本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 证券代码：002821 证券简称：凯莱英 公告编号：2024-092 凯莱英医药集团（天津）股份有限公司 关于注销部分募集资金专户的公告 经中国证券监督管理委员会证监许可[2020]1912号文《关于核准凯莱英医药 集团（天津）股份有限公司非公开发行股票的批复》核准，公司于2020年9月向 特定投资者发行人民币普通股（A股）股票10,178,731.00股，每股发行价为227.00 元/股，募集资金总额为人民币2,310,571,937.00元，扣除券商承销费用（不含 税）32,696,772.70元，公司实际收到募集资金人民币2,277,875,164.30元，扣 除 其 他 发 行 费 用 人 民 币 2,914,508.24 元 ， 实 际 募 集 资 金 净 额 人 民 币 2,274,960,656.06元。上述资金到账情况业经容诚会计师事务所（特殊普通合伙） 出具容诚验字[2020]100Z0073号《验资报告》验证。公司对募集资金采取了专户 存储管理。 二、募集资金监管协议签订 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 4.14 billion yuan for the first nine months of 2024, a year-on-year decline of approximately 35%, with a net profit attributable to shareholders of 710 million yuan [1] - In Q3 2024, the company achieved a revenue of 1.44 billion yuan, showing a year-on-year growth of 12.23% after excluding the impact of large orders, and a quarter-on-quarter increase of 11.21% [1] - The gross profit margin remained stable at 43.60% for the first nine months of 2024, with effective cost control measures mitigating resource consumption from large orders [1] - The small molecule business showed strong growth, with revenue reaching 1.19 billion yuan in Q3, reflecting an 18.89% year-on-year increase after excluding large orders [1] - The emerging business faced challenges, with revenue of 245 million yuan in Q3, a year-on-year decline of 13.26% [1] - The company is accelerating its global layout, with the first R&D and pilot base in Europe now operational, supporting the global supply chain [1] - New orders continued to grow, particularly from multinational pharmaceutical companies, indicating a strong market position in key areas [1] - The company expects net profits for 2024-2026 to be 1.064 billion yuan, 1.289 billion yuan, and 1.596 billion yuan, with growth rates of -53.1%, 21.1%, and 23.9% respectively [1] Financial Summary - For 2024, the company is projected to have a revenue of 5.954 billion yuan, a year-on-year decline of 23.9% [2] - The net profit attributable to shareholders for 2024 is estimated at 1.064 billion yuan, reflecting a year-on-year decrease of 53.1% [2] - The earnings per share (EPS) for 2024 is expected to be 2.89 yuan [2] - The price-to-earnings (P/E) ratio for 2024 is projected to be 29.6 times [2] - The return on equity (ROE) is expected to be 5.9% in 2024 [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price range of 82.08-95.76 CNY per share based on a projected P/E ratio of 24-28 for 2025 [1][8]. Core Insights - The company has shown steady growth in its small molecule CDMO business, while emerging businesses are expected to improve. The Q1-Q3 2024 revenue was 4.14 billion CNY, a year-on-year decrease of 35.14%, but a 4.48% increase when excluding large order impacts. The net profit attributable to shareholders was 710 million CNY, down 67.86% year-on-year [5][6]. - In Q3 2024, the company achieved revenue of 1.443 billion CNY, a year-on-year decline of 18.09%, but a quarter-on-quarter increase of 11.21%. The net profit for the same quarter was 211 million CNY, down 59.68% year-on-year [5][6]. - The small molecule CDMO business generated 3.387 billion CNY in revenue for Q1-Q3 2024, with a year-on-year increase of 7.71% when excluding large orders. The emerging business revenue was 745 million CNY, down 8.37% year-on-year [5][6]. Summary by Sections Financial Performance - The company's main revenue for 2022 was 10.255 billion CNY, which decreased to 7.825 billion CNY in 2023 and is projected to be 5.899 billion CNY in 2024. The net profit attributable to shareholders was 3.302 billion CNY in 2022, dropping to 2.269 billion CNY in 2023, with an expected further decline to 966 million CNY in 2024 [4][9]. - The earnings per share (EPS) were 8.98 CNY in 2022, decreasing to 6.17 CNY in 2023, and projected to be 2.63 CNY in 2024 [4][9]. Profitability Metrics - The overall gross margin for Q1-Q3 2024 was 43.60%, a decrease of 1.02 percentage points year-on-year. The small molecule CDMO business had a gross margin of 48.89%, which improved by 1.19 percentage points due to better cost control and an increase in clinical and commercial projects [6][7]. - The emerging business had a gross margin of 19.97%, down 12.99 percentage points, primarily due to a sluggish domestic market and ongoing capacity ramp-up [6][7]. Future Projections - For 2024-2026, the company is expected to achieve net profits of 966 million CNY, 1.259 billion CNY, and 1.595 billion CNY, respectively, with corresponding EPS of 2.63 CNY, 3.42 CNY, and 4.34 CNY [7][9]. - The projected P/E ratios for 2024, 2025, and 2026 are 31.57, 24.22, and 19.11, respectively [7][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company has shown a good trend in new orders and is expected to recover its business in Q4 [1] - For the first three quarters of 2024, the company achieved a revenue of 4.14 billion yuan, a year-on-year decrease of 35.14%, but a 4.48% increase when excluding large order impacts [2] - The net profit attributable to shareholders for the same period was 710 million yuan, down 67.86% year-on-year [2] - The small molecule business has improved its gross margin, with a revenue of 3.39 billion yuan in the first three quarters, reflecting a 7.71% year-on-year increase when excluding large orders [3] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 1.44 billion yuan, a year-on-year decrease of 18.09%, but a 12.23% increase when excluding large orders [2] - The net profit for Q3 was 211 million yuan, down 59.68% year-on-year [2] - The small molecule business achieved a revenue of 1.19 billion yuan in Q3, with a year-on-year growth of 18.89% when excluding large orders [3] Business Segments - The small molecule business gross margin was 48.89% for the first three quarters, an increase of 1.19 percentage points year-on-year when excluding large orders [3] - The emerging business segment saw a revenue of 745 million yuan in the first three quarters, a decline of 8.37% year-on-year, but is expected to recover in Q4 [3] Market Position - The company's stock has underperformed relative to the CSI 300 index, with a 12-month performance of -43.0% [3] - The current stock price is 81.20 yuan, with a 52-week price range of 59.55-158.50 yuan [3] Future Outlook - Revenue projections for 2024-2026 are 5.89 billion, 6.99 billion, and 8.29 billion yuan respectively, with net profits expected to be 1.01 billion, 1.26 billion, and 1.51 billion yuan [5][6] - The company is focusing on optimizing its management and accelerating its global layout, with new projects expected to contribute positively in the future [3]

证券代码：002821 证券简称：凯莱英 公告编号：2024-091 凯莱英医药集团（天津）股份有限公司 关于回购进展的公告 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。 2024 年 6 月 6 日公司召开 2023 年度股东大会，审议通过了 2023 年年度权 益分派方案；本次权益分派股权登记日为 2024 年 6 月 27 日，除权除息日为 2024 年 6 月 28 日 ...

Investment Rating - Maintains "Overweight" rating [3][4] - Target price raised to 97.16 RMB (previously 80.00 RMB) [3][4] Core Views - Revenue for 2024Q1-Q3 was 4.14 billion RMB (-35.1% YoY), with net profit attributable to shareholders of 710 million RMB (-67.86% YoY) [3] - Q3 revenue was 1.443 billion RMB (-18.09% YoY), with net profit of 211 million RMB (-59.68% YoY), meeting expectations [3] - Adjusted 2024-2026 EPS forecasts to 2.73/3.47/4.25 RMB (previously 2.94/3.59/4.50 RMB) [3] - Q3 gross margin improved to 46.32%, up 5.64 percentage points from Q2, driven by cost reduction and efficiency improvements in small molecule business [3] - Emerging business revenue was 745 million RMB, down 8.37% YoY, with gross margin at 19.97%, down 12.99 percentage points [3] - New orders grew over 20% YoY in 2024H1, with orders from European and American markets growing faster than overall order growth [3] - Overseas expansion: Europe's first R&D and pilot base, Sandwich Site, began operations in 2024Q3 [3] - Peptide capacity exceeds 20,000L, securing multiple late-stage clinical projects and GLP-1 peptide commercialization orders [3] Financial Performance - 2024Q1-Q3 gross margin was 43.60%, down 1.09 percentage points YoY excluding large orders [3] - 2024H1 order backlog was 970 million USD, ensuring steady growth [3] - 2024E revenue forecast at 5.958 billion RMB (-23.9% YoY), with net profit of 1.003 billion RMB (-55.8% YoY) [8] - 2025E revenue forecast at 7.059 billion RMB (+18.5% YoY), with net profit of 1.275 billion RMB (+27.1% YoY) [8] - 2026E revenue forecast at 8.412 billion RMB (+19.2% YoY), with net profit of 1.564 billion RMB (+22.7% YoY) [8] Valuation and Market Data - Current price: 82.91 RMB [4] - 52-week price range: 60.13-157.09 RMB [5] - Market capitalization: 30.488 billion RMB [5] - P/E ratio (2024E): 30.39x [8] - P/B ratio (current): 1.8x [6] - ROE (2024E): 5.6% [8] Industry and Peer Comparison - Peer comparison: Kanglong Chemical (300759.SZ) with 2024E P/E of 29.85x, Yaoming Helian (2268.HK) with 2024E P/E of 33.83x, Haoyuan Pharmaceutical (688133.SH) with 2024E P/E of 47.44x [10]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected stock performance that will exceed the market by more than 20% within the next six months [2][14]. Core Insights - The company's core business is experiencing rapid growth, with the small molecule chemical CDMO segment achieving revenue of 1.192 billion yuan in Q3 2024, reflecting an 18.89% increase when excluding the impact of large orders [5][6]. - Emerging businesses are expected to return to growth in Q4 2024, driven by the advancement of certain macromolecule projects into late-stage clinical or commercial supply phases [5]. - The overall revenue for Q3 2024 was 1.443 billion yuan, a decrease of 18.09%, but a 12.23% increase when excluding large orders [4]. Financial Performance Summary - The company reported a net profit of 211 million yuan for Q3 2024, down 59.68%, with a non-recurring net profit of 215 million yuan, down 54.02% [4]. - The gross margin for Q3 2024 was 46.32%, an increase of 5.64 percentage points from the previous quarter, primarily due to improvements in the small molecule business [6]. - The company has adjusted its net profit forecasts for 2024-2026 to 908 million, 1.16 billion, and 1.494 billion yuan respectively, reflecting the impact of last year's high base from large orders [6][8]. Revenue and Profitability Metrics - The projected revenue for 2024 is 6 billion yuan, a decrease of 23.3% year-over-year, with a recovery expected in subsequent years [7]. - The gross margin is expected to stabilize at 44.2% in 2024, with a gradual increase to 46.5% by 2026 [12]. - The return on equity (ROE) is projected to decline to 5.0% in 2024 but is expected to recover to 7.2% by 2026 [12].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 4.14 billion yuan for the first three quarters of 2024, a year-on-year decrease of 35.14%, but a 4.48% increase when excluding large orders. The net profit attributable to the parent company was 710 million yuan, down 67.86% year-on-year [2]. - The small molecule CDMO business showed continuous improvement in gross margin, with a revenue of 3.39 billion yuan for the first three quarters, reflecting a 7.71% increase when excluding large orders. The gross margin was 48.89%, up 1.19 percentage points when excluding large orders [2]. - Emerging businesses faced challenges, with a revenue of 745 million yuan for the first three quarters, down 8.37% year-on-year. However, the company expects a recovery in growth in Q4 due to increased project deliveries [2]. Financial Performance Summary - Revenue for 2024 is projected to be 5.95 billion yuan, with a year-on-year decline of 23.98%. The net profit is expected to be 1.02 billion yuan, down 54.68% [5]. - The company anticipates revenue growth of 14.0% in 2025 and 2026, with net profit expected to reach 1.18 billion yuan and 1.40 billion yuan respectively [5]. - The gross margin is projected to improve slightly from 42.98% in 2024 to 44.49% in 2026 [5]. Business Outlook - The small molecule CDMO and emerging businesses are expected to drive growth, with a focus on expanding overseas production capacity [2]. - The company has established its first R&D and pilot base in Europe, which is now operational and beginning to take orders [2]. - The peptide industry remains robust, with multiple projects entering the delivery phase, and the company has secured several clinical projects from multinational pharmaceutical companies [2].

Summary of Conference Call Company Overview - The conference call was held by **Kailin**, focusing on their third-quarter performance and business outlook. The call was co-hosted by Haitong Securities and Minsheng Securities. Key Points Financial Performance - **Third Quarter Revenue**: Kailin achieved revenue of **14.13 billion** CNY, representing an **11% increase** from the second quarter and a **12.2% year-over-year increase** after excluding large orders [2][3]. - **Gross Margin**: The overall gross margin for the third quarter was **49.3%**, comparable to levels seen between 2018 and 2020. The gross margin for the first three quarters was **43.6%** [2][4]. - **Small Molecule Business**: Revenue from the small molecule segment reached **11.92 billion** CNY in Q3, with a **19% year-over-year increase** and a **23% quarter-over-quarter increase** after excluding large orders [3][4]. - **Profitability**: The company reported a profit of **7.1 billion** CNY for the first three quarters, with an overall scale economy rate of **17.2%** [2][4]. Business Segments - **Small Molecule Business**: The gross margin for small molecules improved to **40%** for the first three quarters, reaching **48.9%** after excluding large orders. The company implemented cost control measures to enhance profitability [4][5]. - **Emerging Business**: Revenue from emerging businesses was **2.45 billion** CNY, down **13.3%** year-over-year. The decline was attributed to a focus on domestic operations amid a challenging financing environment [5][6]. - **Market Expansion**: Kailin is actively expanding its market presence both domestically and internationally, particularly with multinational corporations (MNCs) [2][3]. Market Dynamics - **Client Revenue**: Revenue from MNC clients grew by **11.1%** year-over-year, while revenue from small biotech companies saw a slight decline [3][4]. - **Order Trends**: The company noted a positive trend in order inquiries for Q4, indicating a robust demand environment [10][11]. - **Geopolitical Impact**: Despite concerns regarding geopolitical tensions, Kailin has not observed significant impacts on client orders or behavior [15][29]. Future Outlook - **Q4 Expectations**: The company anticipates a strong Q4 with multiple project deliveries and a focus on maintaining high capacity utilization rates [12][31]. - **Investment Plans**: Kailin plans to maintain capital expenditures between **1 to 1.1 billion** CNY for the year, with a focus on expanding production capacity for new business lines [8][30]. - **Operational Efficiency**: The company emphasized the importance of cost control and efficiency improvements to enhance profitability moving forward [9][24]. Industry Context - **Competitive Landscape**: Kailin remains confident in its competitive position within the small molecule sector, despite challenges in the domestic market. The company believes that geopolitical concerns have not significantly affected its operations [15][18]. - **Regulatory Environment**: Recent regulatory changes in China regarding large molecule production are viewed positively, potentially boosting business opportunities [33]. Additional Insights - **Capacity Utilization**: The company reported that its production facilities are operating at high capacity, with ongoing projects expected to further enhance output [12][22]. - **Emerging Market Trends**: There is a notable increase in demand for GLP-1 related projects, contributing to the growth of the emerging business segment [31][32]. This summary encapsulates the key financial metrics, business segment performance, market dynamics, and future outlook for Kailin as discussed during the conference call.

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company reported a revenue of 4.14 billion RMB for the first three quarters of 2024, a decrease of 35.14% year-on-year, with a net profit attributable to the parent company of 710 million RMB, down 67.86% [1]. - In the third quarter alone, the company achieved a revenue of 1.44 billion RMB, representing an 18.09% decline year-on-year, and a net profit of 210 million RMB, down 59.68% [1]. - Excluding large orders, the company showed signs of improvement with a 12.23% year-on-year growth in revenue for the third quarter, and a 11.21% quarter-on-quarter growth [2]. - The small molecule business generated 1.192 billion RMB in revenue in the third quarter, with a year-on-year growth of 18.89% after excluding large orders [2]. - The company has secured multiple clinical mid-to-late stage project orders for peptides from multinational corporations (MNCs) and signed commercialization orders for GLP-1 peptides with significant domestic clients [2]. Summary by Sections Financial Performance - For the first three quarters, the company achieved a total revenue of 41.4 billion RMB, with a net profit of 7.1 billion RMB [1]. - The third quarter revenue was 14.4 billion RMB, with a net profit of 2.1 billion RMB [1]. - The company’s revenue growth rate for the first three quarters, excluding large orders, was 4.48% year-on-year [2]. Cost and Expenses - The decline in revenue has led to increased expense ratios, with the sales expense ratio at 4.04%, up 1.86 percentage points year-on-year, and the management expense ratio at 12.92%, up 4.13 percentage points year-on-year [2]. Business Development - The peptide business is progressing well, with production capacity exceeding 20,000 liters by the end of the reporting period [2]. - The emerging business segment reported a revenue of 7.45 billion RMB for the first three quarters, down 8.37% year-on-year [2]. Profit Forecast and Valuation - The company’s projected net profits for 2024, 2025, and 2026 are 1.033 billion RMB, 1.195 billion RMB, and 1.397 billion RMB respectively, with corresponding EPS of 2.81, 3.25, and 3.80 RMB [2]. - The current stock price corresponds to a PE valuation of 30, 26, and 22 times for the years 2024, 2025, and 2026 respectively [2].