\u3000\u3000 Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) (688621)
Events
On January 20, Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) released a performance express. It is expected to achieve a revenue of 492 million yuan in 2021, a year-on-year increase of 41.72%; The net profit attributable to the parent company was 106 million yuan, a year-on-year increase of 45.78%; The net profit attributable to the parent company after deduction was 103 million yuan, with a year-on-year increase of 42.51%, and the performance achieved strong growth.
Brief comment
R & D investment has been increasing, and the number of newly signed orders has increased. In a single quarter, the company expects to achieve revenue of 151 million yuan in 2021q4, a year-on-year increase of 34.82%. The fluctuation of profit in a single quarter is expected to be related to the company's continued increase in R & D investment, mainly independent R & D investment. From the perspective of business model, the pharmaceutical IP formed by these early R & D investment will gradually form the rights and interests of product transfer and sales sharing in the next 3-5 years, bringing excess elasticity of profits. In addition, the newly signed orders of the company increased rapidly. In 2021, the newly signed orders were 929 million yuan, a year-on-year increase of 76.42%, laying a foundation for the rapid growth of performance.
Focus on strengthening the construction of technical capacity and constantly expand the talent team. In 2021, the company continued to strengthen the construction of technical capacity platforms, such as polypeptide new drug R & D platform, improved new drug R & D platform, in vivo and in vitro pharmacological technology platform, and the R & D technical strength was further improved. In addition, we expect the R & D personnel in various business sectors to maintain a rapid growth trend, continuously strengthen the clinical technical talent team of innovative drugs, broaden the service fields of advantages and characteristic indications, and constantly improve the preclinical and clinical integrated R & D service chain of new drugs, so as to further enhance the company's comprehensive R & D service ability and core competitiveness.
Independent innovation projects have been steadily promoted and will gradually contribute to performance in the future. We expect that from 2022, the company's independent R & D sector will gradually start to climb the sales share of key products, and from 2023, there will be more significant classified income, which will significantly improve and enhance the gross profit margin, net profit margin and roe. On the whole, the company's business level continued to improve, showing a good business trend of accelerating new business expansion and classified income.
Investment advice
It is estimated that the company's EPS from 2021 to 2023 will be 1.33/1.79/2.64 yuan respectively, and the corresponding PE will be 73 / 54 / 37 respectively, maintaining the "buy" rating.
Risk tips
Risk of lifting the ban, loss of core technicians, supervision risk, IP protection risk, investment risk, exchange rate fluctuation risk, raw material price rise risk, safety production and environmental protection risk.
