\u3000\u3000 Pharmaron Beijing Co.Ltd(300759) (300759)
Event: on January 21, 2022, the company released the annual performance forecast for 2021. The company is expected to achieve revenue of 7.341 billion yuan – 7.495 billion yuan, a year-on-year increase of 43% – 46%; The net profit attributable to the parent company was 1.583-1.7 billion yuan, with a year-on-year increase of 35% – 45%.
Thanks to the steady development of laboratory services and the rapid growth of CMC business, the performance in 2021 continues to grow rapidly: in 2021, the company is expected to achieve a revenue of 7.341 billion yuan – 7.495 billion yuan, a year-on-year increase of 43% – 46%; The net profit attributable to the parent company was 1.583-1.7 billion yuan, with a year-on-year increase of 35% – 45%. Thanks to the steady development of laboratory services and the rapid growth of CMC business, the company’s performance continued to grow high in 2021.
The competitive advantage of the company’s integrated layout is prominent, driving the company to enter the stage of rapid development: Pharmaron Beijing Co.Ltd(300759) is a global scarce company providing whole process integrated CXO services, covering drug discovery, preclinical / clinical cro and cdmo whole industry chain services. The company’s current integrated layout has obvious competitive advantages, and all businesses have entered the stage of rapid development.
(1) laboratory services are expected to continue to develop steadily. Among them, the service capacity of laboratory chemistry business is the world’s leading, and the number of laboratory chemistry researchers has gradually increased from 3000 in 2018 to 4400 in 2021h1.
(2) CMC order reserve has obvious “funnel effect”, and the new capacity is expected to drive the rapid development of the business. In terms of orders, as of 2021h1, there are 467, 197, 27 and 4 CMC projects in preclinical, clinical phase I / II, clinical phase III and commercialization stages respectively, with abundant orders and obvious funnel effect; In terms of production capacity, the company has facilities in Tianjin, Shaoxing, Ningbo and the UK and will continue to improve production capacity. Shaoxing’s new production capacity is expected to strengthen the company’s ability to undertake commercial orders and continue to be optimistic about the rapid growth of CMC business.
(3) macromolecule, cell and gene therapy business continued to accelerate the layout. Since 2019, the company has accelerated the layout of macromolecules, cells and gene therapy services through self construction and M & A. In the macromolecular field, the company has rapidly promoted the construction of Hangzhou Bay project. According to the company’s announcement, it is expected to start undertaking macromolecular GMP production and service projects in 2023h1; In the field of cell and gene therapy, the company has acquired absorptionsystems, allerganbiologics, etc. (4) Clinical research services build an integrated service platform of “clinical cro + SMO”. Among them, the company strengthened the service capacity of clinical cro businesses such as data statistics and CRA through the merger and acquisition of Nanjing Sirui, and improved the service capacity of SMO business through the merger and acquisition of Beijing liansida.
Investment suggestion: it is estimated that the net profit of the company from 2021 to 2023 will be 1.642 billion yuan, 2.219 billion yuan and 2.991 billion yuan respectively, with a year-on-year increase of 40.1%, 35.2% and 34.8% respectively. Give an investment rating of buy-a.
Risk warning: the increase of order quantity does not meet the expectation; The intensification of market competition leads to the decline of order price; The prosperity of the industry is lower than expected; The company’s business expansion is less than expected; Overseas epidemic impact, etc.
