Shanghai Haoyuan Chemexpress Co.Ltd(688131) the expansion of industrial layout puts pressure on the performance in the short term and helps the long-term development of the company

\u3000\u3000 Shanghai Haoyuan Chemexpress Co.Ltd(688131) (688131)

Shanghai Haoyuan Chemexpress Co.Ltd(688131) release the performance forecast for 2021. In 2021, it is expected to achieve revenue of 953-984 million yuan, 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 non net profit attributable to the parent company was 166 million yuan to 184 million yuan, with a year-on-year increase of 40-55%.

Q4 is expected to achieve a revenue of RMB 257-288 million in a single quarter, with a year-on-year increase of 15-30%; The net profit attributable to the parent company is 36-55 million yuan, and the non net profit attributable to the parent company is 26-44 million yuan.

Viewpoint: the expansion of industrial layout puts pressure on the performance in the short term and helps the company’s long-term development.

Quarterly, revenue continued to rise month on month. The company’s q1-3 revenue is 220 million yuan, 230 million yuan and 240 million yuan respectively. The median Q4 revenue is expected to reach 270 million yuan, and the performance development is accelerating.

The company was listed in June 2021, and the related expenses increased, superimposed with the continuous investment in the construction of Shanghai headquarters and Anhui MAANSHAN technology platform, resulting in the annual profit growth rate slightly lower than the revenue growth rate. However, based on the high performance base of 2020q4, the company’s revenue in 2021q4 single quarter reached a new high, which has exceeded 250 million yuan. The company accelerated the expansion of the business layout of tool compounds and molecular blocks, continuously accumulated customer resources, continuously improved brand awareness and maintained a leading position in the industry.

The company continues to expand its business layout and actively improve its industrialization development ability.

During the reporting period, the company successively realized:

1) Hefei ouchuang gene M & A, planning the extension of projects in the field of biological reagents and biological recombinant proteins, and enriching the product layout of molecular blocks;

2) Yantai R & D center, focusing on innovative drug tool compound R & D and cro services;

3) Shanghai Haoyuan new drug creation service laboratory to expand the cdmo platform for small molecule innovative drugs;

4) Shanghai Haoyuan biochemical, accelerating the research and development of biological scientific research reagents;

5) Nanjing jinglide, improve the crystal technology test service platform;

6) continue to expand the construction of Anhui Haoyuan kilogram high activity line and Shanghai Zhenhao biological production base, enabling the development of industrialization.

We expect that in 2022, the company’s extensive accumulation and full layout on multiple platforms will gradually release value. Customize and synthesize molecular blocks and tool compounds with high difficulty and added value at the front end, undertake and expand the front-end import value in the back-end API sector, and further promote the implementation and development of cdmo and CMC business. The company’s business runs through the whole cycle from drug R & D to production, and realizes the coordinated development of front-end and back-end integration in continuous innovation.

Profit forecast and rating: we expect the net profit attributable to the parent company from 2021 to 2023 to be 192 million yuan, 285 million yuan and 426 million yuan respectively, with growth rates of 49.4%, 48.3% and 49.7% respectively. EPS is 2.58 yuan, 3.83 yuan and 5.73 yuan respectively, and the corresponding PE is 77X, 52X and 35x respectively. We are optimistic about the long-term development of the company and maintain the “buy” rating.

Risk tips: the risk of failure in research and development of new products, the risk of brain drain, the risk of insufficient production capacity of the company, etc.

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