Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 102.60 CNY per share over the next six months [6]. Core Views - The acquisition of the former Pfizer UK Sandwich Site marks the establishment of the company's first R&D and production base in Europe, enhancing its overseas CDMO supply capabilities [3]. - The macro and micro fundamentals are showing marginal improvement, indicating a positive outlook for the company's steady development. Global and U.S. venture capital and private equity funding for innovative drugs increased by 2.86% and 8.54% year-on-year in Q1 2024, respectively [4]. - The company’s revenue growth, excluding large orders, was 24.37% and 15.21% year-on-year for 2023 and Q1 2024, respectively, suggesting robust growth in its regular business [4]. Summary by Sections Company Overview - The company has successfully acquired the API Pilot Plant and R&D Laboratory at the Sandwich Site, which is expected to strengthen its overseas CDMO business from laboratory to commercial supply [3]. Financial Projections - The projected net profits for the company from 2024 to 2026 are 1.265 billion CNY, 1.514 billion CNY, and 1.789 billion CNY, reflecting year-on-year growth rates of -44.3%, 19.7%, and 18.2%, respectively [5]. - The expected EPS for 2024 is 3.42 CNY per share, with a PE ratio of 30 times [5]. Market Performance - As of May 21, 2024, the company's stock price was 81.02 CNY, with a total market capitalization of approximately 29.93 billion CNY [6]. - The stock has experienced a significant decline of 43% over the past year compared to the Shanghai and Shenzhen 300 index [7]. Valuation Metrics - The company’s revenue for 2024 is estimated at 6.477 billion CNY, with a projected net profit margin of 19.5% [10]. - The PE ratio is expected to be 23.7 for 2024, decreasing to 16.7 by 2026, indicating a potential improvement in valuation over time [11].

证券代码：002821 证券简称：凯莱英 公告编号：2024-044 凯莱英医药集团（天津）股份有限公司 关于召开2023年度股东大会、2024年第三次A股类别股东 大会及2024年第三次H股类别股东大会通知的公告 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。 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）将于2024年6月 6日以现场和网络投票相结合的方式召开2023年度股东大会、2024年第三次A股类 别股东大会及2024年第三次H股类别股东大会。现将本次会议有关事项公告如下： 一、召开会议的基本情况 1、股东大会届次：2023年度股东大会、2024年第三次A股类别股东大会及2024 年第三次H股类别股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会会议召开符合《中华人民共和 国公司法》、《深圳证券交易所股票上市规则》等有关法律、行政法规、部门规 章、规范性文件和《公司章程》的相关规定。 5、会议召开方式：现场投票与网络投票相结合的方式 （1）现场投票：股东本人出席现场会议或者通过授权委托书（见附件）委 托他人出席现场 ...

公司报告 | 季报点评 凯莱英（002821） 证券研究报告 2024年05月 13日 投资评级 Q1 整体经营稳健，全年业绩预计保持稳健增长 行业 医药生物/医疗服务 6个月评级 增持（调低评级） 当前价格 83.51元 ⚫ 事件概要 目标价格 元 公司2024Q1 实现营业总收入 14.00 亿元，同比下降 37.76%（剔除上年同 基本数据 期大订单收入影响后同比增长15.21%）；归母净利润2.82亿元，同比下降 A股总股本(百万股) 341.92 55.27％。 流通A股股本(百万股) 328.62 ⚫ 投资要点 A股总市值(百万元) 28,553.59  Q1整体经营稳健，小分子业务快速增长 流通A股市值(百万元) 27,442.90 每股净资产(元) 47.58 从利润端对比，2024Q1毛利率43.52％，2019年Q1毛利率44.24％；2024Q1 资产负债率(%) 11.26 净利率19.97％，2019年Q1净利率19.32％。 一年内最高/最低(元) 165.27/74.91 从客户来看，来自跨国大制药公司收入为4.82亿元，剔除上年同期大订单 作者 收入影响后同比增长19.62% ...

证券研究报告 | 季报点评 2024年05月12日 凯莱英（002821.SZ） 常规业务稳健增长，回购彰显发展信心 公司发布 2024年一季报。2024年一季度公司实现营业收入14.00亿元， 买入（维持） 同比下滑37.76%，归母净利润2.82亿，同比下滑55.27%，扣非净利润2.54 股票信息 亿，同比下滑58.88%。 行业 医疗服务 前次评级 买入 毛利水平环比提升，小分子业务保持快速发展。公司实现收入14.00亿元， 5月10日收盘价(元) 83.51 剔除上年同期大订单收入影响后同比增长15.21%，其中来自欧美市场客户 总市值(百万元) 30,854.57 剔除上年同期大订单收入影响后同比增长 62.80%，整体业务毛利率 总股本(百万股) 369.47 43.52%，环比上季度提升 5.49pcts，海外客户持续活跃。来自跨国大制药 其中自由流通股(%) 88.94 30日日均成交量(百万股) 5.49 公司收入4.82亿元，剔除上年同期大订单收入影响后同比增长19.62%，来 股价走势 自中小制药公司收入9.18亿元，同比增长13.02%。小分子业务收入12.23 亿元，剔除上年同期大 ...

证券代码：002821 证券简称：凯莱英 公告编号：2024-043 凯莱英医药集团（天津）股份有限公司 关于参与投资基金完成工商注册登记的公告 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4月29 日召开第四届董事会第五十次会议，审议通过了《关于全资子公司拟参与投资基金 暨关联交易的议案》，同意全资子公司凯莱英生命科学技术（天津）有限公司以有 限合伙人身份投资30,000万元人民币与天津信银恒泽管理咨询合伙企业（有限合 伙）、海尊创(天津)企业管理咨询合伙企业(有限合伙)、天津市海河产业基金合伙 企业(有限合伙)、天津生态城国有资产经营管理有限公司共同投资天津海河凯莱英 医疗健康产业投资基金合伙企业（有限合伙）。具体内容详见2024年4月30日公司在 巨潮资讯网（http://www.cninfo.com.cn）披露的《关于全资子公司拟参与投资基 金暨关联交易的公告》（公告编号：2024-041）。 近日，投资基金已完成工商注册登记手续，取得了中新天津生态城市场监督管 理局颁发的营业执照，具体 ...

证券代码：002821 证券简称：凯莱英 公告编号：2024-042 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 84.18 CNY [1]. Core Insights - The company reported a significant decline in revenue and net profit for Q1 2024, with revenue at 1.4 billion CNY, down 37.76% year-on-year, and net profit at 282 million CNY, down 55.27% year-on-year. However, excluding the impact of large orders, the core business showed a robust growth of 15.21% year-on-year, particularly in the European and American markets, which grew by 62.80% [2]. - The company is expected to see a steady growth trajectory driven by its small molecule CDMO and emerging businesses, with projected revenues of 6.497 billion CNY, 7.818 billion CNY, and 9.833 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of -16.97%, 20.32%, and 25.79% [2]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue 10,255.33 million CNY, Net Profit 3,301.64 million CNY - 2023A: Revenue 7,825.19 million CNY, Net Profit 2,268.81 million CNY - 2024E: Revenue 6,497.30 million CNY, Net Profit 1,252.83 million CNY - 2025E: Revenue 7,817.62 million CNY, Net Profit 1,628.92 million CNY - 2026E: Revenue 9,833.40 million CNY, Net Profit 2,053.38 million CNY [1]. - **Earnings Per Share (EPS)**: - 2022A: 8.94 CNY - 2023A: 6.14 CNY - 2024E: 3.39 CNY - 2025E: 4.41 CNY - 2026E: 5.56 CNY [1]. - **Valuation Ratios**: - P/E ratios are projected to be 19.95 for 2023A, 24.83 for 2024E, and decrease to 15.15 by 2026E [1]. - P/B ratios are expected to decline from 1.78 in 2023A to 1.45 in 2026E [1]. Business Segment Performance - The small molecule CDMO business is expected to drive growth, with 28 projects in the validation phase for 2024, a 40% increase from 2023 [2]. - Emerging businesses, including chemical large molecules and clinical research services, are also anticipated to contribute positively, with a 50% increase in domestic signed orders for formulations in 2023 [2]. Market Comparison - The company's stock performance is compared against the CSI 300 index, indicating a relative performance outlook that supports the "Buy" rating [3].

Investment Rating - The report initiates coverage with a "Buy" investment rating for the company [2][3]. Core Views - The company's performance in Q1 2024 met expectations, with a revenue of 1.4 billion yuan, a decrease of 37.76% year-on-year, and a net profit attributable to the parent company of 282 million yuan, down 55.27% year-on-year [2]. - Excluding large orders, the company's revenue in Q1 2024 showed a year-on-year growth of 15.2%, with a gross margin of 43.5% [2]. - The small molecule chemical business and overseas operations are developing well, with revenue from European and American market clients increasing by 62.8% year-on-year after excluding last year's large order revenue [2]. - The peptide capacity is continuously expanding, with the company accelerating the construction of peptide commercialization capacity [2]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 1.4 billion yuan, a decrease of 37.76% year-on-year, and a net profit of 282 million yuan, down 55.27% year-on-year [2]. - The company signed new orders mainly from overseas markets and mid-to-late clinical projects, with a gross margin of 43.5% [2]. Business Segments - The small molecule business generated revenue of 1.223 billion yuan, with a year-on-year growth of 26.58% after excluding last year's large orders [2]. - The emerging business segment saw a revenue of 176 million yuan, a decline of 29.3% year-on-year, affected by intense domestic market competition [2]. Profit Forecast - The company forecasts revenues of 6.441 billion yuan, 7.860 billion yuan, and 9.363 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 1.095 billion yuan, 1.438 billion yuan, and 1.745 billion yuan for the same years [4][5]. - The report anticipates an EPS of 2.96 yuan, 3.89 yuan, and 4.72 yuan for 2024, 2025, and 2026 respectively [4][5]. Market Position - The company is expected to benefit from the recovery of the domestic industry and the acceleration of its peptide commercialization production outsourcing business [2]. - The report highlights the company's strong order growth and the positive outlook for its small molecule and overseas business segments [2].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [3]. Core Views - The company is advancing its small molecule CDMO (Contract Development and Manufacturing Organization) business, which is expected to rebalance overall profitability. In the first quarter, the company achieved total revenue of RMB 1.4 billion, a year-on-year decrease of 37.76%. Excluding the impact of large orders from the previous year, revenue grew by 15.21%. Revenue from clients in Europe and the US, after excluding last year's large orders, increased by 62.80%. The overall gross margin improved to 43.52%, up 5.49 percentage points from the previous quarter [2]. - The company has initiated a share buyback program, reflecting confidence in its future prospects while waiting for the industry to recover. The buyback plan involves repurchasing A-shares from the secondary market with a total fund of no less than RMB 600 million and not exceeding RMB 1.2 billion, with a maximum repurchase price of RMB 157 per share [2]. - Profit forecasts indicate that the company's net profit attributable to shareholders is expected to be RMB 1.299 billion, RMB 1.6 billion, and RMB 2.04 billion for the years 2024 to 2026, respectively. The corresponding EPS (Earnings Per Share) is projected to be RMB 3.52, RMB 4.33, and RMB 5.52, with P/E ratios of 23.03, 18.70, and 14.67 [2]. Summary by Sections Financial Performance - The company reported total revenue of RMB 1.4 billion in Q1, down 37.76% year-on-year, but up 15.21% when excluding last year's large orders. Revenue from multinational pharmaceutical companies was RMB 482 million, a 19.62% increase after adjustments, while revenue from small and medium-sized pharmaceutical companies was RMB 918 million, up 13.02% [2]. - Small molecule business revenue reached RMB 1.223 billion, with a year-on-year growth of 26.58% after excluding large orders. The gross margin for this segment was 47.34% [2]. Business Development - The company has confirmed 30 small molecule commercialization projects and has 148 projects in clinical stages, including 41 in Phase III [2]. - Emerging business revenue was RMB 176 million, down 29.30% year-on-year, with a gross margin of 17.30% [2]. Valuation - The report maintains the reasonable value for A-shares at RMB 87.91 per share and for H-shares at HKD 69.12 per share, both unchanged from previous assessments [2].

Summary of the Conference Call Company and Industry Overview - The conference call primarily discusses the strategies and performance of **Kailaiyin**, focusing on the pharmaceutical and automotive industries, particularly in the context of small molecule products and emerging business areas [2][3][4]. Key Points and Arguments 1. Business Strategy - The company is adapting its business strategy to the current economic adjustment period by increasing non-cyclical revenue, enhancing profitability, and strengthening overseas capacity construction [2][3]. - There is a strong emphasis on expanding into international markets, particularly the U.S., and exploring growth potential in domestic new business areas such as ADC (Antibody-Drug Conjugates) and small nucleic acids [2][3]. 2. Financial Performance - The company faces challenges such as rising costs and declining revenues but remains confident in achieving annual performance targets through strong order growth and cost structure optimization [2][3]. - The net profit margin is currently at **11.1%**, with expectations of pressure on net profit due to income decline and fixed cost increases [11][19]. 3. Capacity Management - The utilization rate for small molecule products reached a high level in Q1, benefiting from good production efficiency and project composition [3][4]. - Plans are in place to further enhance production capacity through improved utilization rates and project optimization, with significant commercial products expected to launch next year [3][4]. 4. Technological Innovation and Efficiency - The importance of technological innovation and high-efficiency production is highlighted as a means to address market challenges and enhance competitiveness, especially in the automotive and pharmaceutical sectors [5][6]. - The company is actively exploring comprehensive solutions from equipment to process development, showcasing strong technological competitiveness [5]. 5. Cost Control - Cost control is deemed crucial in the current economic environment, with various strategies proposed to manage expenses effectively [2][10][19]. - The company aims to strictly control capital expenditures, optimize human resource allocation, and utilize technology to reduce costs [10][19]. 6. International Expansion and Market Recovery - The company is focusing on its overseas market strategy, particularly in the post-pandemic recovery phase, and aims to leverage new business and investment projects to drive revenue growth [2][10]. - There is a notable contribution from overseas markets, especially from large pharmaceutical companies, with a positive outlook on order inquiries [12][17]. 7. Industry Challenges and Opportunities - The pharmaceutical industry is facing challenges such as intensified domestic competition leading to price fluctuations, particularly in small molecule drugs [9][10]. - Strategies for overseas market layout include early CMC (Chemistry, Manufacturing, and Control) development abroad and establishing research centers and production bases to enhance competitiveness [9][10]. 8. Market Orders and Revenue Growth - The company is focusing on supporting performance growth through order increases and project implementations, particularly in the small molecule business and international markets [2][3][4]. Additional Important Insights - The company acknowledges the impact of the **Biological Safety Act** on overseas business but reports no significant negative effects on order inquiries or performance [11][16]. - The competitive landscape includes challenges from Indian manufacturers, but the company maintains a favorable position in the market [8][16]. - The overall sentiment is one of cautious optimism, with expectations for gradual recovery in new business margins and a focus on long-term sustainable growth [12][19].