Home » WuXi AppTec (603259): The performance is at the upper limit of the forecast, and the high growth of the chemical business is expected to drive the overall business acceleration.

WuXi AppTec (603259): The performance is at the upper limit of the forecast, and the high growth of the chemical business is expected to drive the overall business acceleration.

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WuXi AppTec (603259): The performance is at the upper limit of the forecast, and the high growth of the chemical business is expected to drive the overall business acceleration.


  event:February 15, 2022, the company released 2021performanceExpress, the company expects to achieve in 2021Operating income22.90 billion yuan, a year-on-year increase of 38.5%;net profit5.10 billion yuan, a year-on-year increase of 72.2%; non-net profit deducted to 4.06 billion yuan, a year-on-year increase of 70.4%; adjusted Non-IFRS net profit attributable to the parent company of 5.13 billion yuan, a year-on-year increase of 41.1%.

The performance is at the upper limit of the forecast, and continuous high growth can be expected. In 2021, the overall business will continue to maintain rapid growth and profitability will continue to improve.interest rateAbout 22.3% (year-on-year in 2020, the same below, +4.4pp), deducting non-netinterest rate17.7% (+3.3pp), the adjusted Non-IFRS net profit margin attributable to the parent was 22.4% (+0.4pp). In terms of quarters, 2021Q4 revenue is about 6.38 billion yuan (+35.2%), about 1.53 billion yuan (+159.3%) attributable to the parent, about 960 million yuan (+30.9%) after deduction, and the adjusted Non-IFRS net profit attributable to the parent About 1.32 billion yuan (+21.7%).The growth rate of return to parent is higher than the adjusted growth rate of Non-IFRS return to parent. We estimate that the main reason is: 12021Q4 non-recurring profit and loss in H shares can beConvert stockThe fair value of bond derivative financial instruments is affected by the fluctuation of H-share stock price, resulting in a change in the non-cash book fair value of about 470 million yuan in 2021Q4 (about -670 million yuan in 2020Q4); 2 The company has increased production capacity and increased depreciation and amortization due to production capacity release And the recruitment of new employees has accelerated; 32020Q4 adjusted Non-IFRS net profit base attributable to the parent is relatively high.

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The five major sectors continued to shine, and the rapid growth of the chemical business is expected to drive the overall business acceleration. 1) WuXi Chemistry: “end-to-end, integrated” CRDMO business model continues to be realized: estimated revenue of 14.09 billion yuan (+46.9%) in 2021 1 Small molecule drug discovery service (R): revenue +43.2% year-on-year , laying the foundation for the continuous high growth of the backend. 2CDMO (Process R&D and Production): “Follow and Win Molecules” is progressing smoothly. Revenue in 2021 will be +50.0% YoY. We expect that as commercial projects continue to increase volume and new production capacity continues to be launched, revenue growth in 2022 is expected to be close to that in 2021 Doubled; 2) Testing business (WuXi Testing): The estimated revenue in 2021 is 4.53 billion yuan (+38.0%), of which 1 laboratory analysis and testing services: revenue +38.9% year-on-year, if drug analysis and testing other than device testing are excluded Services, then a strong growth of 52.1%; 2Clinical CRO and SMO: the scale continued to expand, revenue +36.2%. 3) Biology business (WuXi Biology): It is estimated that the revenue in 2021 will be 1.99 billion yuan (+30.0%), which will continue to grow rapidly. With the continuous expansion of production capacity, we expect that the revenue growth rate of the testing and biology business in 2022 is expected to continue the rapid growth momentum in recent years. 4) Cell and gene therapy CTDMO (WuXi ATU): The domestic growth is rapid, and it is expected to return to the rapid growth track after the overseas epidemic recovers: It is estimated that the overall revenue in 2021 will be 1.06 billion yuan (-2.8%), of which the domestic year-on-year growth is about +87%. It is expected that with the gradual ramp-up of new production capacity and the gradual recovery of the epidemic, the sector is expected to return to a high-speed growth track in 2022, and the growth rate of revenue is expected to exceed that of the industry. 5) Domestic New Drug Research and Development Service Department (WuXi DDSU): It is estimated that the overall revenue in 2022 will be 1.25 billion yuan (+17.5%), which will continue to maintain steady growth.

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  profit predictionand investment advice:According to the company’s performance report, we adjust the profit forecast. We estimate that the company’s revenue in 2021-2023 will be 228.69, 36.817, 42.650 billion yuan (22.249 billion yuan, 29.630 billion yuan and 38.891 billion yuan before adjustment), a year-on-year increase of 38.30%, 60.99%, and 15.85% (before adjustment). 34.55%, 33.17%, 31.26%), the net profit attributable to the parent was 5.097, 7.673, 9.617 billion yuan (4.168, 5.625 and 7.563 billion yuan before adjustment), a year-on-year increase of 72.19%, 50.53%, 25.34% (40.80%, 34.95 before adjustment) %, 34.47%). The company’s track is booming, and the “integrated, end-to-end” strategy is expected to consolidate competition barriers and drive the company’s long-term rapid growth.

  Risk warning events:research reportThe public information used may have the risk of information lag or untimely update; the risk of loss of core technical personnel; the risk of industry R&D investment not meeting expectations; the risk of overseas business integration not meeting expectations; the risk of intensified industry competition; the risk of exchange rate fluctuations.

(Article Source:Zhongtai SecuritiesResearch)


Article source: Zhongtai Securities Research

Responsible editor: 73

Original title:[Pharma-WuXi AppTec (603259)]Zhu Jiaqi: The performance is at the upper limit of the forecast, and the high growth of the chemical business is expected to drive the overall business speed

Solemnly declare: Oriental Fortune.com releases this information for the purpose of disseminating more information and has nothing to do with the position of this site.

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