新业务高速增长。根据公司三季报，2023 前三季度小分子原料药CDMO 业务实现营业收入29.42 亿元，同比下降43%，其中公司前期收到的重大订单已全部交付完毕；小分子制剂CDMO 业务实现营业收入6,118.95 万元，同比增长237%；基因细胞治疗CDMO 业务实现营业收入3,153.12 万元，同比增长85%。公司整体毛利率为46%，同比下降6.56 个百分点；净利率为11.93%，同比下降16.96 个百分点。盈利指标下降的主要原因如下：1）公司前期收到的重大订单去年同期交付较多，导致收入同比下降；2）截至报告期末，公司人员总数为5,263 人，人力成本费用较去年同期增加；3）随着公司的部分研发中心、生产基地于2022 年下半年陆续投入运营，公司的运营费用及固定资产折旧较去年同期增加。Events:
The company released the third quarter report of 2023. According to the company's three-quarter report, the company's income in the first three quarters of 2023 was 3.037 billion yuan, down 41.79% from the same period last year. The net profit returned to the parent was 452 million yuan, down 71.36% from the same period last year. The net profit from non-parent was 425 million yuan, down 73.08% from the same period last year. The main reason for the decline in revenue and performance was that COVID-19 's related business base was relatively high last year, and the company as a whole met market expectations.
Main points of investment:
New business is growing at a high speed. According to the company's three-quarter report, the operating income of the small molecule API CDMO business in the first three quarters of 2023 was 2.942 billion yuan, down 43% from the same period last year, of which all the major orders received by the company had been delivered; the small molecule preparation CDMO business achieved 61.1895 million yuan, an increase of 237% over the same period last year; and the gene cell therapy CDMO business achieved 31.5312 million yuan, an increase of 85% over the same period last year. The company's overall gross profit margin was 46%, down 6.56 percentage points from the same period last year; the net profit margin was 11.93%, down 16.96 percentage points from the same period last year. The main reasons for the decline in profit indicators are as follows: 1) the company received more major orders in the same period last year, resulting in a decrease in revenue compared with the same period last year; 2) by the end of the reporting period, the total number of employees of the company was 5263, and labor costs increased compared with the same period last year; 3) as some of the company's R & D centers and production bases were put into operation in the second half of 2022, the company's operating expenses and depreciation of fixed assets increased compared with the same period last year.
The number of projects in the company shows a good trend. According to the company's three-quarter report, the company signed 592 order items (excluding J-STAR) in the first three quarters of 2023, an increase of about 32% over the same period last year, and 448 projects were delivered, an increase of about 35% over the same period last year. The number of API products served by the company was 144, an increase of 17 over the same period last year; the revenue of API products was 339 million yuan, an increase of about 31% over the same period last year. At the same time, the company continues to introduce process verification projects (referred to as PV projects), the first three quarters completed the delivery of 11 PV projects, 13 ongoing PV projects.
Profit forecast and investment rating. As the impact of COVID-19 orders continues to decrease, while the number of company projects shows a good growth trend, we continue to be optimistic about the development of the company, maintaining the previous profit forecast of 1.017 billion yuan, 1.13 billion yuan and 1.407 billion yuan for 23-25 years, and 15 times, 14 times and 11 times respectively for 23-25 years corresponding to PE, maintaining the "buy" rating.
Risk hint: the industry competition aggravates the risk, the order drops, the medicine research and development drops and so on.
