\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 59 Pharmaron Beijing Co.Ltd(300759) )
Event: on April 28, 2022, the company released the first quarterly report of 2022. In the first quarter of 2022, the company is expected to realize an operating revenue of 2.103 billion yuan, a year-on-year increase of 41.2%; The net profit attributable to the parent company was 249 million yuan, a year-on-year increase of 1.3%; The non net profit deducted was 311 million yuan, a year-on-year increase of 30.8%; The adjusted non IFRS net profit attributable to the parent company was 364 million yuan, a year-on-year increase of 39.1%.
The performance is in line with expectations, and the performance is more brilliant after excluding the impact of exchange rate. The company’s revenue is mainly denominated in US dollars. Compared with the exchange rate of the same period last year, the average exchange rate of US dollars against RMB in 2022q1 has decreased slightly. If calculated according to the exchange rate of the same period last year, we expect that the operating revenue in 2022q1 will increase by 42.8% year-on-year, the gross profit of main business will increase by 38.8% year-on-year, and the adjusted net profit attributable to non IFRS will increase by 46.2% year-on-year, with a stronger growth; In addition, the growth rate of parent company in 2022q1 is lower than that of non deduction and adjusted non IFRS. We expect that it is mainly due to the increase of gains and losses from changes in fair value and investment income in 2022q1. The total amount of 2022q1 is about -644733 million yuan, compared with about 3.9606 million yuan in the same period last year; In terms of gross profit rate, due to the continuous increase of exchange rate and investment, the gross profit rate decreased slightly, about 33.08% in 2022q1 (- 1.65pp); In terms of expense rate, the sales expense of 2022q1 is 46.82 million yuan (+ 46.04%), and the expense rate is 2.23% (+ 0.08pp). The management expense is 291 million yuan (+ 54.23%), and the expense rate is 13.81% (+ 1.16pp), which is mainly due to the steady increase in the amortization of equity incentive expenses of the company. The R & D expense was 39.65 million yuan (+ 36.27%), and the expense rate was 6.35% (-0.06pp), which was mainly due to the significant increase of revenue.
The advantages of multi therapy platform are significant, and the growth of small molecule cdmo is accelerated, which is expected to promote the continuous growth of integrated platform. 1) Laboratory services: in 2022q1, the revenue was 1.317 billion yuan (+ 38.7%), and the gross profit was 553 million yuan (+ 42.5%). With the continuous coordination of chemical and Biological Sciences Business and the continuous improvement of the proportion of Biological Sciences, the profitability is expected to continue to increase. 2) Small molecule cdmo: 2022q1 revenue 462 million yuan (+ 51.4%), gross profit 132 million yuan (+ 42.7%). The CMC of the company has strong technical strength and rich project reserves. With the continuous implementation of extension and internal production, the proportion of projects in the late clinical stage continues to increase, and the small molecule cdmo business is expected to accelerate its growth. 3) Clinical research services: in 2022q1, the revenue is 265 million yuan (+ 33.6%), and the gross profit is 12.3 million yuan (- 50.6%). With the gradual completion of the integration of the integrated clinical research service platform, the epidemic situation in China has been effectively controlled, and the follow-up is expected to resume the rapid growth trend. 4) Macromolecular and cellular gene therapy: in 2022q1, the revenue was 51.7 million yuan (+ 49.4%), and the gross profit was 2.5 million yuan. ① C & gt: invest in accugengroup, acquire absorption and ABL, and build a preclinical to clinical Integrated C & gt service platform; ② Macromolecules: extend macromolecule discovery and research services from laboratory services, build a macromolecule production base in Ningbo and build an end-to-end macromolecule R & D and production platform. It is expected to start undertaking macromolecule GMP production service projects in 2023h1.
Profit forecast and investment suggestions: considering the gradual release of the company’s production capacity and the implementation of back-end projects are expected to drive the rapid growth of the overall business, we expect the company’s operating revenue to be RMB 9.816 billion, RMB 12.963 billion and RMB 17.287 billion respectively from 2022 to 2024, with a year-on-year increase of 31.87%, 32.06% and 33.35%; The net profit attributable to the parent company was 2.208 billion yuan, 2.955 billion yuan and 4.002 billion yuan respectively, with a year-on-year increase of 32.92%, 33.86% and 35.41%. As one of the leading cro + cdmo enterprises in China, the company has significant advantages in integrated service platform. In the future, with the continuous improvement of end-to-end and multi therapy service platform, it is expected to drive the continuous and rapid growth of performance and maintain the “buy” rating.
Risk: the risk of investment in new drugs is not up to expectations, the risk of investment in new drugs is not up to expectations, the risk of investment in new drugs is not up to expectations, and the risk of exchange rate is suggested.
