\u3000\u3 Guocheng Mining Co.Ltd(000688) 131 Shanghai Haoyuan Chemexpress Co.Ltd(688131) )
Strong growth on the revenue side, successfully achieved the target set at the beginning of the year and maintained the “buy” rating
On April 21, 2022, Shanghai Haoyuan Chemexpress Co.Ltd(688131) released the annual report for 2021. In 2021, the company’s revenue was 969 million yuan, a year-on-year increase of 52.61%; The net profit attributable to the parent company was 191 million yuan, a year-on-year increase of 48.70%; The net profit deducted from non parent company was 177 million yuan, with a year-on-year increase of 49.41%. The revenue side grew strongly and successfully completed the set goal at the beginning of the year. In terms of business, the revenue of front-end molecular blocks and tool compounds is 545 million (+ 57.59%), of which the product sales revenue is 478 million yuan (+ 50.88%), and the technical service revenue is 67 million yuan (+ 131.46%); The revenue of back-end intermediates and APIs was 417 million yuan (+ 46.32%), including product sales revenue of 345 million yuan (+ 26.59%), technical service revenue of 72 million yuan (+ 475.86%), and the front-end and back-end businesses maintained rapid growth Shanghai Haoyuan Chemexpress Co.Ltd(688131) front end and rear end integrated layout to create a technical platform for whole process drug research and development. We are optimistic about the long-term development of the company. In view of the large investment in each business line of the company, we lowered the profit forecast for 20222023 and added the profit forecast for 2024. It was originally estimated that the net profit attributable to the parent company in 20222023 was 278 / 413 million yuan and EPS was 3.74/5.56 yuan respectively; It is adjusted that the net profit attributable to the parent company from 2022 to 2024 is RMB 273 / 4.00/581 million respectively, EPS is RMB 3.67/5.38/7.81 respectively, and the corresponding P / E of the current stock price is 37.2/25.4/17.5 times respectively. The company’s valuation has obvious cost performance and maintains the “buy” rating.
After listing, the company will strengthen the capacity-building of all business lines and develop energy storage for a long time
The company keeps up with research and development hotspots, continues to expand product types at the front end, and continues to improve its brand effect; The back-end accelerated the transformation and upgrading to innovative drug cdmo, the proportion of innovative drugs in the back-end business continued to increase, and the transformation was realized quickly. After listing, with the help of capital forces such as IPO raised funds, the company strengthened its independent R & D capacity, improved its own capacity construction, expanded product pipelines and vertically extended the industrial chain, increased industrial expansion and investment acquisition, consolidated the capacity of each business line and stored energy for long-term development. We expect that with the investment and construction / M & A projects successively put into operation, the company’s front and back-end service capacity will be greatly improved, which is expected to promote the sustained and rapid growth of future performance and broad long-term development prospects.
Risk warning: patent risk; The production capacity is lower than expected; Loss of core technical personnel; Environmental protection and safety production risks.
