Investment Rating - The report initiates coverage with a "Buy" investment rating for the company [2][3]. Core Views - The company's performance in Q1 2024 met expectations, with a revenue of 1.4 billion yuan, a decrease of 37.76% year-on-year, and a net profit attributable to the parent company of 282 million yuan, down 55.27% year-on-year [2]. - Excluding large orders, the company's revenue in Q1 2024 showed a year-on-year growth of 15.2%, with a gross margin of 43.5% [2]. - The small molecule chemical business and overseas operations are developing well, with revenue from European and American market clients increasing by 62.8% year-on-year after excluding last year's large order revenue [2]. - The peptide capacity is continuously expanding, with the company accelerating the construction of peptide commercialization capacity [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 1.4 billion yuan, a decrease of 37.76% year-on-year, and a net profit of 282 million yuan, down 55.27% year-on-year [2]. - The company signed new orders mainly from overseas markets and mid-to-late clinical projects, with a gross margin of 43.5% [2]. Business Segments - The small molecule business generated revenue of 1.223 billion yuan, with a year-on-year growth of 26.58% after excluding last year's large orders [2]. - The emerging business segment saw a revenue of 176 million yuan, a decline of 29.3% year-on-year, affected by intense domestic market competition [2]. Profit Forecast - The company forecasts revenues of 6.441 billion yuan, 7.860 billion yuan, and 9.363 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.095 billion yuan, 1.438 billion yuan, and 1.745 billion yuan for the same years [4][5]. - The report anticipates an EPS of 2.96 yuan, 3.89 yuan, and 4.72 yuan for 2024, 2025, and 2026 respectively [4][5]. Market Position - The company is expected to benefit from the recovery of the domestic industry and the acceleration of its peptide commercialization production outsourcing business [2]. - The report highlights the company's strong order growth and the positive outlook for its small molecule and overseas business segments [2].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [3]. Core Views - The company is advancing its small molecule CDMO (Contract Development and Manufacturing Organization) business, which is expected to rebalance overall profitability. In the first quarter, the company achieved total revenue of RMB 1.4 billion, a year-on-year decrease of 37.76%. Excluding the impact of large orders from the previous year, revenue grew by 15.21%. Revenue from clients in Europe and the US, after excluding last year's large orders, increased by 62.80%. The overall gross margin improved to 43.52%, up 5.49 percentage points from the previous quarter [2]. - The company has initiated a share buyback program, reflecting confidence in its future prospects while waiting for the industry to recover. The buyback plan involves repurchasing A-shares from the secondary market with a total fund of no less than RMB 600 million and not exceeding RMB 1.2 billion, with a maximum repurchase price of RMB 157 per share [2]. - Profit forecasts indicate that the company's net profit attributable to shareholders is expected to be RMB 1.299 billion, RMB 1.6 billion, and RMB 2.04 billion for the years 2024 to 2026, respectively. The corresponding EPS (Earnings Per Share) is projected to be RMB 3.52, RMB 4.33, and RMB 5.52, with P/E ratios of 23.03, 18.70, and 14.67 [2]. Summary by Sections Financial Performance - The company reported total revenue of RMB 1.4 billion in Q1, down 37.76% year-on-year, but up 15.21% when excluding last year's large orders. Revenue from multinational pharmaceutical companies was RMB 482 million, a 19.62% increase after adjustments, while revenue from small and medium-sized pharmaceutical companies was RMB 918 million, up 13.02% [2]. - Small molecule business revenue reached RMB 1.223 billion, with a year-on-year growth of 26.58% after excluding large orders. The gross margin for this segment was 47.34% [2]. Business Development - The company has confirmed 30 small molecule commercialization projects and has 148 projects in clinical stages, including 41 in Phase III [2]. - Emerging business revenue was RMB 176 million, down 29.30% year-on-year, with a gross margin of 17.30% [2]. Valuation - The report maintains the reasonable value for A-shares at RMB 87.91 per share and for H-shares at HKD 69.12 per share, both unchanged from previous assessments [2].

Summary of the Conference Call Company and Industry Overview - The conference call primarily discusses the strategies and performance of **Kailaiyin**, focusing on the pharmaceutical and automotive industries, particularly in the context of small molecule products and emerging business areas [2][3][4]. Key Points and Arguments 1. Business Strategy - The company is adapting its business strategy to the current economic adjustment period by increasing non-cyclical revenue, enhancing profitability, and strengthening overseas capacity construction [2][3]. - There is a strong emphasis on expanding into international markets, particularly the U.S., and exploring growth potential in domestic new business areas such as ADC (Antibody-Drug Conjugates) and small nucleic acids [2][3]. 2. Financial Performance - The company faces challenges such as rising costs and declining revenues but remains confident in achieving annual performance targets through strong order growth and cost structure optimization [2][3]. - The net profit margin is currently at **11.1%**, with expectations of pressure on net profit due to income decline and fixed cost increases [11][19]. 3. Capacity Management - The utilization rate for small molecule products reached a high level in Q1, benefiting from good production efficiency and project composition [3][4]. - Plans are in place to further enhance production capacity through improved utilization rates and project optimization, with significant commercial products expected to launch next year [3][4]. 4. Technological Innovation and Efficiency - The importance of technological innovation and high-efficiency production is highlighted as a means to address market challenges and enhance competitiveness, especially in the automotive and pharmaceutical sectors [5][6]. - The company is actively exploring comprehensive solutions from equipment to process development, showcasing strong technological competitiveness [5]. 5. Cost Control - Cost control is deemed crucial in the current economic environment, with various strategies proposed to manage expenses effectively [2][10][19]. - The company aims to strictly control capital expenditures, optimize human resource allocation, and utilize technology to reduce costs [10][19]. 6. International Expansion and Market Recovery - The company is focusing on its overseas market strategy, particularly in the post-pandemic recovery phase, and aims to leverage new business and investment projects to drive revenue growth [2][10]. - There is a notable contribution from overseas markets, especially from large pharmaceutical companies, with a positive outlook on order inquiries [12][17]. 7. Industry Challenges and Opportunities - The pharmaceutical industry is facing challenges such as intensified domestic competition leading to price fluctuations, particularly in small molecule drugs [9][10]. - Strategies for overseas market layout include early CMC (Chemistry, Manufacturing, and Control) development abroad and establishing research centers and production bases to enhance competitiveness [9][10]. 8. Market Orders and Revenue Growth - The company is focusing on supporting performance growth through order increases and project implementations, particularly in the small molecule business and international markets [2][3][4]. Additional Important Insights - The company acknowledges the impact of the **Biological Safety Act** on overseas business but reports no significant negative effects on order inquiries or performance [11][16]. - The competitive landscape includes challenges from Indian manufacturers, but the company maintains a favorable position in the market [8][16]. - The overall sentiment is one of cautious optimism, with expectations for gradual recovery in new business margins and a focus on long-term sustainable growth [12][19].

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[凯ITnaf 莱bol]e 英_Ti(tl0e]0 2821) [评Tab级le_：Inv est] 增持 上次评级： 增持 常规业务稳健增长，新兴业务持续推进 目标价格： 105.84 上次预测： 105.84 公 ——凯莱英2024 年一季报点评 当前价格： 80.99 司 丁丹(分析师) 吴晗(分析师) 2024.04.27 更 0755-23976735 010-83939773 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com wuhan024878@gtjas.com 证书编号 S0880514030001 S0880523080005 52周内股价区间（元） 75.98-164.00 报 总市值（百万元） 29,923 告 本报告导读： 总股本/流通A股（百万股） 369/329 剔除大订单后常规业务稳健增长，多肽等新兴业务持续推进，看好长期成长空间，维 流通 B股/H股（百万股） 0/28 流通股比例 96% 持增持评级。 日均成交量（百万股） 5.76 投资要点： ...

Investment Rating - The investment rating for the company is set at 14.00 CNY, reflecting a year-on-year decrease of 37.76% [1]. Core Insights - The company's regular business shows steady growth, but financial performance is impacted by the completion of large orders. In Q1 2024, revenue and profit growth rates declined due to the absence of large order revenue from Q1 2023. Excluding this, Q1 2024 revenue grew by 15.21% year-on-year, indicating stable growth in regular business [1]. - The small molecule CDMO business continues to perform well, although growth in emerging businesses has slowed due to environmental factors. In Q1 2024, the small molecule CDMO business generated revenue of 1.223 billion CNY, a year-on-year decrease of 38.85%, but a growth of 26.58% when excluding large order revenue from Q1 2023 [1]. - The overseas market is experiencing strong growth, with a 62.80% year-on-year increase in customer revenue from Europe and the United States, indicating a robust expansion strategy in international capacity [1]. - Profit forecasts for 2024-2026 estimate revenues of 6.329 billion CNY, 7.807 billion CNY, and 9.817 billion CNY, with corresponding net profits of 1.108 billion CNY, 1.442 billion CNY, and 1.956 billion CNY, reflecting a significant decline in 2024 followed by recovery in subsequent years [1][2]. Financial Summary - In Q1 2024, the company reported total revenue of 1.4 billion CNY, with a net profit of 282 million CNY, and a non-recurring net profit of 254 million CNY, showing declines of 55.27% and 58.88% year-on-year respectively [1]. - The comprehensive gross margin for Q1 2024 was 43.52%, an increase of 4.88 percentage points year-on-year, while the net profit margin was 20.14%, down 7.88 percentage points year-on-year [1]. - The company’s revenue for 2022 was 10.255 billion CNY, which decreased to 7.825 billion CNY in 2023, with an expected further decline to 6.329 billion CNY in 2024, before recovering in the following years [2][3].

医药 公 2024年04月26日 司 报 凯莱英(002821.SZ) 告 Q1常规业务实现稳健增长，利润率符合预期 强烈推荐 ( 维持 ) 事项： 公司24Q1实现营收14.00亿元（-37.76%），实现归母净利润2.82亿元 股价:76.86元 （-55.27%），扣非后归母净利润2.54亿元（-58.88%）。基本符合预期。 公 主要数据 平安观点： 行业 医药 司 公司网址 www.asymchem.com.cn ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 85.50 CNY per share over the next six months [4][5]. Core Insights - In Q1 2024, the company reported revenues of 1.4 billion CNY and a net profit attributable to shareholders of 282 million CNY, reflecting year-on-year declines of 37.76% and 55.27%, respectively. However, excluding the impact of large orders from the previous year, revenue showed a robust growth of 15.21% [2][3]. - The company leverages its one-stop service platform to drive steady growth across various business segments. In the small molecule business, revenue grew by 26.58% year-on-year when excluding the previous year's large orders, supported by a project pipeline of 30 commercialized small molecule projects. In the macromolecule segment, the company has taken on 12 new peptide projects and is expanding production capacity, with total solid-phase synthesis capacity expected to reach 14,250L by June 2024 [3]. Financial Projections - The company is projected to achieve net profits of 1.265 billion CNY, 1.431 billion CNY, and 1.630 billion CNY for the years 2024 to 2026, representing year-on-year growth rates of -44.3%, 13.2%, and 13.9%, respectively. The expected EPS for 2024 is 3.42 CNY per share [4][9].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company reported a Q1 2024 revenue of 1.4 billion yuan, a year-on-year decrease of 37.76%, but a 15.21% increase when excluding the impact of large orders. The net profit attributable to the parent company was 282 million yuan, down 55.27% year-on-year [2]. - Revenue from overseas markets is rapidly increasing, with a 62.80% year-on-year growth when excluding last year's large orders. The company is deepening its services for multinational pharmaceutical companies and overseas clients [2]. - The small molecule CDMO business is growing steadily, with Q1 revenue of 1.22 billion yuan, a 26.58% increase year-on-year when excluding large orders. The gross margin for this segment is 47.34% [2]. - Emerging businesses are accelerating their platform layout and client development, with Q1 revenue of 176 million yuan, a year-on-year decrease of 29.30% [2]. - The company is expected to achieve revenues of 6.462 billion yuan, 7.887 billion yuan, and 9.604 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.164 billion yuan, 1.466 billion yuan, and 1.846 billion yuan [3][7]. Financial Summary - For 2024, the company forecasts a revenue of 6.462 billion yuan, a decrease of 17.4% year-on-year, with a net profit of 1.164 billion yuan, down 48.7% year-on-year [3][7]. - The projected earnings per share for 2024 is 3.15 yuan, with a PE ratio of 24 [3][7]. - The gross margin is expected to be 40.39% in 2024, with a net profit margin of 18.02% [7][8].

Financial Performance - The company reported total revenue of RMB 1,399,808,311.93 for Q1 2024, a decrease of 37.76% compared to RMB 2,249,034,497.62 in the same period last year[10]. - Net profit attributable to shareholders was RMB 281,970,252.06, down 55.27% from RMB 630,346,004.43 year-on-year[10]. - The net profit after deducting non-recurring items was RMB 253,974,228.11, reflecting a 58.88% decline compared to RMB 617,637,901.61 in the previous year[10]. - Basic and diluted earnings per share were both RMB 0.76, down 55.81% from RMB 1.72 in the same period last year[10]. - Total revenue for Q1 2024 was approximately ¥1.40 billion, a decrease of 37.76% compared to ¥2.25 billion in Q1 2023, primarily due to the impact of large orders in the same period last year[18]. - Operating profit decreased to RMB 294.69 million, a decline of 58.5% compared to RMB 709.95 million in the prior period[38]. - Net profit for the reporting period was RMB 279.53 million, down 55.5% from RMB 627.89 million in the previous period[40]. - Total revenue for the reporting period was RMB 1.40 billion, down 37.8% from RMB 2.25 billion in the previous period[38]. - The company reported a net loss attributable to the parent company of RMB 281,971,000 in Q1 2024, compared to a profit of RMB 630,346,000 in Q1 2023[47]. Revenue Breakdown - Revenue from small molecule business reached RMB 1,223,000,000, with a year-on-year growth of 26.58% after excluding last year's large order impact[13]. - Revenue from emerging businesses was RMB 176,000,000, down 29.30% year-on-year due to the ongoing impact of the domestic investment environment[13]. - Cash received from sales of goods and services was approximately ¥1.74 billion, down 36.76% from ¥2.76 billion in the previous year, influenced by large order repayments from last year[18]. Costs and Expenses - Total costs for Q1 2024 were approximately ¥1.14 billion, down 27.27% from ¥1.57 billion in Q1 2023, mainly due to the decline in revenue[18]. - Sales expenses increased by 31.95% to approximately ¥44.62 million, reflecting continued investment in market expansion and sales activities[18]. - The company reported a significant increase in tax and additional charges, which rose by 374.77% to approximately ¥41 million, attributed to export tax rebates[18]. - Research and development expenses for the period were RMB 169.44 million, an increase from RMB 162.10 million in the previous period[38]. - Research and development expenses for Q1 2024 were RMB 169,442,000, slightly higher than RMB 162,097,000 in Q1 2023[47]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 19,841,423,232.54, a slight increase of 0.38% from RMB 19,767,158,652.70 at the end of the previous year[10]. - Total current assets decreased to RMB 12.11 billion from RMB 12.35 billion, primarily due to a reduction in trading financial assets[31]. - The company reported a total liability of RMB 2.23 billion, slightly down from RMB 2.26 billion at the beginning of the period[35]. - The company’s total equity as of March 31, 2024, was RMB 17,606,958,000, an increase from RMB 17,509,979,000 at the end of the previous year[55]. Cash Flow and Investments - Net cash flow from operating activities for the reporting period was RMB 490,666,474.36, significantly lower than RMB 1,303,525,263.66 in the previous period[44]. - Cash and cash equivalents at the end of Q1 2024 totaled RMB 4,774,669,819.21, down from RMB 5,379,198,112.41 at the end of the previous year[45]. - The cash flow from investing activities showed a net outflow of RMB 284,603,126.59, compared to a net outflow of RMB 327,218,213.85 in the previous period[44]. - The company experienced a foreign exchange gain of RMB 15,685,123.62 during the reporting period, contrasting with a loss of RMB 15,286,791.15 in the previous period[45]. - The company experienced a net cash outflow from investing activities of RMB 284,603 thousand in Q1 2024, compared to RMB 327,218 thousand in Q1 2023[59]. Share Repurchase and Capital Management - The company repurchased shares, resulting in cash payments of approximately ¥218.69 million, marking a new strategy in capital management[18]. - The company plans to repurchase shares with a total fund amount not less than RMB 600 million and not exceeding RMB 1.2 billion, with a repurchase price not exceeding RMB 157 per share[29]. - The financing activities resulted in a net cash outflow of RMB 218,690 thousand in Q1 2024, with share repurchase payments amounting to RMB 213,367 thousand[59]. Project Development - The company confirmed 30 small molecule commercialization projects and 148 clinical stage projects, including 41 in Phase III[13].

证券代码：002821 证券简称：凯莱英 公告编号：2024-038 凯莱英医药集团（天津）股份有限公司 关于回购公司股份比例达到 2%暨回购进展的公告 本公司及全体董事会成员保证公告内容真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏。 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）于 2024 年 2 月 29 日召开 2024 年第二次临时股东大会、2024 年第二次 A 股类别股东大会及 2024年第二次H股类别股东大会，审议通过了《关于回购公司股份方案的议案》， 根据股份回购方案，公司将采用集中竞价交易的方式从二级市场回购公司 A 股 股份，本次回购股份的资金总额将不低于人民币 60,000 万元（含），且不超过人 民币 120,000 万元（含）；回购价格不超过 157 元/股。具体内容详见刊登在《证 券时报》、《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）上的相关公告。 规定： （一）公司未在下列期间回购股份： 1、自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项发 生之日或者在决策过程中，至依法披露之日内； 2、中国证监会和深圳证券交 ...