证券代码：002821 证券简称：凯莱英 公告编号：2025-027 凯莱英医药集团（天津）股份有限公司 关于回购注销限制性股票激励计划部分限制性股票 减少注册资本暨通知债权人的公告 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。 上述回购注销完成后，公司总股本将由360,595,400变更为360,593,720。根 据《中华人民共和国公司法》等相关法律法规及《公司章程》的规定，本公司债 权人均有权自接到公司通知书之日起30日内，未接到通知书的自本通知公告之日 起45日内，凭有效债权证明文件及相关凭证向公司要求清偿债务或提供相应担保。 债权人如逾期未向公司申报上述要求，不会因此影响其债权的有效性，相关债务 （义务）将由公司根据原债权文件的约定继续履行。 债权人如果提出要求公司清偿债务的，应根据《中华人民共和国公司法》等 相关法律法规的规定，向公司提出书面请求，并随附相关证明文件。 特此公告。 凯莱英医药集团（天津）股份有限公司董事会 二〇二五年四月三日 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）于2025年4月3 日召开2025年第一次临时股东大会、 ...

Core Insights - The company reported a revenue of 5.8 billion yuan for 2024, a year-on-year decrease of 26%, but a 7.4% increase when excluding large order impacts [1] - The net profit attributable to shareholders was 950 million yuan, down 58% year-on-year, while the net profit excluding non-recurring items was 850 million yuan, down 60% [1] - In Q4 alone, the company achieved a revenue of 1.66 billion yuan, a 15% increase year-on-year and quarter-on-quarter, with a net profit of 240 million yuan, up 306% year-on-year and 13% quarter-on-quarter [1] Small Molecule CDMO Business - The small molecule CDMO business generated a revenue of 4.57 billion yuan in 2024, a decrease of 31%, but an 8.9% increase when excluding large order impacts [2] - Revenue from clinical stage projects was 1.77 billion yuan, up 17% year-on-year, with 456 clinical projects delivered, including 73 Phase III projects, an increase of 4 projects year-on-year [2] - Revenue from commercial stage projects was 2.8 billion yuan, down 45%, but up 4.2% when excluding large orders, with 48 commercial projects delivered, an increase of 8 projects year-on-year [2] Emerging Business - The emerging business segment achieved a revenue of 1.23 billion yuan in 2024, reflecting a year-on-year increase of 2.3% [3] Large Molecule Chemistry Business - The large molecule chemistry business saw a year-on-year revenue increase of 13%, with Q4 showing over 200% growth quarter-on-quarter [4] - The company has a backlog of orders that increased by over 130% year-on-year, with overseas orders up by 260% [4] - Expected revenue for this segment is projected to more than double in 2025, with peptide solid-phase synthesis capacity expected to reach 30,000L by the second half of 2025 [4] Formulation Business - The formulation business experienced a slight decline in revenue due to the domestic investment environment and increased market competition [5] Biologics Business - The biologics segment focused on antibody-drug conjugates (ADCs), achieving a revenue increase of 13.9% year-on-year, with 15 new ADC IND projects and 3 BLA projects added [6] - The current backlog includes nearly 60 orders, with over 60% being ADC projects [6] - The company signed new orders that increased by approximately 20% year-on-year, with faster growth in orders from European and American clients [6] Investment Rating - The company maintains an "Accumulate" investment rating, with projected revenues of 6.6 billion, 7.6 billion, and 8.9 billion yuan for 2025-2027, and net profits of 1.08 billion, 1.27 billion, and 1.57 billion yuan respectively, corresponding to PE ratios of 27, 23, and 18 [6][7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 97.92 CNY over the next six months, while the current price is 81.05 CNY [1]. Core Insights - The company experienced a revenue decline of 25.8% in 2024, but excluding the impact of a large order from the previous year, there was a 7.4% year-on-year growth. The net profit attributable to the parent company fell by 58.2% [7]. - The small molecule CDMO (Contract Development and Manufacturing Organization) business is steadily growing, with a revenue of 45.7 billion CNY in 2024, showing an 8.9% increase when excluding large orders. The company has a robust order reserve for commercialized projects [7]. - Emerging businesses, particularly in chemical and biological macromolecules, are accelerating growth, with a 13.3% increase in revenue for the chemical macromolecule segment in 2024. The company expects significant growth in this area in 2025 [7][8]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 58.0 billion CNY, with a projected revenue of 66.7 billion CNY in 2025, reflecting a growth rate of 14.9%. The net profit is expected to rise to 11.1 billion CNY, marking a 16.4% increase [12]. - The earnings per share (EPS) for 2025 is projected at 3.06 CNY, with corresponding price-to-earnings (PE) ratios of 26, 23, and 20 for the years 2025, 2026, and 2027 respectively [12][10]. Business Segments - The small molecule CDMO segment is expected to see revenue growth of 10.7% in 2025, with a gross margin of 48.5%. The emerging business segment is projected to grow by 31.4% in 2025, with a gross margin of 26.7% [8][10]. - The company is focusing on expanding its capabilities in the production of GLP-1 peptide projects, with significant increases in production capacity expected in 2025 [7]. Valuation - The report compares the company to peers such as WuXi AppTec and Kanglong Chemical, noting that the average PE for comparable companies is 23, slightly lower than the company's valuation. The company is considered a leader in the small molecule CDMO space, justifying a premium valuation [12].

Investment Rating - The report maintains an "Accumulate" rating with a target price of 97.16, unchanged from the previous rating [2][12]. Core Views - The report highlights a steady growth in new orders and a recovery in regular business, with a positive outlook for long-term growth potential [3][12]. - The company reported a revenue of 5.805 billion yuan for 2024, a decrease of 25.8%, and a net profit attributable to shareholders of 949 million yuan, down 58.2% [12]. - The fourth quarter of 2024 saw a revenue increase of 15.4% quarter-on-quarter, with a net profit of 240 million yuan, reflecting a significant year-on-year increase of 306.5% [12]. Financial Summary - Revenue and profit forecasts for the upcoming years are as follows: - 2025E Revenue: 6.631 billion yuan (+14.2%) - 2026E Revenue: 7.794 billion yuan (+17.5%) - 2027E Revenue: 9.316 billion yuan (+19.5%) - 2025E Net Profit: 1.092 billion yuan (+15.1%) - 2026E Net Profit: 1.277 billion yuan (+16.9%) - 2027E Net Profit: 1.524 billion yuan (+19.3%) [5][12]. - The company’s earnings per share (EPS) for 2025E is projected at 3.03 yuan, with subsequent years showing growth to 4.23 yuan by 2027E [12]. Market Data - The company has a total market capitalization of 29.226 billion yuan, with a current share price of 81.05 yuan [6][12]. - The stock has traded within a range of 60.13 to 91.55 yuan over the past 52 weeks [6]. Business Development - The company has seen a 20% year-on-year increase in new orders, particularly from clients in Europe and the United States, with a total backlog of orders amounting to 10.52 billion USD [12]. - The establishment of a new research and pilot base in Europe is expected to enhance the company's operational capabilities and order acquisition [12].

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company has achieved steady revenue growth in its emerging business segments and maintains a strong order backlog, indicating a positive long-term development outlook [4][11] Summary by Sections Financial Performance - In 2024, the company's operating revenue was 5.805 billion yuan, a year-on-year decrease of 25.82%. Excluding the impact of large orders from the previous year, revenue grew by 7.40%. The net profit attributable to the parent company was 949 million yuan, down 58.17% year-on-year. In Q4 2024, operating revenue reached 1.664 billion yuan, a year-on-year increase of 15.41%, with net profit of 239 million yuan, up 306.48% [4][6] Business Segment Performance - Small molecule CDMO business generated revenue of 4.571 billion yuan, with an 8.85% year-on-year increase after excluding large orders. The gross margin for this segment was 47.95%. The company delivered 48 commercial projects and added 8 new commercial projects [7] - Emerging business revenue was 1.226 billion yuan, a 2.25% year-on-year increase. The gross margin for this segment was 21.67%, with an upward trend expected in the second half of 2024 [8] - Clinical CRO business saw a slight revenue decline, with 197 new projects initiated. The company is currently managing 269 clinical research projects [8] - The biopharmaceutical CDMO business focused on ADC projects, with a revenue increase of 13.91% and a significant order backlog [8] Order Backlog and Market Expansion - The company reported a 20% year-on-year increase in new orders, with a total order backlog of 1.052 billion USD, reflecting strong demand from the US and European markets [11] - The company is expanding its global production capacity, with new facilities in Europe and ongoing projects in the US, contributing to revenue growth from these regions [11] Financial Forecast - The company expects EPS of 3.03, 3.60, and 4.42 yuan for 2025, 2026, and 2027 respectively. The report suggests a reasonable valuation range of 90.87 to 106.01 yuan based on a PE ratio of 30-35 for 2025 [11][13]

Group 1 - The company achieved a revenue of 30.9 billion yuan in 2024, a year-on-year decrease of 21.9%, but net profit increased by 622% to 0.7 billion yuan, driven by revenue structure optimization and cost reductions from AI-enabled efficiency improvements [4][5] - The payment business showed marginal improvement with a revenue decline of 22.9% to 26.9 billion yuan, attributed to a 19% drop in total GPV and a slight decrease in payment rates [5][6] - The company’s overseas payment business expanded significantly, with transaction volume exceeding 1.1 billion yuan, a nearly fivefold increase year-on-year [5] Group 2 - The company reported a revenue of 31.48 billion yuan in 2024, a decrease of 17.2%, with a net profit of 2.34 billion yuan, down 68.98% [11][12] - The domestic acquiring business processed a total of 1.47 trillion yuan, maintaining stable monthly transaction volumes, while overseas market revenue reached 9.01 billion yuan, with a 63.61% increase in high-end market revenue [13][14] - The company’s AI digital employee product has been commercialized, with applications in digital marketing and e-commerce [15] Group 3 - China Aluminum reported a revenue of 237.07 billion yuan in 2024, an increase of 5.2%, and a net profit of 12.4 billion yuan, up 85.4% [16][17] - The increase in profits was primarily due to rising aluminum and alumina prices, with alumina revenue reaching 74 billion yuan, a 38.3% increase [18] - The company plans to distribute a cash dividend of 0.135 yuan per share, with a total dividend amount of 3.72 billion yuan, reflecting a payout ratio of 30.2% [20] Group 4 - Three Squirrels reported a revenue of 10.622 billion yuan in 2024, a year-on-year increase of 49.3%, with a net profit of 408 million yuan, up 85.51% [22][23] - The company’s online revenue reached 7.407 billion yuan, with significant growth in various channels, particularly Douyin [23][24] - The company is planning to issue H shares to enhance its brand and global supply chain capabilities [25][26] Group 5 - Kailai Ying reported total revenue of 5.805 billion yuan in 2024, a decrease of 25.82%, with a net profit of 949 million yuan, down 58.17% [27][28] - The small molecule business showed stable growth, with revenue of 4.571 billion yuan, reflecting an 8.85% increase when excluding large orders [28][29] - The emerging business segment achieved revenue of 1.226 billion yuan, a growth of 2.25% [29] Group 6 - Zhejiang Shuju reported a revenue of 3.097 billion yuan in 2024, a slight increase of 0.61%, with a net profit of 512 million yuan, down 22.84% [30][31] - The online gaming business generated 1.34 billion yuan in revenue, with a gross margin of 91.04% [33] - The company plans to distribute a cash dividend of 1.60 yuan per 10 shares, totaling 203 million yuan [32] Group 7 - Zhongke Xingtou focuses on the space-earth big data industry, with a projected revenue of 40.78 billion yuan in 2025, increasing to 63.98 billion yuan by 2027 [38][41] - The company has established a comprehensive digital earth solution, integrating data collection, processing, and application [39][40] - The company aims to expand its business into low-altitude economy and commercial aerospace sectors [40] Group 8 - Yinghe Technology reported a revenue of 8.524 billion yuan in 2024, a decrease of 12.58%, with a net profit of 503 million yuan, down 9.14% [43][44] - The lithium battery equipment segment faced challenges, while the electronic cigarette segment showed strong performance with a revenue of 3.191 billion yuan [44][45] - The company expects growth in the lithium battery equipment market due to domestic production recovery and expansion into overseas markets [45][46] Group 9 - Meiya Optoelectronics achieved a revenue of 2.311 billion yuan in 2024, a decrease of 4.7%, with a net profit of 649 million yuan, down 12.8% [48] - The color sorting machine business grew by 9.9%, while the medical equipment segment faced a decline of 33.4% [49] - The company anticipates a recovery in the medical equipment sector due to ongoing economic development and demographic trends [49]

凯莱英（002821.SZ）2024 年年报点评 盈利能力稳步提升，新签订单持续向上 2025 年 04 月 01 日 ➢ 事件：2025 年 3 月 29 日，凯莱英发布 2024 年年报业绩。2024 年公司实 现营业收入 58.05 亿元，同比下降 25.82%，剔除上年同期大订单影响后营业收 入同比增长 7.40%；归母净利润 9.48 亿元，同比下降 58.17%；扣非净利润 8.50 亿元，同比下降 59.63%。单季度看，公司 Q4 实现收入 16.64 亿元，同比上升 15.41%；归母净利润 2.39 亿元，同比上升 306.51%；扣非净利润 1.86 亿元， 同比上升 171.45%。 ➢ 盈利能力同比改善明显，环比略有波动。单季度来看，公司 2024 年 Q4 毛 利率 39.26%，同比+1.23pcts，环比-7.06pcts，净利率 14.34%，同比 +10.27pcts，环比-0.30pcts，主要系费用率得到进一步优化。从费用端来看， 研发费用率 7.83%，同比-5.67pcts，环比-2.94pcts，另外销售费用率 4.58%， 同比+0.59pcts，环比+0.09 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but there are signs of marginal improvement and potential for future growth driven by its chemical macromolecule business [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.805 billion yuan, a year-on-year decrease of 25.82%, and a net profit attributable to shareholders of 949 million yuan, down 58.17% [1]. - The adjusted net profit, excluding non-recurring items, was 850 million yuan, reflecting a decline of 59.63% year-on-year [1]. Business Segments - The small molecule API business generated revenue of 4.571 billion yuan in 2024, with an 8.85% year-on-year increase when excluding large orders [3]. - The chemical macromolecule CDMO segment saw a revenue increase of 13.26% in 2024, with a project completion count of 227 [4]. - The company delivered 48 commercial projects in 2024, generating revenue of 2.804 billion yuan, with a 4.16% increase when excluding large orders [3]. Order Growth and Future Outlook - The company signed new orders that increased by approximately 20% year-on-year, with a total order backlog of 1.052 billion USD, representing over a 20% increase compared to the previous year [2]. - The chemical macromolecule business is expected to double its revenue in 2025, contributing significantly to overall performance [4]. - The company anticipates that the small molecule PPQ projects will reach 12 in 2025, laying a foundation for future growth [3]. Investment Considerations - The company is positioned as a leading small molecule CDMO supplier, focusing on integrated services in intermediates, APIs, and formulations [5]. - Adjusted revenue forecasts for 2024-2026 are 6.648 billion, 7.615 billion, and 8.809 billion yuan, respectively, with corresponding EPS adjustments [5].

Investment Rating - The report maintains an "Outperform" rating for the company [2][8] Core Insights - The company reported a revenue of 5.805 billion yuan for 2024, a year-on-year decline of 25.82%. However, excluding the impact of large orders from the previous year, revenue grew by 7.40%. The net profit attributable to the parent company was 949 million yuan, down 58.17% year-on-year. In Q4 alone, revenue reached 1.664 billion yuan, marking a year-on-year increase of 15.41% and a quarter-on-quarter increase of 15.35% [5][8] - The core business of small molecule CDMO showed steady growth, with revenue of 4.571 billion yuan, and a year-on-year growth of 8.85% when excluding large orders. The gross margin for this segment was 47.95% [8] - The company has seen a rapid recovery in its order backlog, with new orders increasing by approximately 20% year-on-year, resulting in a total backlog of 1.052 billion USD, which is over 20% higher than the same period last year [8] Financial Data and Profit Forecast - The total revenue forecast for the company is as follows: - 2023: 7.825 billion yuan - 2024: 5.805 billion yuan - 2025E: 6.468 billion yuan - 2026E: 7.407 billion yuan - 2027E: 8.481 billion yuan - The net profit attributable to the parent company is projected to be: - 2023: 2.269 billion yuan - 2024: 949 million yuan - 2025E: 1.071 billion yuan - 2026E: 1.234 billion yuan - 2027E: 1.424 billion yuan [7][10]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 91.80 CNY for the next six months [6][10]. Core Views - The company reported a revenue of 5.805 billion CNY for 2024, a decrease of 25.82% year-on-year, but excluding large orders, revenue grew by 7.4% [2][3]. - The company has a robust order backlog, with a total of 10.52 billion USD in hand orders for 2024, representing a growth of over 20% year-on-year, indicating potential operational improvement in 2025 [3][10]. - The company is expanding its global supply network, having taken over the Sandwich Site in the UK, which is now operational and securing various orders across multiple fields [4][10]. Revenue and Profit Summary - In 2024, the small molecule business generated revenue of 4.571 billion CNY, with an 8.85% increase when excluding large orders, while emerging businesses achieved 1.226 billion CNY, a 2.25% increase [2][3]. - The net profit for 2024 was 949 million CNY, down 58.17% year-on-year, primarily due to the impact of COVID-19 large orders, capacity ramp-up, and investments in new technology [2][3]. Future Projections - The company expects net profits of 1.104 billion CNY, 1.287 billion CNY, and 1.481 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 16.3%, 16.6%, and 15.1% [10][11]. - The earnings per share (EPS) for 2025 is projected to be 3.06 CNY, with a price-to-earnings (PE) ratio of 30 times, supporting the target price of 91.80 CNY [10][11]. Operational Developments - The company is focusing on expanding its small molecule CDMO services, with a rich project pipeline including 383 preclinical and early clinical projects, 73 clinical III projects, and 48 commercial projects in 2024 [3][10]. - The chemical macromolecule CDMO business is also expected to see significant growth, with over 10 projects in the validation phase anticipated for 2025 [3][10].