\u3000\u3000 Shanghai Haoyuan Chemexpress Co.Ltd(688131) (688131)
Strong growth on the revenue side, increased investment and long-term development of energy storage, and maintained the "buy" rating
On January 24, the company released the performance forecast for 2021. It is estimated that the operating revenue will reach 953-984 million yuan in 2021, with a year-on-year increase of 50% - 55%; The net profit attributable to the parent company was 180-199 million yuan, with a year-on-year increase of 40% - 55%; The net profit attributable to the parent company after deduction was 166-184 million yuan, with a year-on-year increase of 40% - 55%. Shanghai Haoyuan Chemexpress Co.Ltd(688131) front and rear end integrated layout to create a technical platform for drug research and development in the whole process. We are optimistic about the long-term development of the company. According to the development trend of the company, we slightly reduced the performance in 2021 and increased the performance in 2022 / 2023. It was originally estimated that the net profit attributable to the parent company in 2021-2023 was 201 / 275 / 395 million yuan and EPS were 2.71/3.70/5.32 yuan respectively. It was adjusted to the net profit attributable to the parent company in 2021-2023 was 194 / 278 / 413 million yuan and EPS were 2.61/3.74/5.56 yuan respectively, The corresponding P / E of the current stock price is 72.1 / 50.4 / 33.9 times respectively, maintaining the "buy" rating.
Increase investment in all business lines and lay a foundation for long-term development
Shanghai Haoyuan Chemexpress Co.Ltd(688131) the revenue side grew strongly, and the profit growth rate was slightly lower than that of revenue. The main reasons for the short-term pressure on profits were: (1) after listing, the company increased the construction of technology platforms in Shanghai headquarters and Ma'anshan, Anhui Province, increased the recruitment of corresponding talents, and increased the overall R & D investment; (2) The front-end business accelerated the expansion of product lines, the service capacity of tool compounds and molecular blocks increased rapidly, and the corresponding expenses increased. We believe that the construction of the company's technical platform, R & D team and the expansion of the front-end product line will greatly improve the service capacity of the company's front and rear business, lay the foundation for rapid development in the future and be conducive to the long-term development of the company.
Shanghai Haoyuan Chemexpress Co.Ltd(688131) the growth logic is clear and the long-term development can be expected:
(1) front end high-efficiency service for drug research and development, creating brand advantages, the number of references of tool compound products cited by top journals is increasing year by year, the brand effect is accumulating, and the profitability is strong; Molecular building blocks are developing rapidly. It is planned to acquire eurotronic gene to improve the self-developed molecular building block capacity, and the profitability is improving; (2) The back-end characteristic generic APIs and intermediates are driven by cdmo, and the downstream customers of characteristic generic APIs and intermediates are mostly in the R & D and registration stage, with great flexibility in the later stage; The company continues to strengthen cdmo business capacity-building. With the implementation of raised investment capacity, the company's development is expected to reach a new level.
Risk warning: patent risk; Loss of core technical personnel; Intensified market competition; Environmental protection and safety production risks
