公司定向增发通过上交所审核，与招商局合作取得实质性进展11月8日，公司收到上海证券交易所上市审核中心出具的《关于上海凯赛生物技术股份有限公司向特定对象发行股票审核意见的通知》。通知内容为：凯赛生物向特定对象发行股票申请符合发行条件、上市条件和信息披露要求。上交所将在履行相关程序并收到公司申请文件后提交中国证券监督管理委员会注册。Incident Overview
On October 30, 2024, the company released its 2024 three-quarter report. In the first three quarters of 2024, the company achieved operating income of 2.215 billion yuan, +41.49% year over year; net profit to mother 0.345 billion yuan, +9.97% year over year; net profit without return to mother 0.335 billion yuan, +25.51% year over year. In the third quarter of 2024, the company achieved operating income of 0.771 billion yuan, +44.06% year over year; net profit to mother was 0.098 billion yuan, +35.69% year over year; net profit without return to mother was 0.096 billion yuan, +84.38% year over year.
Sebacic acid production capacity drives performance growth, and continues to increase R&D investment. The company seizes market opportunities, increases product sales efforts, and increases production capacity for new products of sebacic acid. As a result, sales revenue of long-chain binary acids rose sharply compared to the same period last year, driving the company's overall net profit and earnings per share to rise sharply compared to the same period last year. In the first three quarters of 2024, the company invested 0.169 billion in R&D, +33.52%, accounting for 7.62% of revenue; in the third quarter, R&D investment was 0.069 billion, +70.79% over the same period, accounting for 8.92% of revenue.
The company's targeted issuance passed the review by the Shanghai Stock Exchange, and substantial progress was achieved in cooperation with the China Merchants Bureau. On November 8, the company received the “Notice Concerning Review Opinions on the Issuance of Shares by Shanghai Kaisai Biotechnology Co., Ltd. to Specific Targets” issued by the Shanghai Stock Exchange Listing Review Center. The notice states: Cathay Biotech's application to issue shares to specific targets complies with issuance conditions, listing conditions and information disclosure requirements. After completing the relevant procedures and receiving the company's application documents, the Shanghai Stock Exchange will submit it to the China Securities Regulatory Commission for registration.
The company disclosed a fixed increase plan in June 2023. It plans to issue a targeted increase of no more than 6.6 billion yuan, introduce China Merchants Group as an indirect shareholder, and sign a business cooperation agreement to accelerate the healthy complementarity of advanced technology and high-quality scenarios, and jointly promote the implementation and development of synthetic biology industrialization. Since the disclosure of the fixed addition plan, the company and China Merchants Group have set up a joint working group to work from various perspectives such as application research and development, business docking, and strategic cooperation, and have made substantial progress in downstream application fields such as textiles, new energy equipment, containers, refrigerated vehicles, and construction templates. Furthermore, China Merchants Group actively promotes business connections between the company and various subsidiaries and participating enterprises, and the application of the company's products in other fields of its subsidiaries, so as to enable the company to connect with external customer resources and policy support, and empower the company's development and industrial chain coverage expansion.
As a leading enterprise in the field of new bio-based materials, the company showcased new results at various exhibitions. The company is an innovator and pioneer in the global biomantry industry. It is committed to promoting the development and industrial production of new bio-based materials with cutting-edge biotechnology and providing diverse green solutions for the sustainable development of the industrial economy.
At the 24th China International Industry Fair, the company showcased the company's cutting-edge exploration and innovation in the field of biological manufacturing with the theme of “Reshaping Human Low-Carbon Lives with Intelligent Biological Manufacturing”. It highlights four major product lines: biomedical monomers, bio-based polyamide textile materials, engineering plastics, and thermoplastic composites. Its products and solutions are widely used in various fields such as new energy, modern logistics, green buildings, automobiles, electronics, industrial products, consumer goods, and textiles. The company is currently building an innovative “self-learning high-throughput” AI+BT research platform. The platform includes high-precision automatic inspection systems, digital control and management systems, robot operating systems, and artificial intelligence computing systems.
At the 2024 China International Composites Industry Technology Exhibition, the company showcased high-performance bio-based polyamide continuous fiber-reinforced composite products and diversified application solutions, focusing on application solutions and technological achievements in the fields of automotive lightweighting (commercial vehicles & passenger vehicles), construction engineering, and new energy. With cutting-edge synthetic biotechnology, the company breaks through the limitations of traditional materials and innovatively uses renewable resources to prepare new high-performance composites. As a novel high-performance composite material, its base resin can use different types of bio-based polyamides such as low temperature long chain, medium temperature, and high temperature, and achieve 50-70% continuous glass fiber or 45-55% continuous carbon fiber reinforcement through the thermoplastic resin process to meet the needs of different working conditions.
Investment advice
We believe that the cooperation between the company and China Merchants Bureau will not only directly lead to an increase in performance, but its continuous breakthroughs in bio-based materials will also bring wider application space. The company's net profit from 2024-2026 is expected to be 0.498, 0.624, and 0.723 billion yuan, with year-on-year growth rates of 36.00%, 25.26%, and 15.73%. The P/E corresponding to the current stock price is 60.54, 48.33, and 41.76 times. Maintain a “buy” rating.
Risk warning
Risk of mass production falling short of expectations, risk of new product market verification falling short of expectations, risk of fluctuations in raw material and energy prices, risk of downstream customer expansion falling short of expectations, risk of production capacity construction falling short of expectations.
