vanke Co.Ltd(000002) 821 Asymchem Laboratories (Tianjin) Co.Ltd(002821) )
Event: Asymchem Laboratories (Tianjin) Co.Ltd(002821) released the first quarter report of 2022. The company achieved an operating revenue of 2.062 billion yuan, a year-on-year increase of 165.28%, and the growth rate excluding the impact of exchange rate was 171.64%; The net profit attributable to the parent company was 499 million yuan, a year-on-year increase of 223.59%, and the adjusted growth rate of net profit attributable to the parent company was 252.42%; The net profit deducted from non parent company was 486 million yuan, with a year-on-year increase of 275.76%; Net operating cash flow was 205 million yuan, a year-on-year increase of 103.27%.
Comments:
The "two wheel drive" strategy drives performance growth and comprehensive strength continues to improve. In 2022q1, driven by large orders, the revenue of small molecule business increased by 165.9% year-on-year; Driven by the company's production capacity and technology investment, emerging businesses are gradually on track. In 2022q1, the revenue increased by 157.4% year-on-year. Among them, the revenue growth of chemical macromolecules, biological macromolecules, preparations and clinical cros exceeded 100%, and the performance and strength continued to improve.
The gross profit margin increased, the period expenses decreased, and the profitability of the company increased significantly. In 2022q1, the company's comprehensive gross profit margin was 45.24%, a year-on-year increase of + 2.37pp; The net profit margin attributable to the parent company was 24.22%, with a year-on-year increase of + 4.37pp, and the profitability was significantly improved. The company's period expense rate is 17.6% (- 7.37pp), of which the sales expense rate is 1.00% (- 1.47pp), the management expense rate is 7.90% (- 4.78pp), the R & D expense rate is 6.35% (- 4.39pp), and the financial expense rate is 2.35% (+ 3.27pp). The scale effect significantly reduces the sales expense rate and management expense rate and reduces the company's cost.
Capacity + technology continue to drive development. According to the annual report of 2021, the company's small molecule cdmo capacity was nearly 5000 m3 at the end of March, and the continuous technology capacity was three times larger than that in 2020; The annual production capacity of preparation GMP workshop is about 10 million; The cGMP of biosynthesis technology plant has been upgraded and put into use; With more than 3380 scientists and engineers, the company has established four technical platforms CEPS CFCT CBST CIMT to provide multi-dimensional technical support.
Profit forecast and investment rating: we expect the company's operating revenue to be RMB 11.048121.63/14.427 billion from 2022 to 2024, with a year-on-year increase of 138.2% / 10.1% / 18.6%; The net profit attributable to the parent company was RMB 2.892/29.15/3.463 billion respectively, with a year-on-year increase of 170.5% / 0.8% / 18.8%, corresponding to 27 / 26 / 22 times of PE from 2022 to 2024.
Risk factors: increased competition in the industry, decline in R & D investment and outsourcing demand in the pharmaceutical industry, China's international policies, loss of core technicians and other risks
