【行业研究报告】昭衍新药-订单充沛,业绩高增,“买入”

类型: 港股公司研究

机构: 国泰君安(香港)

发表时间: 2022-09-07 00:00:00

更新时间: 2022-09-07 22:10:40

"Buy",withTPofHK$71.38.1H2022revenueofJOINNwasRMB777million,
up45.3%YoY.Shareholders'profitwasRMB371million,up141.4%YoY;if
excludingone-offs,netprofitisestimatedtobeRMB345million,up166.8%
YoY.Asfor2Q2022,revenuewasRMB506million,up51.7%YoY.
Shareholders'profitwasRMB246million,up307.1%YoY;ifexcluding
one-offs,netprofitisestimatedtobeRMB213million,up326.1%YoY,
indicatingcontinuedhighgrowth.EPSisforecastedtobeRMB1.54/RMB1.89/
indicatingcontinuedhighgrowth.EPSisforecastedtobeRMB1.54/RMB1.89/
RMB2.40in2022-2024.TPissetatHK$71.38,whichrepresents33.1x2023
PER,withinvestmentratingof"Buy".
Abundantordersawardedandonhand.AsatJune30,2022,theCompany
hadordersinhandworthoverRMB4.1billion.OrdersawardedtotheCompany
wereworthmorethanRMB2.0billionin1H2022,amongwhich,RMB1.8billion
wereundertakenbyChina-basedsubsidiaries,upover50%YoY,andRMB200
millionwereundertakenbyBiomere,anoverseassubsidiary,up30%YoY.
JOINN’sChina-basedmembersachievedgreaterbreakthroughsinreceiving
internationalorders,worthapprox.RMB160million,surgingmorethan100%
YoY,reachingahistorichigh.Webelievethatabundantordersawardedandon
handwillsupportsustainablegrowth.
Productioncapacityexpansionhasbeenadvancingandtheacquisition
ofaresearchmodelbusinesssafeguardstheupstreamsupplychainand
improvesthecapabilityofnon-clinicalsafetyassessment.
Catalysts:Rapidreleaseofnewproductioncapacity;better-than-expected
newbusinessexpansionresults;rapidgrowthofordersonhand.
Risks:Tightenedfinancingenvironmentforinnovativedrugs;intensified
industrycompetition.
长45.3%。股东净利为人民币3.71亿元,同比增长141.4%;扣非净利估计为人民币3.45
亿元,同比增长166.8%。2022年第二季度,收入为人民币5.06亿元,同比增长51.7%。
股东净利达人民币2.46亿元,同比增长307.1%;扣非净利估计为人民币2.13亿元,同比
增长326.1%,高增长延续。预计2022-2024年每股净利为人民币1.54元/人民币1.89元/人
新签及在手订单充沛。截至2022年6月30日,公司在手订单金额超过人民币41亿元。2022
年上半年,公司获新签订单超过人民币20亿元,其中人民币18亿元由中国子公司承接,同
比增长超过50%,人民币2亿元由海外子公司Biomere承接,同比增长30%。昭衍国内公
司承接海外订单实现突破,价值达约人民币1.6亿元,同比增长100%以上,创历史新高。
我们相信充沛在手及新签订单将保障业绩持续增长。
产能正稳步扩充,且实验模型业务的收购强化了供应链安全并提升非临床CRO服务能力。
催化剂:新增产能快速释放;新业务拓展成果超预期;在手订单快速增长。
风险:新药融资环境收紧;行业竞争加剧。
Rating:Buy
Initial
6-18mTP目标价:HK$71.38
Revisedfrom原目标价: