【行业研究报告】药明康德-Q1业绩符合预期，全年业绩高确定性+高增速

InvestmentThesis
◼Event:Totalrevenue/netprofit/netprofitafterdeductingnon-recurringgainorlossitems/
adjustednon-IFRSnetprofitofthecompanyinthefirstquarterof2022wasRMB8.474
adjustednon-IFRSnetprofitofthecompanyinthefirstquarterof2022wasRMB8.474
bn/1.643bn/1.714bn/2.054bn(+71.18%/+9.54%/+106.52%/+85.82%YoY),respectively.
◼Forward-lookingplanreducednegativeimpactofthepandemic:1Q22revenue
excludingtheinfluenceofexchangerateincreasedby78.47%YoY,maintaininghighgrowth
despitetheimpactofCovid-19.Profitgrowthdeclinedduetofairvaluevariationoffinancial
assets.Afterexcludingthesefactors,netprofitgrewby92.32%YoY.Thecompany
implementedbusinesscontingencyplanimmediatelyaftertheOmicronoutbreakinShanghai
attheendofMarch,whichcouldguaranteestableearningsinthefirsthalfof2022.
◼Chemistryandnewcellbusinessachievedhighgrowth:1Q22chemistrybusiness
achievedrevenueofRMB6.118bn(+102.1%)thankstoCovid-19relatedorders.The
companycompletedsynthesisofmorethan90,000customsynthesizedcompoundsin1Q22
andadded217moleculestochemistryprocessdevelopmentandmanufacturingpipeline.As
attheendofMarch,chemistryservicesinvolved1,808newdrugmolecules,including49in
PhaseIIIand42drugapprovals.ThenumberofoligonucleotideandpeptideD&M
customers/moleculeswas86/121(+72%/+98%YoY),respectively.
◼TestingbusinessmaintainedstablegrowthduetotheintegratedWINDservice
platform:1Q22revenuefromtestingbusinesswasRMB1.279bn(+31.7%).Specifically,
revenuefromlabanalysisandtestingserviceswasRMB909mn(+39.9%).Byleveraging
theadvantageofintegrationthroughWINDserviceplatform,47servicecontractswere
signed.RevenuefromclinicalCROandSMOwasRMB370mn(+15.2%).Thecompany
assistedCROcustomersinobtainingapprovalforfourclinicalresearchapplicationsand
continuedrapidexpansiononitsSMOserviceswithsupportingfournewdrugapprovals.
◼StronggrowthmomentumwasshowninbiologyandATUbusiness,whileDDSU
businesswasaffectedintheshortterm:RevenuegeneratedfromDomesticDiscovery
ServiceUnit(DDSU)wasRMB241mn(-21.6%),affectedbyCDE'spolicytoimprove
clinicalquality.BiologybusinessandATUbusinessachievedrevenueofRMB533mn
(+26.2%)andRMB299mn(+37.0%),respectively.StructureofATUbusinesscontinuedto
beimprovedandnewmodalities-relatedbiologyservicebecameanimportantgrowthdriver.
◼EarningsForecast&Rating:Ourestimatesofnetprofitin2022-2024areRMB8.633
bn/10.406bn/13.220bn/(+69%/+21%/+27%YoY),correspondingtoP/Eratiosat
34/28/22x.Were-iteratewithaBuyrating,asthecompanyisbeingundervaluedasaCRO
leaderwithhighearningsgrowthvisibility.
◼Risks:Capacityexpansionweakerthanexpected;riskofexchangegainsandlosses;Covid-
19relatedordersfewerthanexpected.
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