\u3000\u3000 Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) (688621)
The annual performance growth was in line with expectations, and the profitability continued to improve. The company released the performance express for 2021, and achieved an operating revenue of 492 million yuan in the whole year of 21, with a year-on-year increase of 41.72%; The net profit attributable to the parent company was 106 million yuan, a year-on-year increase of 45.78%, deducting 103 million yuan of non net profit, a year-on-year increase of 42.51%, and the annual growth was in line with expectations. Quarter by quarter, the revenue of Q4 in the 21st year was 151 million yuan (+ 33.99%), and the net profit attributable to the parent company was 21 million yuan (year-on-year – 4.52%). The annual revenue and profit growth of the company comes from the expansion of revenue scale and the improvement of gross profit margin, and the profitability is continuously enhanced.
Research service capability is recognized, and new orders are growing rapidly. The company has continuously improved its R & D service capability. With the advantages of preclinical and clinical integrated comprehensive services, it has been recognized by the market. In the whole year of 21, the newly signed order was 929 million yuan, with a year-on-year increase of 76.42%. At present, there are huge orders on hand, which has laid a good foundation for long-term development. In addition, the company is actively transforming to innovative drug services, building a new technical platform related to in vivo and in vitro pharmacological and immune research, strengthening the clinical technical talent team of innovative drugs, and broadening the service fields of advantages and characteristic indications. With the further improvement of the preclinical and clinical integrated R & D service chain of new drugs, the service competitiveness of the company will continue to improve.
R & D investment continues to increase, and the value-added pipeline can be expected in the future. In order to develop self-developed value-added services, the company has maintained a high level of R & D investment in the industry over the years. Over the past 21 years, R & D efforts have been increasing, including the construction of polypeptide new drug R & D platform, improved new drug R & D platform and special preparation R & D platform. At present, the company has reserved a number of self-developed pipelines with good prospects, short supply and great difficulty in development, including innovative drugs, improved new drugs and characteristic generic drugs, which will bring value-added to downstream customers through transfer. With strong R & D investment, 2 improved new drugs have been applied for ind, of which 1 has obtained clinical approval; The innovative drug pipeline is expected to bring new increment to ind in succession, which is worth looking forward to in the long term.
Profit forecast and investment suggestions
The company’s revenue growth in 21 years basically meets the expectation, and it is speculated that R & D orders such as pharmaceutical research will increase. We slightly raised the forecast of earnings per share for 21 years from 1.26 to 1.32. I maintain the forecast that earnings per share for 22-23 years will be 1.74/2.57 yuan respectively, and the company is a comprehensive cro in innovation and transformation. Referring to comparable companies, we believe that the current reasonable valuation level of the company is 76 times PE in 21 years, and the corresponding target price is 100.32 yuan, so we maintain the buy rating.
