\u3000\u3000 Shanghai Haoyuan Chemexpress Co.Ltd(688131) (688131)
Event: on January 24, 2022, the company released the annual performance forecast for 2021. In 2021, the company is expected to achieve a revenue of 953-984 million yuan, 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%, and the performance growth was in line with expectations.
In 2021, the net profit attributable to the parent company is expected to increase by 40% – 55% year-on-year, and the performance growth is in line with the expectation: in 2021, the company is expected to achieve a 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%, and the performance growth was in line with expectations. The high growth of the company’s performance is mainly due to the rapid development of front-end molecular block / tool compound business and the rapid promotion of back-end API / cdmo project.
Build an integrated technology platform from the early stage of drug research and development to industrialized service. The company is currently in the stage of rapid development:
The company’s business covers front-end molecular blocks / tool compounds and back-end APIs / cdmo, and constructs an integrated technology platform from the early stage of drug research and development to industrialized services. At present, the company is in the stage of rapid development, and both front-end and back-end businesses are expected to continue to grow rapidly.
(1) the front-end molecular block and tool compound business has competitive advantages in the industry. The company promotes the rapid development of the business through continuous product development and customer expansion. In terms of product development, the number of molecular block / tool compound products of the company increased rapidly from 30000 in 2018 to 47500 in 2021h1; In terms of customer development, the company has formed a rich customer base by deepening cooperation with Chinese foreign pharmaceutical enterprises, scientific research institutes, colleges and cro companies.
(2) there are abundant reserves of back-end API / cdmo business projects, and the new production capacity is expected to drive the rapid growth of the business. In terms of project reserve, by 2021h1, the number of cdmo projects approved for listing, new drug listing application stage, phase III clinical, phase II clinical and phase I clinical / preclinical were 5, 2, 5, 9 and 106 respectively, and the funnel effect of cdmo projects was obvious; In terms of production capacity, the company strengthened its supply capacity by promoting the construction project of APIs and intermediates of Anhui Haoyuan pharmaceutical industry to meet the growing demand for orders. According to the announcement of the company, the construction period of the project is 2 years, and the production base is expected to be put into operation gradually in 2022.
Investment suggestion: we expect the company to realize net profits of 192 million yuan, 268 million yuan and 376 million yuan respectively from 2021 to 2023, with a year-on-year increase of 49.7%, 39.5% and 40.0% respectively; Give an investment rating of buy-a.
Risk tips: new product R & D risk, risk that some product sales are affected by customer project progress, risk of exchange rate change, risk that production capacity is less than expected, etc.
