股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[凯ITnaf 莱bol]e 英_Ti(tl0e]0 2821) [评Tab级le_：Inv est] 增持 上次评级： 增持 常规业务稳健增长，新兴业务持续推进 目标价格： 105.84 上次预测： 105.84 公 ——凯莱英2024 年一季报点评 当前价格： 80.99 司 丁丹(分析师) 吴晗(分析师) 2024.04.27 更 0755-23976735 010-83939773 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com wuhan024878@gtjas.com 证书编号 S0880514030001 S0880523080005 52周内股价区间（元） 75.98-164.00 报 总市值（百万元） 29,923 告 本报告导读： 总股本/流通A股（百万股） 369/329 剔除大订单后常规业务稳健增长，多肽等新兴业务持续推进，看好长期成长空间，维 流通 B股/H股（百万股） 0/28 流通股比例 96% 持增持评级。 日均成交量（百万股） 5.76 投资要点： ...

Investment Rating - The investment rating for the company is set at 14.00 CNY, reflecting a year-on-year decrease of 37.76% [1]. Core Insights - The company's regular business shows steady growth, but financial performance is impacted by the completion of large orders. In Q1 2024, revenue and profit growth rates declined due to the absence of large order revenue from Q1 2023. Excluding this, Q1 2024 revenue grew by 15.21% year-on-year, indicating stable growth in regular business [1]. - The small molecule CDMO business continues to perform well, although growth in emerging businesses has slowed due to environmental factors. In Q1 2024, the small molecule CDMO business generated revenue of 1.223 billion CNY, a year-on-year decrease of 38.85%, but a growth of 26.58% when excluding large order revenue from Q1 2023 [1]. - The overseas market is experiencing strong growth, with a 62.80% year-on-year increase in customer revenue from Europe and the United States, indicating a robust expansion strategy in international capacity [1]. - Profit forecasts for 2024-2026 estimate revenues of 6.329 billion CNY, 7.807 billion CNY, and 9.817 billion CNY, with corresponding net profits of 1.108 billion CNY, 1.442 billion CNY, and 1.956 billion CNY, reflecting a significant decline in 2024 followed by recovery in subsequent years [1][2]. Financial Summary - In Q1 2024, the company reported total revenue of 1.4 billion CNY, with a net profit of 282 million CNY, and a non-recurring net profit of 254 million CNY, showing declines of 55.27% and 58.88% year-on-year respectively [1]. - The comprehensive gross margin for Q1 2024 was 43.52%, an increase of 4.88 percentage points year-on-year, while the net profit margin was 20.14%, down 7.88 percentage points year-on-year [1]. - The company’s revenue for 2022 was 10.255 billion CNY, which decreased to 7.825 billion CNY in 2023, with an expected further decline to 6.329 billion CNY in 2024, before recovering in the following years [2][3].

医药 公 2024年04月26日 司 报 凯莱英(002821.SZ) 告 Q1常规业务实现稳健增长，利润率符合预期 强烈推荐 ( 维持 ) 事项： 公司24Q1实现营收14.00亿元（-37.76%），实现归母净利润2.82亿元 股价:76.86元 （-55.27%），扣非后归母净利润2.54亿元（-58.88%）。基本符合预期。 公 主要数据 平安观点： 行业 医药 司 公司网址 www.asymchem.com.cn ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 85.50 CNY per share over the next six months [4][5]. Core Insights - In Q1 2024, the company reported revenues of 1.4 billion CNY and a net profit attributable to shareholders of 282 million CNY, reflecting year-on-year declines of 37.76% and 55.27%, respectively. However, excluding the impact of large orders from the previous year, revenue showed a robust growth of 15.21% [2][3]. - The company leverages its one-stop service platform to drive steady growth across various business segments. In the small molecule business, revenue grew by 26.58% year-on-year when excluding the previous year's large orders, supported by a project pipeline of 30 commercialized small molecule projects. In the macromolecule segment, the company has taken on 12 new peptide projects and is expanding production capacity, with total solid-phase synthesis capacity expected to reach 14,250L by June 2024 [3]. Financial Projections - The company is projected to achieve net profits of 1.265 billion CNY, 1.431 billion CNY, and 1.630 billion CNY for the years 2024 to 2026, representing year-on-year growth rates of -44.3%, 13.2%, and 13.9%, respectively. The expected EPS for 2024 is 3.42 CNY per share [4][9].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company reported a Q1 2024 revenue of 1.4 billion yuan, a year-on-year decrease of 37.76%, but a 15.21% increase when excluding the impact of large orders. The net profit attributable to the parent company was 282 million yuan, down 55.27% year-on-year [2]. - Revenue from overseas markets is rapidly increasing, with a 62.80% year-on-year growth when excluding last year's large orders. The company is deepening its services for multinational pharmaceutical companies and overseas clients [2]. - The small molecule CDMO business is growing steadily, with Q1 revenue of 1.22 billion yuan, a 26.58% increase year-on-year when excluding large orders. The gross margin for this segment is 47.34% [2]. - Emerging businesses are accelerating their platform layout and client development, with Q1 revenue of 176 million yuan, a year-on-year decrease of 29.30% [2]. - The company is expected to achieve revenues of 6.462 billion yuan, 7.887 billion yuan, and 9.604 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 1.164 billion yuan, 1.466 billion yuan, and 1.846 billion yuan [3][7]. Financial Summary - For 2024, the company forecasts a revenue of 6.462 billion yuan, a decrease of 17.4% year-on-year, with a net profit of 1.164 billion yuan, down 48.7% year-on-year [3][7]. - The projected earnings per share for 2024 is 3.15 yuan, with a PE ratio of 24 [3][7]. - The gross margin is expected to be 40.39% in 2024, with a net profit margin of 18.02% [7][8].

Financial Performance - The company reported total revenue of RMB 1,399,808,311.93 for Q1 2024, a decrease of 37.76% compared to RMB 2,249,034,497.62 in the same period last year[10]. - Net profit attributable to shareholders was RMB 281,970,252.06, down 55.27% from RMB 630,346,004.43 year-on-year[10]. - The net profit after deducting non-recurring items was RMB 253,974,228.11, reflecting a 58.88% decline compared to RMB 617,637,901.61 in the previous year[10]. - Basic and diluted earnings per share were both RMB 0.76, down 55.81% from RMB 1.72 in the same period last year[10]. - Total revenue for Q1 2024 was approximately ¥1.40 billion, a decrease of 37.76% compared to ¥2.25 billion in Q1 2023, primarily due to the impact of large orders in the same period last year[18]. - Operating profit decreased to RMB 294.69 million, a decline of 58.5% compared to RMB 709.95 million in the prior period[38]. - Net profit for the reporting period was RMB 279.53 million, down 55.5% from RMB 627.89 million in the previous period[40]. - Total revenue for the reporting period was RMB 1.40 billion, down 37.8% from RMB 2.25 billion in the previous period[38]. - The company reported a net loss attributable to the parent company of RMB 281,971,000 in Q1 2024, compared to a profit of RMB 630,346,000 in Q1 2023[47]. Revenue Breakdown - Revenue from small molecule business reached RMB 1,223,000,000, with a year-on-year growth of 26.58% after excluding last year's large order impact[13]. - Revenue from emerging businesses was RMB 176,000,000, down 29.30% year-on-year due to the ongoing impact of the domestic investment environment[13]. - Cash received from sales of goods and services was approximately ¥1.74 billion, down 36.76% from ¥2.76 billion in the previous year, influenced by large order repayments from last year[18]. Costs and Expenses - Total costs for Q1 2024 were approximately ¥1.14 billion, down 27.27% from ¥1.57 billion in Q1 2023, mainly due to the decline in revenue[18]. - Sales expenses increased by 31.95% to approximately ¥44.62 million, reflecting continued investment in market expansion and sales activities[18]. - The company reported a significant increase in tax and additional charges, which rose by 374.77% to approximately ¥41 million, attributed to export tax rebates[18]. - Research and development expenses for the period were RMB 169.44 million, an increase from RMB 162.10 million in the previous period[38]. - Research and development expenses for Q1 2024 were RMB 169,442,000, slightly higher than RMB 162,097,000 in Q1 2023[47]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 19,841,423,232.54, a slight increase of 0.38% from RMB 19,767,158,652.70 at the end of the previous year[10]. - Total current assets decreased to RMB 12.11 billion from RMB 12.35 billion, primarily due to a reduction in trading financial assets[31]. - The company reported a total liability of RMB 2.23 billion, slightly down from RMB 2.26 billion at the beginning of the period[35]. - The company’s total equity as of March 31, 2024, was RMB 17,606,958,000, an increase from RMB 17,509,979,000 at the end of the previous year[55]. Cash Flow and Investments - Net cash flow from operating activities for the reporting period was RMB 490,666,474.36, significantly lower than RMB 1,303,525,263.66 in the previous period[44]. - Cash and cash equivalents at the end of Q1 2024 totaled RMB 4,774,669,819.21, down from RMB 5,379,198,112.41 at the end of the previous year[45]. - The cash flow from investing activities showed a net outflow of RMB 284,603,126.59, compared to a net outflow of RMB 327,218,213.85 in the previous period[44]. - The company experienced a foreign exchange gain of RMB 15,685,123.62 during the reporting period, contrasting with a loss of RMB 15,286,791.15 in the previous period[45]. - The company experienced a net cash outflow from investing activities of RMB 284,603 thousand in Q1 2024, compared to RMB 327,218 thousand in Q1 2023[59]. Share Repurchase and Capital Management - The company repurchased shares, resulting in cash payments of approximately ¥218.69 million, marking a new strategy in capital management[18]. - The company plans to repurchase shares with a total fund amount not less than RMB 600 million and not exceeding RMB 1.2 billion, with a repurchase price not exceeding RMB 157 per share[29]. - The financing activities resulted in a net cash outflow of RMB 218,690 thousand in Q1 2024, with share repurchase payments amounting to RMB 213,367 thousand[59]. Project Development - The company confirmed 30 small molecule commercialization projects and 148 clinical stage projects, including 41 in Phase III[13].

证券代码：002821 证券简称：凯莱英 公告编号：2024-038 凯莱英医药集团（天津）股份有限公司 关于回购公司股份比例达到 2%暨回购进展的公告 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。 规定： （一）公司未在下列期间回购股份： 1、自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项发 生之日或者在决策过程中，至依法披露之日内； 2、中国证监会和深圳证券交 ...

Financial Performance - Total revenue for Q1 2024 was RMB 1.40 billion, a decrease of 37.76% compared to RMB 2.25 billion in the same period last year[6] - Net profit attributable to shareholders was RMB 281.97 million, down 55.27% from RMB 630.35 million year-on-year[6] - Basic and diluted earnings per share were both RMB 0.76, a decrease of 55.81% compared to RMB 1.72 in the previous year[6] - In Q1 2024, the company's net profit was approximately ¥279.53 million, a decrease of 55.5% compared to ¥627.89 million in the same period last year[24] - Operating profit for Q1 2024 was approximately ¥294.69 million, compared to ¥709.95 million in Q1 2023, reflecting a decline of 58.5%[24] - The company reported a total comprehensive income of approximately ¥279.82 million in Q1 2024, compared to ¥622.76 million in Q1 2023[24] Revenue Breakdown - Revenue from small molecule business reached RMB 1.22 billion, with a year-on-year growth of 26.58% after excluding the impact of large orders from the previous year[8] - Revenue from emerging businesses was RMB 176 million, a decline of 29.30% year-on-year due to the ongoing impact of the domestic investment and financing environment[8] - Total operating revenue for the first quarter was CNY 1,399,808,311.93, a decrease of 37.8% compared to CNY 2,249,034,497.62 in the previous period[23] Cash Flow and Liquidity - Cash flow from operating activities was RMB 490.67 million, down 62.36% from RMB 1.30 billion in the same period last year[6] - Total cash and cash equivalents at the end of Q1 2024 were approximately ¥4.77 billion, down from ¥5.38 billion at the end of Q1 2023[26] - The company received cash from operating activities totaling approximately ¥1.87 billion in Q1 2024, down from ¥2.86 billion in the previous year[25] - Cash flow from investing activities in Q1 2024 was negative at approximately -¥284.60 million, compared to -¥327.22 million in Q1 2023[26] Assets and Liabilities - The total assets at the end of the reporting period were RMB 19.84 billion, a slight increase of 0.38% from RMB 19.77 billion at the end of the previous year[6] - Total liabilities decreased to CNY 2,234,464,626.88 from CNY 2,257,179,887.55, indicating a reduction in financial obligations[22] - The company’s equity attributable to shareholders rose to CNY 17,578,908,929.36 from CNY 17,479,716,341.34, reflecting growth in shareholder value[22] Shareholder Information - The top 10 shareholders hold significant stakes, with ASYMCHEM LABORATORIES owning 31.16% and HKSCC NOMINEES LIMITED holding 7.46% of the shares[15] - The company reported a total of 115,133,168 shares held by ASYMCHEM LABORATORIES, representing the largest single shareholder[15] - The company has a total of 6,555,504 shares held by Tianjin Guorong Business Consulting Co., Ltd., which is involved in margin trading[16] - The company has established a stock repurchase plan approved in the recent shareholder meetings, indicating a commitment to enhancing shareholder value[18] Strategic Initiatives - The company is accelerating its overseas capacity layout and enhancing operational management systems to improve overall profitability[7] - The report indicates that the company is actively engaging in market expansion and strategic initiatives, including potential mergers and acquisitions[18] - The company plans to repurchase A-shares with a total fund amount not less than RMB 600 million and not exceeding RMB 1.2 billion, with a repurchase price capped at RMB 157 per share[18] - The company plans to expand its market presence and invest in new product development to drive future growth[21] Research and Development - The report highlights the company's ongoing research and development efforts in new products and technologies, although specific details were not disclosed[18] - Research and development expenses were CNY 169,442,435.66, slightly up from CNY 162,096,744.48, indicating continued investment in innovation[23]

Financial Performance - In 2023, Asymchem Laboratories achieved a total revenue growth of 23.67% year-on-year, excluding the impact of large orders[7]. - The company's revenue for the year ended December 31, 2023, was approximately RMB 7,781,436 thousand, a decrease of 23.94% compared to RMB 10,230,186 thousand for the year ended December 31, 2022[18]. - Gross profit for the reporting period was approximately RMB 3,959,636 thousand, down 18.06% from RMB 4,832,588 thousand in the previous year[18]. - Net profit attributable to shareholders for the reporting period was approximately RMB 2,268,811 thousand, a decline of 31.28% from RMB 3,301,635 thousand in the prior year[18]. - The gross margin for the reporting period improved to 50.89%, compared to 47.24% in the previous year[19]. - Adjusted net profit attributable to shareholders was RMB 2,302.09 million, a decrease of 23.23% compared to 2022[80]. - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 15% year-over-year growth[165]. - The company reported a 5% increase in gross margin, reaching 45% for the fiscal year[165]. Business Growth and Development - Revenue from small molecule CDMO business grew by 75.56% year-on-year, indicating strong collaboration with multinational pharmaceutical companies[7]. - The company celebrated its 25th anniversary in 2023, marking significant commercial breakthroughs and major orders in the small molecule CDMO sector[7]. - The company has increased its production capacity in China, including commercial production capabilities for peptides and ADCs, to meet the demands of emerging businesses[13]. - The company reported a significant increase in employee count from 3,840 at the end of 2019 to 9,788 currently, reflecting its growth trajectory[16]. - The company aims to expand its global presence and is optimistic about the recovery of domestic markets and the growth of emerging businesses[13]. - The company aims to enhance operational efficiency and reduce costs while expanding its market presence in Europe and Japan[24]. - The company aims to diversify its multinational pharmaceutical client base and has made significant breakthroughs in the Japanese market after years of penetration[36]. - The company has established long-term partnerships with 16 out of the top 20 global pharmaceutical companies, demonstrating strong customer loyalty[132]. Research and Development - Continuous production technology and synthetic biology technology have been developed into comprehensive platforms for external technology output, enhancing efficiency and reducing costs[9]. - The company is prioritizing the advancement of its R&D platform to maintain its leading technological position in the industry[9]. - R&D expenditure exceeded RMB 707.86 million, accounting for 9.10% of total revenue, with plans for continued investment in R&D[61]. - The establishment of the biopharmaceutical technology center (CBTI) in Shanghai aims to enhance R&D capabilities and improve process development[56]. - The company has published 41 research papers in leading international journals, with 14 papers having an impact factor exceeding 10[60]. - The company is committed to continuous R&D investment to strengthen its technology-driven approach and maintain its competitive edge in the CDMO sector[137]. Market Trends and Challenges - The global innovation drug development landscape faced challenges in 2023, impacting the entire CXO industry[6]. - Asymchem's strategic deployment has strengthened its capabilities despite the pressures from market uncertainties[6]. - The company is currently conducting 356 clinical research projects, with 123 in Phase II or later[53]. - The company faces potential risks including major innovative drug recalls, operational challenges in clinical projects, and core technical personnel turnover[149]. Operational Efficiency and Cost Management - The company aims to maximize the utilization of newly added production capacity while minimizing raw material waste and reducing operating costs[72]. - Sales costs for 2023 were RMB 3,821.80 million, a decrease of 29.19% compared to RMB 5,397.60 million in 2022, attributed to improved gross margins and strict cost control measures[84]. - The overall gross margin increased by 3.65% to 50.92% in 2023, driven by a higher gross margin from commercial projects and effective cost management[86]. - The company emphasizes optimizing profitability by improving the gross margin of its small molecule CDMO business and controlling production costs through efficiency and management[145]. Strategic Initiatives - The company is actively seeking investments to enrich its service offerings and expand its overseas presence, focusing on commercial production for multinational companies[141]. - The company plans to enhance its delivery capabilities and expand overseas markets by strengthening management and operational systems[146]. - The company aims to deepen relationships with existing clients while expanding its global customer base, particularly targeting small and medium-sized innovative pharmaceutical companies[139]. - The company is focused on diversifying into new drug categories and service types, including biopharmaceutical CDMO services and clinical research[140]. Corporate Governance and Management - The management team has an average of over 20 years of experience in their respective fields, contributing to stable governance and strategic direction[136]. - Zhang Da serves as the Chief Financial Officer and Chief Operating Officer, responsible for financial operations and investment activities[153]. - The supervisory board consists of three members, including two shareholder representatives and one employee representative[162]. Dividend and Shareholder Information - The company plans to distribute a final dividend of RMB 1.80 per share, totaling approximately RMB 664,080,355.80, subject to shareholder approval[18]. - The board proposed a profit distribution plan for 2023, recommending a dividend of RMB 18.00 per 10 shares of common stock, totaling approximately RMB 664,080,355.80 (including tax) based on 369,471,533 shares issued[186]. - The proposed profit distribution plan for 2023 is subject to approval at the annual general meeting of shareholders and is expected to be paid within two months after the meeting[186].

证券代码：002821 证券简称：凯莱英 公告编号：2024-036 凯莱英医药集团（天津）股份有限公司 关于举办 2023 年度网上业绩说明会的公告 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 3 月 29 日披露了 2023 年年度报告全文及摘要，相关内容详见巨潮资讯网 （http://www.cninfo.com.cn）。为便于投资者能够进一步了解公司 2023 年度 的经营情况，公司定于 2024 年 4 月 22 日（星期一）15:00-16:00 在全景网举办 2023 年度业绩说明会（以下简称"本次年度业绩说明会"）。本次年度业绩说明 会将采用网络远程的方式举行，公司通过文字直播方式回复投资者提问，投资者 可登录全景网"投资者关系互动平台"（https://ir.p5w.net）参与本次年度业 绩说明会。 出席本次说明会的人员有：公司董事长、首席执行官 HAO HONG，执行董事、 首席运营官、首席财务官张达，高级副总裁兼董事会秘书徐向科，独立非执行董 事孙雪娇（具体参会人员 ...