\u3000\u3000 Asymchem Laboratories (Tianjin) Co.Ltd(002821) (002821)
Event: on January 25, 2022, the company released the annual performance forecast for 2021. In 2021, the company is expected to achieve revenue of 4.505 billion yuan – 4.662 billion yuan, with a year-on-year increase of 43% – 48%; The net profit attributable to the parent company was 1.040-1.076 billion yuan, with a year-on-year increase of 44% – 49%; The net profit attributable to the parent company after non deduction was 908-940 million yuan, with a year-on-year increase of 41% – 46%.
Thanks to the strong growth of orders and the delivery of new capacity, the performance in 2021 continued to grow high: on the revenue side, the company is expected to achieve revenue of RMB 4.505 billion-4.662 billion in 2021, with a year-on-year increase of 43% – 48%. Among them, in 2021, the revenue of small molecule business and emerging business increased by more than 45% and 65% respectively year-on-year. In 2021q4, the company is expected to realize revenue of RMB 1.675 billion-1.73 billion, with a year-on-year increase of 57% – 62%, and the growth of revenue side is accelerated month on month. On the profit side, in 2021, the company is expected to realize a net profit attributable to the parent company of RMB 1.040 billion-1.076 billion, with a year-on-year increase of 44% – 49%; The net profit attributable to the parent company after non deduction was 908-940 million yuan, with a year-on-year increase of 41% – 46%. Thanks to the strong growth of orders and the delivery of new capacity, the performance continued to grow at a high level.
Major orders continue to land, and the small molecule cdmo business is expected to continue to grow at a high level in 2022: according to the company’s announcement, 2021q4 company has successively signed major orders with an amount of US $481 million and RMB 2.720 billion respectively, which are expected to be delivered in 2022. The continuous landing of major orders is expected to drive the sustained and high growth of small molecule cdmo business in 2022. In terms of capacity supply, the company expanded its capacity in Dunhua, Tianjin and Shanghai, and began to deliver new capacity in 2021h2, effectively ensuring the delivery of major orders.
Emerging businesses have entered the stage of rapid development, with revenue increasing by more than 65% year-on-year in 2021: the company has promoted the rapid development of new businesses such as chemical macromolecules, biological macromolecules cdmo, preparations and clinical cro in accordance with the development strategy of “two wheel drive”. The revenue of emerging businesses increased by more than 65% year-on-year in 2021. Among them, according to the company’s announcement, in the chemical macromolecule business sector, by 2021h1, the company has added 7 phase II / III projects, and the cumulative number of service projects has exceeded 100; In the biological macromolecule cdmo sector, Shanghai Jinshan biological macromolecule R & D center was launched in 2019. At present, the construction of biological medicine cdmo service platform has been completed; In the preparation sector, by 2021h1, the company has undertaken 40 API + Preparation projects; Clinical research services, 66 new projects (including 40 innovative drug projects) were signed in 2021h1.
Investment suggestion: we expect the company to realize net profits of 1.059 billion yuan, 2.046 billion yuan and 2.179 billion yuan respectively from 2021 to 2023, with a year-on-year increase of 46.7%, 93.1% and 6.5% respectively; Give an investment rating of buy-a.
Risk tips: the growth of orders is less than expected, the impact of exchange gains and losses, and the progress of emerging businesses is less than expected.
