海外收入加速增长，出海逻辑逐步兑现。22 全年海外收入2.46 亿元（+82%），占比46%，22H2 海外收入1.58 亿元，同比增长92%，加速增长。occurrences
Announcement: For the full year 22, revenue was 5.3 billion yuan (+51%), gross profit margin was 73.4% (+5.2pct), R&D investment was 7.0 billion yuan (+25%), and losses were 600 million yuan (+10%).
reviews
Overseas income is growing at an accelerated pace, and the logic of going overseas is gradually being implemented. Overseas revenue for the year 22 was 246 million yuan (+82%), accounting for 46%, and 22H2 overseas revenue was 158 million yuan, an increase of 92% over the previous year, accelerating growth.
The pre-clinical CRO sector continues to grow at a high rate, production capacity is expanding, and varieties are increasing. Pre-clinical CRO's annual revenue was 401 million yuan (+54%), with a gross profit margin of 69.8%; of these, gene editing revenue was 61 million yuan (+19%), pharmacological efficacy was 176 million yuan (+67%), and model animals were 169 million yuan (+57%). The Beijing+Haimen AAALAC animal house covers an area of 5.5 thousand square meters, and Boston expands the scale of the facility. There are 2,800 self-developed model lines.
The anti-war plan progressed smoothly, and external BD continued. The antibody cooperative development business generated revenue of 127 million dollars (+43%), and the gross margin reached 85%. Seventeen new projects were added throughout the year, and a total of 34 collaborations were reached. The RenMice platform has reached licensing cooperation with 17 pharmaceutical companies, licensing a total of 40 RenMice projects.
Self-owned clinical pipelines accelerate collaborative development. YH003 (CD40, promotion of international multi-center phase 2), YH001 (CTLA4, promotion to US phase 1/2, authorized TRACON), YH002 (OX40, promotion of international multi-center phase 1, authorized Syncromune), YH005 (CLDN18.2-ADCFDA grants orphan drugs, promotes phase 1 between China and Australia, authorized Rongchang), YH008 (PD1/CD40 dual antibody, promoted to clinical phase 1 in China, authorized microchip).
The company has announced that it plans to re-launch the Science and Technology Innovation Board. It plans to raise nearly 2 billion yuan mainly for model animal base construction, early drug development service platform construction, antibody drug research and development evaluation, and promotion of its own pipeline projects. We expect the company to generate revenue of 740, 98 and 1.28 billion yuan in 2023-2025, with year-on-year growth rates of 38%, 33% and 30%.
valuations
Using a segmented valuation method, we gave the pre-clinical CRO business a 2023 valuation of 5.8 billion yuan, the company's antibody development business valued at 2.7 billion yuan, the self-research pipeline business valued at 3 billion yuan, and the total valuation of the three major business segments of pre-clinical CRO, antibody development, and self-developed pipelines was 11.5 billion yuan. Calculating the exchange rate of RMB 1.1398 to Hong Kong dollars, we gave Baiosetu a target price of 32.90 Hong Kong dollars, maintaining the “superior market” rating.
risks
The risk of new drug development failure, the risk of a trade conflict between China and the US, the risk of a decline in global biomedical investment and financing, and increased competition in the industry.
