受托研发快速增长，自研成果大量兑现。2023 年公司受托研发服务、研发技术成果转化及权益分成业务收入整体实现高速增长，1）受托研发收入维持高增长，其中药学研究收入3.38 亿元，同比增长54.81%，实现毛利率64.76%；临床服务收入1.93 亿元，同比增长141.25%，实现毛利率44.02%。2）2023 年研发技术成果转化收入3.92 亿元，同比增长77.66%，实现毛利率78.62%。截至年末，公司已经立项尚未转化的自主研发项目近300 项，2023 全年研发成果技术转化104 个，适应症涵盖呼吸、消化、感染、肿瘤、精神神经、心血管等多类疾病领域。3）2023 年权益分成收入0.30 亿元，截至2023 年末公司拥有销售权益分成的研发项目85 项。2024 年第一季度公司财务表现稳健，2024Q1公司实现净利率23.10%，相较于去年同期提升1.3pct。Description of the event
The company released the 2023 annual report and the first quarter report of 2024. The full year of 2023 achieved revenue of 1,017 million yuan, an increase of 67.51% year on year; realized net profit of 272 million yuan, an increase of 40.07% year on year, and realized net profit without return to mother of 259 million yuan, an increase of 52.48% year on year. In the first quarter of 2024, we achieved revenue of 216 million yuan, an increase of 34.04% year on year, achieved net profit of 42.06% year on year and realized net profit without return to mother of 48.72 million yuan, an increase of 41.00% year on year.
Incident comments
Entrusted R&D is growing rapidly, and the results of in-house research have been realized in large numbers. In 2023, the company's overall revenue from commissioned R&D services, R&D technology achievement transformation, and equity sharing business achieved rapid growth. 1) Fiduciary R&D revenue maintained high growth, with pharmaceutical research revenue of 338 million yuan, up 54.81% year on year, achieving a gross profit margin of 64.76%; clinical service revenue of 193 million yuan, up 141.25% year on year, achieving a gross profit margin of 44.02%. 2) Revenue from the transformation of R&D technology achievements in 2023 was 392 million yuan, an increase of 77.66% over the previous year, achieving a gross profit margin of 78.62%. By the end of the year, the company had set up nearly 300 independent research and development projects that had not yet been transformed, and 104 R&D achievements were converted into technology in 2023. The indications covered various diseases such as respiratory, digestive, infection, tumors, neuropsychiatric, and cardiovascular diseases. 3) Equity share revenue in 2023 was 0.3 billion yuan. As of the end of 2023, the company had 85 R&D projects with sales equity sharing. The company's financial performance was steady in the first quarter of 2024. In 2024Q1, the company achieved a net interest rate of 23.10%, an increase of 1.3 pct over the same period last year.
CDMO strengthens external services, and the “Pharmaceutical+Clinical+Customized R&D and Production” integrated service boosts high performance growth. The company has built a customized R&D and production service platform dedicated to providing customers with integrated services for “pharmaceutical research+clinical trials+customized R&D and production” comprehensive drug development and production. The subsidiary Thermo Pharmaceuticals has become a long-term growth engine. Currently, it has a construction area of more than 200 acres and has built 136,000 square meters of GMP standard pharmaceutical plants and supporting laboratories. In 2023, Symer Pharmaceuticals obtained a total revenue of 193 million yuan in customized R&D and production services, undertook more than 360 projects, and completed CDMO services for 280 commissioned R&D projects internally; Symer Pharmaceuticals undertook customized R&D and production service orders from external customers to achieve revenue of 52.49 million yuan, an increase of 152.35% over the previous year, and achieved a gross profit margin of 42.14%. By the end of 2023, Thermo Pharmaceuticals had completed more than 400 project implementation verification projects and registered more than 200 projects, ranking among the highest in the country.
New orders are plentiful, and future growth can be expected. In 2023, the company placed orders of 1,586 billion yuan (excluding tax), up 18.90% year on year, adding 1,360 billion yuan (tax included), up 35.06% year on year. The company moved to the R&D headquarters, expanded the laboratory and increased the size of the technical team, enabling the company to successfully release more production capacity and further enhance its ability to accept orders. Adequate order volume provides a strong guarantee for the company's performance growth, reflecting the gradual expansion and deepening of the company's business in various fields such as commissioned R&D and independent R&D.
We expect that in 2024-2026, the company will achieve net profit of 3.65/4.47/550 million yuan, corresponding to the current stock price valuation of 21/17/14 times, giving it a “buy” rating.
Risk warning
1. The R&D outsourcing needs of companies investing in novel drug R&D fall short of expectations; 2. The company's self-developed variety progress falls short of expectations.