\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 25 Pharmablock Sciences (Nanjing) Inc(300725) )
The performance of the annual report increased rapidly, and the fluctuation of the order cycle of key customers affected the apparent profit of the statement in the first quarter
The company issued the annual report of 2021 and the first quarterly report of 2022. In the 21st year, the company achieved a revenue of 1.202 billion yuan (year-on-year + 17.55%), a net profit attributable to the parent of 487 million yuan (year-on-year + 164.14%), and a net profit attributable to the parent of 233 million yuan (year-on-year + 34.24%) after deduction. The performance achieved rapid growth, which was near the median value of the performance forecast of the company’s previous annual report. If calculated at a constant exchange rate, the revenue in 21 years was + 22.22% year-on-year, excluding the commercialization project of a major customer, it was + 56.81% year-on-year.
22q1 achieved an income of 336 million yuan, a year-on-year increase of + 17.44%, a net profit attributable to the parent company of 71 million yuan, a year-on-year increase of + 1.53%, and a net profit attributable to the parent company of 65 million yuan after deduction, a year-on-year increase of + 0.88%. If calculated at a constant exchange rate, the revenue of 22q1 is + 19.58% year-on-year, excluding the cyclical impact of order delivery from major customers, the revenue is + 38.45% year-on-year; After deducting the impact of large exchange gains of 21q1, the net profit of 22q1 was + 14.85% year-on-year.
Profitability continued to improve, increasing R & D and personnel investment
The scale of production and innovation of the company is 13.0% (with a year-on-year gross profit rate of + 24.0% for the year-on-year optimization of + 24.0% and + 24.0% for the year-on-year optimization of + 24.0% for the year-on-year process). During the period, the expense rate remained stable for 21 years: the management expense rate and R & D expense rate increased slightly. The company accelerated the construction of business team, increased the number of personnel and employee salary, and strengthened the capacity-building of various technical platforms. The number of R & D personnel, R & D site area and R & D equipment investment all increased significantly. With the investment of R & D personnel and equipment, the front and rear end income of the company is expected to increase rapidly.
Strengthen the design and technical route optimization of new molecular blocks, and the cdmo business grows rapidly
In the 21st year, the income of molecular blocks below the kilogram level was 246 million yuan, a year-on-year increase of + 27.22%. In 2021, the company completed the design of more than 16000 high-quality compounds and continued to strengthen the efficiency of order delivery. The success rate of the project exceeded 90%. In 2021, we will realize the deep innovation of more than 100 popular compounds (including the application of new technologies, route redesign, etc.), expand the company’s competitive advantage in the field of molecular blocks, and guide the company’s cdmo business expansion.
Cdmo business achieved a revenue of 455 million yuan in 21 years, a year-on-year increase of + 33.48%. The company’s cdmo production capacity has been continuously promoted, the front-end Nanjing new R & D center has been put into use, and the back-end 501 multi-functional GMP automation workshop has been officially opened in March 2022. The new production capacity of 165 cubic meters, 502 and 503 workshops are under construction, and the new production capacity of 285 cubic meters will be added after completion. The construction of the new production capacity will eliminate the company’s production bottleneck, and provide a basis for undertaking customers from clinic to commercialization, from raw materials to GMP intermediates API integrated production provides capacity guarantee.
Earnings forecast, valuation and rating
It is estimated that the net profit from 2022 to 2024 will be 350 / 538 / 764 million yuan respectively, with a growth rate of – 27.98% / 53.62% / 41.89% respectively. Considering the income from changes in fair value exceeding RMB 200 million in 2021, it is estimated that the net profit after deducting non-profit in 20222024 will be RMB 340 / 528 / 754 million respectively, with a growth rate of 46.1% / 55.2% / 42.7%. The company continues to improve the advantages of molecular blocks, vertically integrated layout of innovative drug cdmo business, optimistic about the company’s front and rear integrated cdmo layout, and maintain the “overweight” rating.
Risk tips
New business expansion is less than expected risk; The risk of intensified market competition; Risk of aggravation of covid-19 epidemic at home and abroad
