\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 63 Porton Pharma Solutions Ltd(300363) )
Porton Pharma Solutions Ltd(300363) released the performance forecast for the first quarter of 2022. In 2022, Q1 company achieved a revenue of 1.443 billion yuan, a year-on-year increase of 165.77%; The net profit attributable to the parent company was 382 million yuan, a year-on-year increase of 333.53%; The non net profit attributable to the parent company was 381 million yuan, a year-on-year increase of 406.20%; EPS0. 70 yuan. Viewpoint: the Q1 revenue and profit of the company have achieved ultra-high growth, the profitability has been continuously improved, and the new business has achieved ultra-high growth
The company's revenue and profit reached a record high in a single quarter, which was in line with expectations and achieved ultra-high growth. The company's revenue is in line with the expectation in the median value of the forecast, and both the parent company's net profit and the deduction of non net profit exceed the upper limit of the forecast, and the improvement of profitability exceeds the expectation (the revenue of Q1 in the previous forecast increased by 150% - 170% year-on-year; the net profit attributable to the parent company increased by 270% - 290% year-on-year; the deduction of non net profit increased by 330% - 350% year-on-year). The company's revenue contribution mainly comes from the cdmo business of API, benefiting from the continuous delivery of large orders in the early stage. The growth rate of the company's profit side is faster than that of revenue, and the gross profit margin and net profit margin continue to improve. The gross profit margin of Q1 of the company in 2022 was 48.94%, an increase of 8.55pp compared with 40.39% in the same period last year, and the gross profit margin level was the highest in recent years. The company's Q1 net profit margin in 2022 was 24.83%, an increase of 8.68pp compared with 16.15% in the same period last year. The company's strategic new business preparation cdmo and gene cell therapy cdmo reduced the net profit of the company's consolidated statements by about 30.4 million yuan; The three joint-stock companies reduced the net profit of the company's consolidated statements by about 3.58 million yuan. Excluding the above effects, in the first quarter of 2022, the company realized a net profit attributable to shareholders of listed companies of 416 million yuan, an increase of about 290% year-on-year, and the actual profitability of its main business was better.
From the perspective of income structure, the income volume of gene cell therapy cdmo and preparation cdmo has gradually increased. Revenue splitting of Q1 company in 2022: cdmo revenue of API was 1.433 billion yuan, with a year-on-year increase of 173%; The business income of preparation cdmo was 1.57 million yuan, a year-on-year increase of 969%; Cdmo business income of gene cell therapy was 7.85 million yuan, with a year-on-year increase of 953%. The cdmo business of gene cell therapy earned 13.87 million yuan last year and 7.85 million yuan in Q1 this year..
From the perspective of financial indicators: the company's operating cash flow increased by 839.13% year-on-year, and the operating cash flow showed a good trend. Due to the confirmation of large orders, the sales expense rate and management expense rate are quite different from last year and are not comparable. The company continued to pay attention to R & D investment. In 2022q1, the R & D cost was 105 million (+ 59.75%), and the technology platform continued to invest.
From the perspective of customers and orders: Q1 company has signed 230 orders. 347 signed orders (excluding J-star), with a year-on-year increase of 26%, of which 158 products were sold in the current period, with a year-on-year increase of 8%. The distribution of products sold in the current period according to clinical stages is as follows: 98 in clinical phase II and before, 18 in clinical phase III, and 42 in new drug application and marketing stage.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 1.286 billion yuan, 1.617 billion yuan and 1.957 billion yuan respectively, with an increase of 145.4%, 25.8% and 21.1% respectively. EPS is 2.36 yuan, 2.97 yuan and 3.60 yuan respectively, and the corresponding PE is 30x, 24x and 20x respectively. We are optimistic about the long-term development of the company and maintain the "buy" rating.
Risk warning: commercial orders, especially large orders, are subject to fluctuation risk; The strategic expansion of new business is less than expected.
