多方因素影响，收入利润均承压。受全球经济增长放缓、生物医药领域投融资放缓、国际地缘政治形势日趋复杂、行业竞争加剧等诸多不利因素影响，并且由于订单价格下降，部分订单延迟执行，公司营业收入未达预期。此外，2023 年公司研发实验室运营费用及固定资产折旧，以及人力成本和相关费用有所增加，营业成本较去年同期增加5871.42 万元，同时公司计提了资产减值损失和信用减值损失6138.30 万元，综合导致利润下降。拆分各业务板块来看：1）药物发现和药学研究服务实现营业收入6.32 亿元，同比下降14.07%；2）临床前研究业务临床前研究板块2023 年实现营收7.34 亿元，同比下降20.55%。Description of the event
The company publishes an annual report for 2023 and a report for the first quarter of 2024. In 2023, the company achieved operating income of 1,366 billion yuan, a year-on-year decrease of 17.68%; net profit to mother - 33.21 million yuan, a year-on-year decrease of 109.82%; net profit not attributable to mother - 57.62 million yuan, a year-on-year decrease of 118.76%. The first quarter of 2024 achieved revenue of 260 million yuan, a year-on-year decrease of 42.51%; net profit to mother of 37.56 million yuan, a year-on-year decrease of 136.98%; deducted non-net profit of 40.23 million yuan, a year-on-year decrease of 140.77%.
Incident comments
Due to the influence of many factors, revenue and profit are under pressure. Affected by many adverse factors such as the slowdown in global economic growth, the slowdown in investment and financing in the biomedical sector, the increasingly complex international geopolitical situation, and increased industry competition, and due to falling order prices and delays in the execution of some orders, the company's revenue fell short of expectations. In addition, the company's R&D laboratory operating expenses, fixed asset depreciation, and labor costs and related expenses increased in 2023. Operating costs increased by 587.14,200 yuan over the same period last year. At the same time, the company calculated asset impairment losses and credit impairment losses of 61.383 million yuan, which combined led to a decline in profits. Looking at the various business segments: 1) Drug Discovery and Pharmaceutical Research Services achieved revenue of 632 million yuan, a year-on-year decrease of 14.07%; 2) Pre-clinical research business achieved revenue of 734 million yuan in 2023, a year-on-year decrease of 20.55%.
Business overseas is progressing at an accelerated pace, with initial results. In 2023, the company's drug discovery and pharmaceutical research services signed a new order of 968 million yuan; the pre-clinical research division signed a new order of 1,232 million yuan. While the domestic pharmaceutical financing market is cooling down, pharmaceutical companies are particularly cautious about investing in R&D pipelines, and the company is actively exploring overseas markets. Overseas revenue in 2023 was 387 million yuan, accounting for 28.37% of total revenue. The company initially completed the construction of an R&D laboratory in Boston, USA in September 2023, and has already been put into use.
Boston Laboratories is committed to providing high-quality and efficient pre-clinical CRO services to overseas customers, and strives to gradually increase the company's overseas business share. The company will take a key step in the global strategy by deploying multiple locations in the core regions of overseas industries and using the Boston R&D Center in the US as a base.
Continue to innovate drug research and development, and improve the molecular capabilities of new drugs. In 2023, the company consolidated and perfected the construction of an integrated pre-clinical R&D platform for biopharmaceuticals such as ADC drugs and small nucleic acid drugs; improved and developed an integrated service platform for synthesis, modification and delivery technology for small nucleic acid drugs; construction of animal models based on bispecific antibody research requirements; establishment of protein degradation technology based on GalNAc; discovery and early activity screening of novel P-CAB antacids; and target exploration and application in XDC research and development. The company completed refinancing the issuance of A-shares to specific targets in 2023, raising a net amount of 990 million yuan. By the end of 2023, the main structure of the fund-raising project “Laboratory Expansion Project for Drug Discovery and Pharmaceutical Research and Application Platforms” has been fully capped and applied for acceptance; the “Medi Northwest Shanghai Biomedical R&D and Innovation Industry Base Project” has officially commenced. This fund-raising project significantly increased the company's drug discovery service capabilities, further expanded the scale of business revenue, and enhanced market competitiveness and industry influence.
The company is expected to achieve net profit of 39 million yuan/214 million yuan in 2025-2026, and the PE corresponding to the current stock price is 123/22 times, giving it a “buy” rating.
Risk warning
1. The popularity of domestic pharmaceutical research and development falls short of expectations;
2. The implementation of the company's new production capacity fell short of expectations.
