\u3000\u3000 Joinn Laboratories (China) Co.Ltd(603127) (603127)
Event:
The company issued the announcement of pre increase of performance in 2021, and the annual performance exceeded the expected growth. In 2021, the company expects to realize a net profit attributable to the parent company of 543 ~ 574 million yuan, with a year-on-year increase of 72.3% ~ 82.3%; The net profit deducted from non parent company was 516 ~ 547 million yuan, with a year-on-year increase of 76.6% ~ 87.4%. After deducting the income tax, the impact of the profit and loss of laborious capacity renewal on the net profit was about 27 million yuan, with a year-on-year increase of about 4 million yuan.
In the fourth quarter, the profit and profit end reached a new high, realizing high growth on a high base. Quarter by quarter, Q4 in 2021 achieved a net profit attributable to the parent company of RMB 295 ~ 326 million, with a year-on-year increase of 65.3% ~ 82.9%. The median net profit attributable to the parent company is expected to be RMB 311 million, with a year-on-year increase of 74.1%; The net profit deducted from non parent company is 298 ~ 330 million yuan, with a year-on-year increase of 92.7% ~ 113.0%. The median net profit deducted from non parent company is expected to be 314 million yuan, with a year-on-year increase of 102.9%. The profit end performance of 2021q4 continues to achieve high growth on the basis of 2020q4 high base (the growth rate of net profit attributable to parent company is 80%, and the growth rate of net profit deducted from non parent company is 105%).
Continue technological innovation, continuously improve the comprehensive strength of supply and ensure supply. During the reporting period, the company insisted on putting technological innovation first, established and standardized the industrial innovative drug evaluation technology platform, continued to strengthen the support for innovative R & D, and won the trust of innovative R & D enterprises; The company continues to expand its R & D team, optimize and improve experimental facilities and project management, improve the utilization rate of laboratory capacity and ensure supply; At the same time, we believe that the new orders signed by the company in the whole year of 21 years still maintained a high growth trend (the new orders signed in 21q1-3 increased by more than 70% year-on-year). The company made efforts at the demand and supply side at the same time to provide strong guarantee for long-term performance.
Biomere’s contribution is increasing day by day, and China and foreign countries work together to create the future. In the first three quarters of 2021, biomere’s orders on hand grew by more than 100%, and its revenue grew by about 6%. After excluding exchange losses, its revenue grew by about 14%. Since the acquisition of biomere in 2019, its contribution to the company’s orders and revenue has increased day by day, and the diversion effect between China and foreign countries has appeared, driving the company’s long-term development.
Profit forecast: it is estimated that the operating revenue of the company from 2021 to 2023 will be RMB 1.518 billion, 2.059 billion and 2.738 billion, with a year-on-year increase of 41.1%, 35.6% and 33.0%; The net profit attributable to the parent company was 561 million yuan, 765 million yuan and 983 million yuan respectively, with a year-on-year increase of 78.2%, 36.3% and 28.5%, corresponding to 66 / 48 / 37 times of PE from 2021 to 2023.
Risk factors: increased industry competition, loss of core technical personnel, decline in pharmaceutical R & D investment or outsourcing rate, and the progress of new business is less than expected.
