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………………………………………………………………………………………………………………………………………………………………………………………………………… ...

本人作为凯莱英医药集团（天津）股份有限公司（以下简称"公司"）的 独立董事，严格按照《公司法》《证券法》《上市公司治理准则》《上市公司 独立董事管理办法》《深圳证券交易所上市公司自律监管指引第1号——主板上 市公司规范运作》《深圳证券交易所股票上市规则》等相关法律、法规、规章 的规定和要求，在2023年度工作中，诚实、勤勉、独立地履行职责，积极出席 相关会议，认真审议董事会各项议案，对公司重大事项发表了独立意见，充分 发挥了独立董事及各专业委员会的作用。一方面，严格审核公司提交董事会的 相关事项，维护公司和公众股东的合法权益，促进公司规范运作；另一方面发 挥自己的专业优势，积极关注和参与研究公司的发展，切实维护了公司和股东 特别是社会公众股股东的利益。现将本人2023年度履行职责情况述职如下： 一、本人基本情况 凯莱英医药集团（天津）股份有限公司 2023 年度独立董事述职报告 本人李家聪，男，1981 年出生，中国香港籍，2003 年 7 月及 2004 年 6 月 分别获得伦敦政治经济学院法学学士学位及香港大学法学专业证书，2023 年 4 月获威尔士大学圣大卫三一学院工商管理博士学位。自 2007 年 ...

证券代码：002821 证券简称：凯莱英 公告编号：2024-026 凯莱英医药集团（天津）股份有限公司 第四届董事会第四十八次会议决议的公告 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 第四十八次会议通知于 2024 年 3 月 13 日以电子邮件及书面等形式发送给各位 董事、监事及高级管理人员，会议于 2024 年 3 月 28 日以现场会议及通讯方式召 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 会议采用现场及通讯方式进行表决，经全体与会董事审议，通过了如下决议： 1、审议通过了《公司 2023 年年度报告及摘要》及《2023 年年度业绩公告》 经审核，与会董事认为《公司2023年年度报告及摘要》、《2023年年度业绩公 告》的编制程序符合法律、行政法规的规定，报告内容真实、准确 ...

凯莱英医药集团（天津）股份有限公司 2023年度监事会工作报告 2023年度，凯莱英医药集团（天津）股份有限公司（以下简称"公司"）监事 会严格按照《中华人民共和国公司法》、《中华人民共和国证券法》及《深圳证券 交易所上市公司自律监管指引第1号——主板上市公司规范运作》等法律法规的要 求，结合公司实际情况，遵循《公司章程》、《监事会议事规则》等相关制度，以 维护公司利益和股东利益为原则，认真履行监事会职责，积极开展相关工作，列席 董事会和股东大会，对公司各项重大事项的决策程序、合规性进行了核查，对公司 财务状况和财务报告的编制进行了审查，对董事、经理和其他高级管理人员履行职 责情况进行监督，有效发挥了监事会职能，保障了公司规范运作。现将2023年度监 事会工作情况报告如下： 一、报告期内监事会日常工作及召开情况 报告期内，公司监事会共有监事3名，其中职工代表监事1名。监事会的人数 及人员构成符合法律、法规的要求。监事会对报告期内的监督事项无异议。 2023年，公司监事会共召开了10次会议，历次监事会均由监事会主席召集并 主持，监事会的召集召开、监事权利的行使以及决议内容均符合《公司法》《公 司章程》和《监事会 ...