Investment Rating - The report initiates coverage with a "Buy" rating for the company [9] Core Views - The company has shown steady business development with continuous growth in new orders, despite a significant decline in net profit due to the impact of large orders [5][6] - The small molecule CDMO business remains robust, with emerging services continuing to progress, indicating a strong order backlog and future growth potential [6][8] - The company has successfully expanded its overseas operations and new business capacities, enhancing its market presence [8] Summary by Sections Company Overview - Latest closing price is 63.67 yuan, with a total market capitalization of 234 billion yuan and a circulating market capitalization of 209 billion yuan [1] - The company has a low debt ratio of 11.4% and a price-to-earnings ratio of 10.17 [1] Financial Performance - For the first half of 2024, the company reported revenue of 2.697 billion yuan, a year-on-year increase of 41.63%, while net profit attributable to shareholders decreased by 70.40% to 499 million yuan [5] - The small molecule CDMO business generated revenue of 2.195 billion yuan, showing a decline of 46.28%, but a slight increase of 2.49% when excluding large orders [6] Profitability and Cost Management - The gross margin for the first half of 2024 was 42.15%, down 10.91 percentage points year-on-year, with effective control over expense ratios [7] - The company maintained a sales expense ratio of 3.80% and a management expense ratio of 13.42% for the first half of 2024 [7] Order Growth and Capacity Expansion - The company added 114 new clients in the first half of 2024, with new orders increasing by over 20% year-on-year, particularly from the European and American markets [8] - The company has established a new R&D and pilot base in the UK, enhancing its operational capabilities in Europe [8] Earnings Forecast - The company is projected to achieve net profits of 1.214 billion yuan, 1.566 billion yuan, and 2.067 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 3.30, 4.26, and 5.62 yuan [9]

二〇二四年八月三十一日 | --- | --- | --- | |----------------------|---------------------------------------------------------------------------------------------|------------------------------------------| | | | | | 证券代码： | 002821 证券简称：凯莱英 公告编号： | 2024-081 | | | 凯莱英医药集团（天津）股份有限公司 | | | 关于参加 | 2024 年度天津辖区上市公司半年报业绩说明会 | | | | 暨投资者网上集体接待日的公告 | | | | 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。 | | | | 为进一步加强与投资者的互动交流，凯莱英医药集团（天津）股份有限公司 | | | （以下简称 " | 公司 " ）将参加由天津证监局、天津上市公司协会与深圳市全景网络 | | | 有限公司联合举办的 | "2024 年度天津辖区上市公司半年报 ...

公 司 半 年 报 点 评 证 券 研 究 报 告 公 司 报 告 | --- | --- | |------------------------|----------------------------| | 行业 | 医药 | | 公司网址 | www.asymchem.com.cn | | 大股东 / 持股 | ASYMCHEM | | | LABORATORIES,INCORPORATED/ | | | 31.16% | | 实际控制人 | Hao Hong | | 总股本 ( 百万股 ) | 368 | | 流通 A 股 ( 百万股 ) | 329 | | 流通 B/H 股 ( 百万股 ) | 28 | | 总市值 ( 亿元 ) | 217 | | 流通 A 股市值 ( 亿元 ) | 199 | | 每股净资产 ( 元 ) | 44.68 | | 资产负债率 (%) | 12.8 | | | | 行情走势图 凯莱英(002821.SZ) 大订单基数影响表观业绩，新签订单增长加速 强烈推荐( 维持) 股价:60.7元 相关研究报告 【平安证券】凯莱英（002821.SZ）*季报点评*Q1常 规业务实现 ...

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2024 年 08 月 28 日 凯莱英(002821.SZ) 事件： 剔除去年同期大订单影响，2024H1 营收实现正增长： 新签订单及时回暖，公司各板块业务稳健经营： 得益于全球创新药投融资的改善，以及多肽、ADC 等景气赛道的研发 需求提振，2024H1 公司新签订单同比增长超过 20%，在手订单总额达 9.7 亿美元。公司新签订单逐步回暖，驱动各板块业务稳步发展。其 中，小分子业务方面，2024H1 公司交付商业化项目和新增商业化项 目分别为 43 个和 9 个，商业化阶段 CDMO 收入剔除大订单影响后同 比增长 8.82%；新兴业务方面，多肽业务持续快速发展，公司获得多 个跨国制药公司的多肽临床中后期项目，且助力国内客户 GLP-1 多 肽项目动态核查顺利通过。为满足客户多肽商业化生产需求，公司积 极扩建相关产能，2024 年中多肽固相合成总产能达 14,250L。此外， 公司依托在毒素-连子领域的丰富项目经验和专业能力，快速建设一 站式 ADC 服务能力，截至 2024H1，生物大分子业务在手订单接近百 余个，ADC 项目占比总订单数量超过 50%。 投资建议： 预计 2024 年-2026 年 ...

2024H1 业绩说明会 凯莱英医药集团（天津）股份有限公司 2024年8月 1 凯莱英（股票代码：002821.SZ/6821.HK） 本文件中若出现总计数与所列数值总和不符，均为四舍五入所致 免责声明 -2- 本文件不得用于公开传播，其中所包含的信息仅供与凯莱英医药集团（天津）股份有限公司（"本公司"，连同其子公司，以下合称"本集团"）有关的人士及其顾问使用。本公司仅向有限 数量的收件人提供本文件。本文件的内容未经任何司法辖区的监管机构审阅。在某些司法辖区派发本文件可能会受到法律限制，持有本文件的任何人都应了解并且遵守该等限制。任何不遵 守该等限制的行为均可能违反美国、加拿大、中国或日本的证券法或其他类似司法辖区的法律。您一旦接收本文件，即代表您同意受到前述限制的约束。 前瞻性陈述 本演示材料本演示材料有若干前瞻性陈述， 该等前瞻性陈述并非历史事实， 乃基于本公司的信念、 管理层所作出的假设以及现时所掌握的资料而对未来事件做出的预测。尽管本公司相信 所做的预测合理， 但是基于未来事件固有的不确定性， 前瞻性陈述最终或变得不正确。 前瞻性陈述受到以下相关风险的影响， 其中包括本公司所提供的服务的有效竞争力、 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2024, representing a year-on-year growth of 15%[8]. - The company's operating revenue for the first half of 2024 was ¥2,697,352,097, a decrease of 41.63% compared to ¥4,621,510,379 in the same period last year[13]. - Net profit attributable to shareholders was ¥499,131,293, down 70.40% from ¥1,686,368,977 in the previous year[13]. - Basic and diluted earnings per share were both ¥1.40, representing a decline of 69.89% from ¥4.65 in the same period last year[13]. - The company reported a total comprehensive income for the first half of 2024 of CNY 498,889,827.52, down from CNY 1,693,832,155.65 in the first half of 2023[164]. - The company’s cash flow from operating activities showed a significant decline, impacting overall liquidity and future investment capabilities[163]. Strategic Focus and Innovation - Asymchem Laboratories reported a significant focus on innovation and commercialization in pharmaceutical processes, serving large and medium-sized pharmaceutical and biotechnology companies globally[2]. - The company is actively engaged in research and development of new products and technologies to enhance its service offerings[2]. - The R&D pipeline includes 5 new drug candidates expected to enter clinical trials by the end of 2024, focusing on oncology and autoimmune diseases[8]. - A strategic acquisition of a small biotech firm specializing in mRNA technology is anticipated to enhance the company's capabilities in innovative drug development[8]. - The company aims to provide a full range of continuous reaction technology services to support the pharmaceutical, agricultural, and materials industries[21]. Market Expansion - User data indicates that the company has expanded its client base, now serving over 300 pharmaceutical and biotechnology companies globally, an increase of 20% compared to the previous year[8]. - The company is expanding its market presence in Europe and North America, with plans to establish new facilities in Germany and the US by 2025[8]. - The company is expanding its global footprint, with the first R&D and pilot base in Europe now operational, and added 114 new order clients during the reporting period[24]. Financial Management and Investments - The company plans not to distribute cash dividends or issue bonus shares, indicating a focus on reinvestment[2]. - The total investment amount during the reporting period was RMB 7,480,865,984.45, a decrease of 60.95% compared to RMB 19,234,162,939.40 in the same period last year[50]. - The company has invested RMB 6,551.69 million in the biopharmaceutical R&D and production integration base project, achieving 100% investment progress[56]. Risk Management - The report highlights potential risks including the recall of major innovative drugs and operational risks in clinical projects[2]. - The company is navigating uncertainties in international trade and currency fluctuations, which may impact operations[2]. - The company is actively managing risks associated with core technical personnel turnover, emphasizing employee engagement and incentive programs[68]. Environmental Commitment - The company maintains a strong commitment to sustainability, with initiatives aimed at reducing carbon emissions by 30% by 2025[8]. - The company has established a comprehensive cGMP standard quality system to ensure compliance with international pharmaceutical standards[71]. - The company has implemented green chemistry technologies to reduce waste emissions and enhance production safety, achieving stable compliance in waste water and gas emissions[72]. - The company is recognized as one of the first national "green factories" by the Ministry of Industry and Information Technology, highlighting its leadership in environmental management[94]. Employee Engagement and Governance - The company emphasizes a "people-oriented" management philosophy, enhancing employee engagement through stock incentives and competitive compensation systems[72]. - A total of 588 employees participated in the employee stock ownership plan, holding 4,429,800 shares, which represents 1.20% of the company's total equity[79]. - The company has approved the repurchase and cancellation of 101,780 restricted A-shares due to the departure of three incentive recipients[77]. Compliance and Reporting - The financial report for the first half of 2024 covers the period from January 1 to June 30, 2024, ensuring transparency and compliance with regulatory standards[5]. - The company emphasizes its commitment to maintaining accurate and complete financial reporting, with all board members present for the review[1]. - The company's financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and accuracy[184].

2024 年半年度募集资金存放与使用情况的专项报告 凯莱英医药集团（天津）股份有限公司 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。 | 项目 | | | | 金额（人民币万元） | | | --- | --- | --- | --- | --- | --- | | 2020 年 23 | 9 | 月 | 日募集资金户初始金额 | | 227,787.52 | | 202 ...

证券代码：002821 证券简称：凯莱英 公告编号：2024-079 凯莱英医药集团（天津）股份有限公司 关于向金融机构申请综合授信额度的公告 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"）第四届董事会第 五十六次会议于2024年8月28日召开，审议通过了《关于向金融机构申请综合授 信额度的议案》。根据《公司法》、《深圳证券交易所股票上市规则》和《公司章 程》的有关规定，该事项属于公司董事会审批权限，无需提交公司股东大会审议。 现将相关情况公告如下： 一、申请授信额度具体事宜 鉴于公司及子公司银行授信额度陆续到期，为保证授信的延续性，满足公司 及子公司日常经营所需资金和业务发展需要，增强公司及子公司可持续发展能力， 公司拟向上海浦东发展银行股份有限公司、招商银行股份有限公司天津分行、中 国银行股份有限公司敦化支行、中国工商银行股份有限公司敦化支行、花旗银行 （中国）有限公司、渣打银行(中国)有限公司天津分行等金融机构申请不超过 23 亿元人民币（或等额外币）的综合授信额度，授信期限为公司董事会审议通过后 不超 ...

证券代码：002821 证券简称：凯莱英 公告编号：2024-076 凯莱英医药集团（天津）股份有限公司 第四届董事会第五十六次会议决议的公告 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。 一、董事会会议召开情况 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）第四届董事会 第五十六次会议通知于 2024 年 8 月 12 日以电子邮件和书面形式发送给各位董 事、监事及高级管理人员，会议于 2024 年 8 月 28 日以现场会议结合通讯方式召 开。公司应到董事 9 名，实到董事 9 名，公司监事及高级管理人员列席了本次会 议。会议由公司董事长 HAO HONG 先生主持，会议的召集和召开符合《公司法》 及相关法律、法规以及《公司章程》的有关规定。 二、董事会议案审议情况 会议采用现场结合通讯方式进行表决，经全体与会董事审议并表决，通过了 如下决议： 1、审议通过了《关于公司 2024 年半年度报告全文、报告摘要及中期业绩公 告的议案》 与会董事认为公司编制的《2024年半年度报告》、《2024年半年度报告摘要》 及《截至2024年6月30日止六个月中期业 ...