\u3000\u3000 Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) (688621)
Event overview
The company announced that the performance express of 2021 annual report: the annual operating revenue was 492 million yuan, a year-on-year increase of 41.72%; The net profit attributable to the parent company was 106 million yuan, with a year-on-year increase of 45.78%; Deduct non net profit of 103 million yuan, with a year-on-year increase of 42.51%.
Analysis and judgment:
The performance continued to grow at a high speed, and the newly signed orders continued to show ultra-high growth
In 2021, the company's operating revenue and net profit after deduction increased by 41.72% and 42.51% respectively year-on-year, continuing the rapid growth. The company's single Q4 achieved an operating revenue of 151 million yuan, a year-on-year increase of 33.98%, and the deduction of non net profit was 20 million yuan, a year-on-year decrease of 6.61%. We judge that the fluctuation of profit is mainly affected by many factors such as operating expenses (including R & D investment, employee bonus and other management expenses). Looking to the future, the amount of new orders signed by the company in 2021 was 929 million yuan, with a year-on-year increase of 76.42%, laying the foundation for high performance growth in the next two to three years.
Strategic overweight of innovative drug cro business and continuous deepening of generic drug cro business
The company was founded in March 2009 and was listed on the science and Innovation Board of Shanghai Stock Exchange in June 2021. In recent years, on the basis of continuously deepening the generic cro business, the company has continuously strengthened the innovative drug business line (layout of clinical cro, bioanalysis, preclinical research cro, etc.), in-depth layout of generic drug track layout such as children's drugs and rare diseases, and continuously enriched the layout of independent products (peptide innovative drugs, improved new drugs and generic drugs), Gradually form a cro supplier with multi business whole process layout of "generic drug cro + innovative drug cro + independent products". In 2021, the company signed a new order of 929 million yuan, with a year-on-year increase of 76.42%, laying a foundation for future performance growth. Looking forward to the future, the company will continue to strategically overweight the innovative drug cro business and deeply cultivate the generic drug cro business. It is expected that the future performance will continue to show rapid growth.
Investment advice
The company continued to deepen the generic drug cro business, while strategically overweight the innovative drug cro business and gradually enriching the layout of independent products contributed to the core growth power for future performance growth, and slightly lowered the early-stage profit forecast, that is, it is expected that the revenue in 21-23 years will be reduced from 497 / 692 / 956 million yuan to 493 / 685 / 947 million yuan, and the EPS will be reduced from 1.38/1.91/2.64 yuan to 1.32/1.85/2.55 yuan, Corresponding to the closing price of 92.02 yuan / share on January 21, 2022, PE is 69.73/49.78/36.08 respectively, maintaining the "buy" rating of the company.
Risk tips
(1) risk of loss of core technical backbone and management; (2) The generic drug cro industry has uncertain risks in the future; (3) The future of clinical cro business and bioanalysis business with strategic layout is uncertain; (4) Exchange rate fluctuation risk; (5) the impact of New Coronavirus epidemic.
