\u3000\u3 China Vanke Co.Ltd(000002) 821 Asymchem Laboratories (Tianjin) Co.Ltd(002821) )
Quarterly report of 2022:
During the reporting period, the company achieved an operating income of 20617089 million yuan, a year-on-year increase of 165.28%; The total profit was 5670886 million yuan, a year-on-year increase of 243.09%; The net profit attributable to the shareholders of the listed company was 499398100 yuan, a year-on-year increase of 223.59%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 486390500 yuan, an increase of 275.76% year-on-year; The basic earnings per share was 1.91 yuan, a year-on-year increase of 198.44%.
The growth rate of non performance deduction in the first quarter reached a new high. During the reporting period, the net profit attributable to the parent company after deducting non profits increased by 275.76% year-on-year, the highest growth rate in a single quarter since the company was listed. The company’s “two wheel drive” strategy continued to make efforts. Small molecule business achieved a year-on-year increase of 165.9%, emerging business achieved a year-on-year increase of 157.4%, and emerging businesses such as macromolecules, preparations and clinical cro increased by more than 100% year-on-year, driving the rapid growth of the company’s overall revenue. The gross profit margin of the company’s sales in the first quarter was 45.24%, an increase of 2.37% over the same period last year; The net profit margin on sales was 24.22%, an increase of 4.36% over the same period last year. On the whole, the strategic layout of the company was effective, the superimposed cost control ability was significantly improved, and the operating revenue and profitability in the first quarter were significantly improved, driving the rapid growth of the company’s performance in the first quarter.
The industry is booming, and R & D innovation improves its core competitiveness. The company’s R & D expenses in the first quarter reached 1308837 million yuan, a year-on-year increase of 56.86%, the highest growth rate in a single quarter since 2020q1. From the perspective of industry prosperity, under the environment of global specialization and division of labor, the development of China’s CXO industry is an inevitable trend. Horizontally compared with the world, the China Meheco Group Co.Ltd(600056) industry has a perfect supply chain system, and has outstanding comparative advantages in labor cost, production efficiency and operation efficiency, which will be further expanded in the international environment of covid-19 epidemic. The continuous improvement of the company’s R & D investment is expected to further enhance the company’s R & D core competitiveness and market position.
Continuous expansion of production capacity to ensure the ability to undertake orders. In terms of small molecule capacity, the company’s Jilin Asymchem Laboratories (Tianjin) Co.Ltd(002821) plant has been put into use. At the same time, the company is currently transforming and upgrading the existing plant. It is expected that the capacity of the company’s traditional batch reactor will increase by 46% in 2022; In terms of emerging business capacity, the company continued to promote the capacity expansion of emerging businesses in an orderly manner. The company’s performance is driven by orders from domestic and foreign pharmaceutical enterprises. Under the background of high market prosperity in the industry, the number of orders has continued to increase rapidly for three consecutive years. With the continuous promotion of the company’s capacity expansion, the company’s order carrying capacity will be further improved in the future to provide guarantee for the growth of the company’s performance.
Investment suggestion: we expect the diluted EPS of the company from 2022 to 2024 to be 10.16 yuan, 10.77 yuan and 11.39 yuan respectively, and the corresponding dynamic P / E ratios are 28.18 times, 26.58 times and 25.12 times respectively Asymchem Laboratories (Tianjin) Co.Ltd(002821) is a leading enterprise in China’s CXO industry. The company’s industry is driven by orders and has strong performance certainty. At present, the company has sufficient orders on hand and leading R & D level. At the same time, it benefits from the comparative advantages of China’s CXO industry and gives a buy rating.
Risk tips: policy risk, covid-19 pneumonia epidemic risk, exchange rate risk
