Overview of events
On October 30, 2022, Jiankai Technology released its quarterly report for 2022: realized income of 321 million yuan (year-on-year + 23%), return net profit of 165 million yuan (year-on-year + 16%), non-return net profit of 157 million yuan (year-on-year + 21%).
The company has abundant orders on hand, and the production pace slows down due to the control of COVID-19 epidemic situation. 1) the revenue of Q3 alone is 106 million yuan (unchanged from the same period last year, month-on-month), which is mainly due to the influence of COVID-19 epidemic control in Tianjin. From the perspective of income distribution, if the cost of technical services is not included, overseas income is slightly higher than that at home.
2) profit side: the single Q3 gross profit margin was 85.01% (down 3.36pct from the same period last year, unchanged from the previous year), mainly due to the relatively high income from Q3 COVID-19 LNP related PEG raw materials last year, which increased the overall gross profit margin. The net profit of homing is 54 million yuan (year-on-year-13%, month-on-month-9%), and the net interest rate is 50.65% (year-on-year-7.54pct, month-on-1.22pct), which is mainly due to the payment of nearly 10 million equity fees, little change in management, sales and R & D expenses, benefiting from foreign exchange hedging, financial expenses achieve a positive profit of 8.32 million yuan.
PEG new product research and development is in full swing, the company continues to improve the competitiveness of products and large-scale production PEG application field is in the stage of sustained and rapid expansion, has expanded from macromolecular protein drug modification to small molecular drugs, LNPs delivery systems, cytokines, nucleic acid drugs and so on. The company is one of the few well-known enterprises in the world that can provide high-purity and large-scale cGMP for the production of medical PEG and derivatives, and actively cooperate with relevant enterprises at home and abroad in the emerging application scenarios, it is expected to fully grasp the market demand brought about by technology change, and the revenue volume will reach a new level.
Investment suggestion: considering the leading position of Keykai Technology in the industry and abundant orders on hand, and excluding the contribution of milestone income in the pipeline, we estimate that the company's revenue in 2022-2024 will be 4.67 shock 6.13 / 795 million yuan, and the return net profit will be 2.32 309 PE 406 million yuan, corresponding to 43 × / 32 × / 25 ×. Maintain the recommended rating.
Risk tips: the global COVID-19 epidemic situation is repeated; product research and development is not as expected; downstream product collection risk.