Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) the first quarterly report has a good performance, and the company's operation continues to improve

\u3000\u3 Guocheng Mining Co.Ltd(000688) 621 Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) )

Events

On April 28, Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) released the announcement of the first quarterly report of 2022. The company achieved an operating revenue of 148 million yuan, an increase of 54% year-on-year; The net profit attributable to the parent company was 33.4 million yuan, a year-on-year increase of 63%; The net profit attributable to the parent company after deduction was 31.18 million yuan, with a year-on-year increase of 55%, and the performance exceeded expectations.

Brief comment

2022q1 has a good performance and increasing R & D investment. In 2022q1, the company achieved an operating revenue of 148 million yuan, a year-on-year increase of 54%; The net profit attributable to the parent company was 33.4 million yuan, a year-on-year increase of 63%; The net profit attributable to the parent company after deduction was 31.18 million yuan, a year-on-year increase of 55%, and the overall performance was beautiful. In addition, the company continued to scale up R & D and strengthen the construction of various technical capacity platforms. In the first quarter of 2022, the company increased investment in independent innovative drugs, improved new drugs and characteristic generic drugs, and the R & D expenditure reached 16.79 million yuan, a year-on-year increase of 73.91%, accounting for 11% of revenue.

There are abundant new and on-hand orders, and the talent team continues to expand China Meheco Group Co.Ltd(600056) R & D outsourcing industry has a high outlook. The company continues to improve its R & D and market development capabilities and further build a preclinical and clinical integrated service platform. We expect the company to continue the rapid growth of new orders in 2022. In 2021, new orders were 929 million yuan, a year-on-year increase of 76.42%, and the cumulative stock orders were 1.568 billion yuan. Full orders ensure the rapid growth of future performance.

The classified income gradually climbed, and the overall operation of the company continued to improve. We expect that from 2022, the company's independent R & D sector will gradually start to climb the sales share of key products, and from 2023, there will be more significant classified income, which will significantly improve and enhance the gross profit margin, net profit margin and roe. On the whole, the company's business level continued to improve, showing a good business trend of accelerating new business expansion and classified income.

Investment advice

We expect the net profit attributable to the parent company from 2022 to 2024 to be 150 / 213 / 308 million yuan (an increase of 6.94% in 2024), corresponding to PE of 49 / 35 / 24 respectively, maintaining the "buy" rating.

Risk tips

Risk of lifting the ban, loss of core technicians, supervision risk, IP protection risk, investment risk, exchange rate fluctuation risk, raw material price rise risk, safety production and environmental protection risk.

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