Cinda Securities: With a rating on Medisi
2022-06-13 0 By
2022-04-07 Xinda Securities Co., Ltd. conducted a study on Medisi and released a research report “Performance in line with expectations, new signed single high growth, accelerated production capacity, comprehensive strength and stable improvement”, this report gives a rating on Medisi, the current share price of 425.9 yuan.Medi (688202) Event: MedI releases 2021 annual report.The company achieved annual operating revenue of 1.167 billion yuan, +75.28% year on year;Net profit of RMB 282 million, +118.12%;The net profit of withholding non-returning parent was 271 million yuan, +119.53% year-on-year;New orders were 2.452 billion yuan, +87.66% year-on-year.Comments: the two major plate revenue synchronous high growth, the new signed single guarantee performance.1) Drug discovery and pharmaceutical research business revenue of 613 million yuan, +72.68% year on year, gross margin of 42.18%, +5.04pp year on year;2) The pre-clinical research business achieved operating revenue of 554 million yuan, +78.19% year-on-year, and gross margin of 48.77%, +3.25pp year-on-year. We believe that the orderly implementation of the company’s laboratory, continuous expansion of customers, optimization of order structure, and improvement of operational efficiency make scale effect continuously appear, thus improving the gross margin;3) Unilateral new signing, drug discovery new signing orders 682 million yuan, +76.59% year on year, pharmaceutical research new signing orders 362 million yuan, +56.66% year on year, pre-clinical new signing orders 1.409 billion yuan, +104.24% year on year, showing a synchronous high growth trend, balanced development of the sector.Scale effect reduces expense ratio, and profitability is greatly improved.In 2021, the company achieved a comprehensive gross margin of 45.34%, + 4.27PP compared to the same period last year, and a net profit margin of 24.18%, +4.81pp compared to the same period last year, indicating a significant improvement in profitability.The company’s period expense ratio is 17.98% (-0.79pp), in which sales/management/R&D/finance expense ratio is 3.83% (-1.28pp) /7.63% (-0.18pp) /6.66% (-0.4pp) /-0.14% (+1.06pp) respectively. Scale effect significantly reduces sales expense ratio.Financial expense ratio increased due to lower interest income.We will continue to increase investment in production capacity and RESEARCH and development, and enhance comprehensive capabilities.In 2021, the total production capacity of the company will be 7.40Wm2, and 6.69Wm2 will be put into use, with a year-on-year increase of 2.88Wm2, accelerating the implementation of capacity, improving the undertaking capacity and promoting business development.At the same time, the company continues to invest in the construction of the preclinical safety evaluation technology platform of PROTAC platform, antibody and other biotechnology drugs, and enhance its RESEARCH and development service capacity. At present, there are 513 masters and doctors, +57 compared with last year, accounting for 21%. The research and development technology and service capacity continues to improve, and the comprehensive strength continues to increase.Profit forecast and Investment rating: We estimate that the company’s operating revenue in 2022-2024 will be 20.97/30.38/4.253 billion yuan, with a year-on-year growth of 79.6%/44.9%/40.0%;The net profit of the parent group was 5.16/7.59/1.090 billion yuan, up 82.9%/47.1%/43.6% year-on-year, corresponding to the PE ratio of 48/33/23 times in 2022-2024.Risk factors: industry competition intensifies, pharmaceutical industry R&D investment and outsourcing demand decline risk, domestic and international policies, loss of core technical personnel and other risks.The securities star data center calculated according to the research report data released in the past three years, and the research team of Cui Wenliang of West China Securities conducted in-depth research on the stock. The average accuracy of the forecast in the past three years was as high as 85.02%. The estimated net profit in 2022 was 483 million yuan, and the PE was 54.81 according to the current price conversion.The latest earnings forecast details are as follows: the stock in the recent 90 days a total of 5 institutions to give ratings, buy rating 2, overweight rating 3.According to the Securities Star valuation analysis tool, Medisi (688202) has a good company rating of 4 stars, a good price rating of 2 stars, and a comprehensive valuation rating of 3 stars.(Rating range: 1 ~ 5 stars, maximum 5 stars) The above content is collated by Securities Star according to public information, if you have any questions, please contact us.