证券研究报告·公司点评报告·医疗服务 凯莱英（002821） 2023 年报点评：业绩符合预期，看好新兴业 2024 年 04月 03日 务未来放量 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 徐梓煜 营业总收入（百万元） 10,255 7,825 6,433 7,850 9,445 执业证书：S0600522080001 xuzy@dwzq.com.cn 同比 121.08% -23.70% -17.79% 22.03% 20.32% 归母净利润（百万元） 3,302 2,269 1,262 1,532 1,832 股价走势 同比 208.77% -31.28% -44.37% 21.37% 19.60% 凯莱英 沪深300 EPS-最新摊薄（元/股） 8.94 6.14 3.42 4.15 4.96 24% P/E（现价&最新摊薄） 9.74 14.17 25.47 20.98 17.55 18% 12% 6% [关Ta ...

证券代码：002821 证券简称：凯莱英 公告编号：2024-033 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。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份（2023 年修订）》等相关规定，公司在回购期间，应当在每个 月的前 3 个交易日内公告截至上月末的回购进展情况；现将公司 ...

剔除大订单影响主业持续快速增长，新兴业务有望逐步发力 凯莱英（002821.SZ）/医药生物 证券研究报告/公司点评 2024年03月31日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：86.04元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 10255.33 7825.19 6497.30 7817.62 9833.40 分析师：祝嘉琦 增长率yoy% 121.08% -23.70% -16.97% 20.32% 25.79% 执业证书编号：S0740519040001 净利润（百万元） 3301.64 2268.81 1252.83 1628.92 2053.38 电话：021-20315150 增长率yoy% 208.77% -31.28% -44.78% 30.02% 26.06% 每股收益（元） 8.94 6.14 3.39 4.41 5.56 Email：zhujq@zts.com.cn 每股现金流量 8.90 9.61 10.37 4.17 5.99 分析 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Views - The company reported a revenue of 7.83 billion yuan in 2023, a decrease of 23.7% year-on-year, and a net profit attributable to shareholders of 2.27 billion yuan, down 31.3% year-on-year [2][4]. - Excluding large orders, the core business showed steady growth, with the small molecule CDMO business generating 6.62 billion yuan in revenue, which is a 25.6% increase when excluding large orders [2]. - Emerging business segments accelerated their layout, achieving 1.2 billion yuan in revenue, a growth of 20.4% [3]. Summary by Sections Financial Performance - Revenue for 2023 was 7.83 billion yuan, down 23.7% from the previous year [4]. - Net profit attributable to shareholders was 2.27 billion yuan, a decrease of 31.3% year-on-year [4]. - The company expects EPS for 2024-2026 to be 3.76 yuan, 4.59 yuan, and 5.74 yuan, respectively, with corresponding PE ratios of 23, 19, and 15 [11]. Business Segments - The small molecule CDMO business achieved a revenue of 6.62 billion yuan, with a 25.6% increase when excluding large orders [2]. - The clinical project segment generated 1.51 billion yuan, with a slight decline of 9.6% year-on-year, but remained stable when excluding specific antiviral project impacts [2]. - Emerging business segments, including chemical macromolecules and formulation businesses, showed growth rates of 8.8% and 18.4%, respectively [3]. Market Position and Outlook - The company is positioned as a leading technology-driven CDMO globally, with expectations for continued market share growth [8]. - The report highlights a strong project pipeline, with 69 clinical phase III projects covering popular targets, which supports future commercialization orders [2][3]. - The company anticipates a 15%-25% growth in non-COVID revenue for 2024, supported by a backlog of 874 million USD in orders [3].

医药 公 2024年03月29日 司 报 凯莱英(002821.SZ) 告 大订单顺利兑现，技术迭代、项目推进保障中长期增长 强烈推荐 ( 维持 ) 事项： 公司发布2023年年报，全年实现营收78.25亿元（-23.70%），剔除大订单后 股价:89.3元 实现收入54.05亿元（+24.37%）；实现归母净利润22.69亿元（-31.28%）， 公 主要数据 扣非后归母净利润21.04亿元（-34.87%）。基本符合预期。 行业 医药 司 分红预案：拟每10股派现18元（含税）。 ...

凯莱英（002821.SZ）2023年年报点评 小分子 CDMO 常规业绩稳健提升，新兴业务板块成果显著 2024年03月30日 ➢ 事件：2024 年 3 月 28 日，凯莱英发布 2023 年年报。公司全年实现收入 推荐 维持评级 78.25 亿元，同比下降 23.70%，剔除大订单后收入增长 24.37%；归母净利润 当前价格： 86.04元 22.69亿元，同比下降31.28%；扣非净利润21.04亿元，同比下降34.87%。单 季度看，公司Q4实现收入14.42亿元，同比下降40.99%；归母净利润0.59亿 [Table_Author] 元，同比下降89.89%；扣非净利润0.69亿元，同比下降87.47%。 ➢ 小分子CDMO常规业务保持增长，充沛的临床项目为后期商业化收入提供 储备。小分子CDMO业务全年收入66.20亿元，剔除大订单后增速达到25.6%。 （1）商业化阶段项目达到40个，实现收入51.12亿元，剔除大订单后收入26.92 亿元，同比增长 47.13%。受益于高毛利的后期大订单交付和持续降本增效，毛 利率提升9.53pts至60.07%。（2）临床阶段收入15.07亿元，同比下 ...

Dividend and Profit Distribution - The company plans to distribute a cash dividend of 18 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[2]. - The company has a comprehensive profit distribution plan approved by the board, ensuring shareholder returns[2]. - The total cash dividend amount for the reporting period was approximately ¥664,080,355.80, which accounted for 100% of the total profit distribution[157]. - The distributable profit for the year was reported at approximately ¥1,142,924,652.86[157]. - The company did not issue any bonus shares or increase capital through reserves during the reporting period[157]. - The company implemented a cash dividend policy for 2023, distributing no less than 10% of the distributable profit achieved during the year[155]. - The company has a clear and transparent decision-making process regarding profit distribution, in compliance with its articles of association and shareholder resolutions[156]. Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB in 2023, representing a year-over-year growth of 25%[8]. - The company's operating revenue for 2023 was ¥7,825,190,298.27, a decrease of 23.70% compared to ¥10,255,325,392.82 in 2022[14]. - The net profit attributable to shareholders for 2023 was ¥2,268,810,444.07, down 31.28% from ¥3,301,635,019.64 in 2022[14]. - The gross margin improved to 45%, up from 40% in the previous year, reflecting enhanced operational efficiency[8]. - The company reported a basic earnings per share of ¥6.26, down 30.60% from ¥9.02 in 2022[14]. - The total revenue for the reporting period reached 7.825 billion CNY, with a year-on-year growth of 24.37% after excluding large orders[36]. - The gross profit margin for 2023 was 51.16%, an increase of 3.79 percentage points year-on-year[36]. - The company reported a significant net profit of ¥1,787,260,413.25 from its subsidiary Jilin Kailai Ying Pharmaceutical Chemical Co., Ltd., contributing over 10% to the overall net profit[99]. Market Expansion and Strategic Initiatives - The company plans to expand its market presence in Europe and North America, targeting a 15% increase in market share by 2025[8]. - The company provided guidance for 2024, projecting a revenue growth of 20% to 1.8 billion RMB, driven by new product launches and market expansion[8]. - The company is actively exploring and laying out new business areas while maintaining its leadership in the pharmaceutical outsourcing industry[25]. - The company is focusing on expanding its overseas market and enhancing the design and manufacturing of continuous reaction equipment, promoting its application across multiple fields[107]. - The company completed a strategic acquisition valued at $300 million, enhancing its product portfolio[129]. - The company is investing $50 million in R&D for new technologies and product development[133]. Research and Development - The company is committed to technological innovation and commercialization in pharmaceutical processes[2]. - Research and development efforts focused on innovative drug formulations, with an investment of 200 million RMB in 2023, aimed at enhancing product efficacy[8]. - The company invested 708 million yuan in R&D in 2023, accounting for 9.05% of its revenue, with a total of 383 authorized patents, including 319 domestic and 64 international patents[55]. - The company is focusing on developing ADC drug technologies, with significant investments in payload and linker research to enhance drug efficacy[75]. - The company has established a robust operational and quality management system that meets the highest global industry standards, ensuring efficient project management and quality control[32]. Risk Management and Compliance - The company faces various risks, including the potential withdrawal or recall of major innovative drugs, operational risks in clinical projects, and regulatory scrutiny from international drug authorities[2]. - The report emphasizes the importance of maintaining core technical personnel to mitigate operational risks[2]. - The company emphasizes compliance with corporate governance standards and continuously improves its internal control systems[112]. - The company has implemented a comprehensive risk management and compliance management system to enhance the effectiveness of its internal control system[167]. - The company has not provided any guarantees or financial assistance to the controlling shareholder, ensuring operational independence[117]. Environmental Responsibility - The report highlights the importance of environmental and safety responsibilities in the company's operations[5]. - The company has established comprehensive waste treatment facilities in accordance with national and local standards, ensuring stable operation[174]. - The company has been recognized as a national-level "green factory" by the Ministry of Industry and Information Technology, being the only one in the Tianjin region to receive this designation[186]. - The company has implemented air pollution control measures, including activated carbon adsorption and RTO systems, to treat emissions from research and production processes[190]. - The company has committed to maintaining compliance with national and local environmental protection laws and regulations[186]. Corporate Governance - The report outlines the company's governance structure, including the roles of the board of directors and supervisory board[3]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with regulatory requirements and maintaining the rights of all shareholders[114]. - The company has established a complete and independent financial accounting system, with no shared bank accounts with the controlling shareholder, ensuring financial independence[118]. - The company has a dedicated internal audit department that supervises the execution of internal control systems and major expenditures, enhancing operational compliance[116]. - The company has established a robust investor relations management system, ensuring timely and accurate information disclosure to investors[115]. Employee and Talent Management - The company introduced 205 senior talents during the reporting period, including 83 PhDs and 93 individuals with overseas pharmaceutical experience, increasing the proportion of employees with a bachelor's degree or above to approximately 78%[62]. - The number of R&D personnel increased by 2.06% to 4,752, with the proportion of R&D personnel in the total workforce rising to 48.55%[76]. - The company has established a competitive compensation system aligned with its strategic goals, incorporating basic salary, performance bonuses, and other incentives[153]. - The training program is designed to enhance employee capabilities and efficiency, focusing on leadership, execution, and competency development through diverse training projects[154]. Communication and Investor Engagement - The company engaged with over 300 institutional investors during a communication event on March 31, 2023, discussing its overall business performance for 2022[110]. - The company held a communication event on April 21, 2023, where it addressed investor inquiries regarding its overall business performance for 2022[110]. - The company communicated its overall business performance for the first half of 2023 to institutional investors on August 30, 2023[111]. - The company reported engaging with over 400 institutional investors on October 31, 2023, to discuss its performance for the first three quarters of 2023[111]. Production Capacity and Infrastructure - A new manufacturing facility is under construction, expected to increase production capacity by 50% by the end of 2024[8]. - The company is expanding its production capacity, with a new dedicated production workshop for chemical macromolecules successfully launched, and plans to increase solid-phase synthesis capacity to 14,250L by June 2024[46]. - The company has established a commercial production center for ADC and mAb in Shanghai and a plasmid and mRNA R&D base in Suzhou to meet growing domestic and international demand[27]. Industry Trends and Market Insights - The global pharmaceutical market is projected to reach $1,718.8 billion by 2025, with a compound annual growth rate of 4.2%[21]. - The global CDMO market size is forecasted to reach $124.3 billion by 2025 and $231.0 billion by 2030, with a CAGR of 13.2%[22]. - The CDMO industry is expected to maintain high growth rates, driven by increasing global R&D investments and the rising demand for innovative drugs[102].

2024年03月29日 公 司点评 公 买入 / 维持 司 凯莱英(002821) 研 究 目标价: 昨收盘:89.30 小分子主业增长稳健，新兴业务蓄势待发 事件： ◼ 走势比较 3 月 28 日，公司发布 2023 年年报，2023 年实现营业收入 78.25 亿 元，同比下滑23.70%，剔除大订单后收入为54.05亿元，同比增长24.37%， 30% 归母净利润为 22.69 亿元，同比下滑 31.28%，扣非后归母净利为 21.04 太 16% 亿元，同比下滑34.87%。 平 点评： 2% (12%)92/3/32 01/6/32 22/8/32 3/11/32 51/1/42 82/3/42 66.20小 亿分 元子 ，主 剔业 除增 大长 订稳 单健 后， 为项 4目 2.管 00线 亿不 元断 ，丰 同富 比。 增小 长分 25子 .6业 0%务 ，实 毛现 利收 率入 洋 为 证 (26%) 60.07%，同比提升9.53%，主要和大订单毛利较高、汇兑损益以及效率提 券 (40%) 升有关。具体来看，商业化项目实现收入 51.12 亿元，剔除大订单后为 股 26.92亿元，同比增长47.1 ...

证券研究报告 | 年报点评报告 2024年03月29日 凯莱英（002821.SZ） 大订单影响收入利润，商业化&MNC 增长强劲，加快海外产能布局 公司发布 2023 年年度报告。2023 全年公司营业收入 78.25 亿元（同比 买入（维持） -23.70%），归母净利润22.69亿（同比-31.28%），扣非净利润21.04亿 股票信息 （同比-34.87%）。单独看Q4，公司实现营业收入14.42亿（同比-40.99%）， 行业 医疗服务 实现归母净利润0.59亿（同比-89.89%）。 前次评级 买入 收入利润下滑主要还是大订单的影响，剔除后公司依然实现了较快增长：公 司在2022年大订单确认较多，23年确认减少，剔除大订单后公司2023全 3月28日收盘价(元) 89.30 年收入54.05亿元，同比增长24.37%。 总市值(百万元) 32,993.81 分板块来看剔除大订单之后各个板块实现了 20%+增长：公司小分子业务 总股本(百万股) 369.47 2023年实现营业收入66.2亿，剔除大订单之后收入42亿（同比+25.60%）， 其中自由流通股(%) 88.84 新兴业务实现收入11.9 ...

ASYMCHEM 凯莱英医药集团 Asymchem Labs. lth 社会及管治报告 Environment, Social and Governance Report www.asymchem.com www.asymchem.com.cn 股票代码 Stock Code: 002821.SZ/ 6821.HK 环境、社会及管治（ESG）报告 目录 | 报告编制说明 | | --- | | 董事长致辞 . | | 1. 关于凯莱英 | | 公司概况. | | 主营业务…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………9 | | 年度荣誉及社会认可 | | 2. 可持续发展治理 | | 可持续发展策略 | | 贡献全球可持续发展目标. | | 利益相关方沟通………………………………………………………………………………………………………………………………………………………………………………………………………… ...