证券代码：002821 证券简称：凯莱英 公告编号：2024-083 凯莱英医药集团（天津）股份有限公司 关于部分董事、高级管理人员和核心技术及业务人员 增持公司 A 股股份计划的公告 本公司及全体董事会成员、以及部分增持股份的高级管理人员和 核心技术及业务人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。 特别提示： 1、拟增持股份的规模：不低于人民币 2,000 万元 2、实施期限：自本公告披露之日起 6 个月内（除法律、法规及深圳证券交 易所业务规则等有关规定不允许增持的期间之外） 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）于 2024 年 9 月 11 日收到董事张达、洪亮、张婷，高级管理人员姜英伟、陈朝勇、周炎、徐向科 和部分核心技术及业务人员（以下简称"增持主体"）的书面通知，上述增持主 体基于对公司未来持续稳定发展前景的信心以及对公司价值的认可；同时，为促 进公司持续、稳定、健康地发展，维护公司投资者利益，计划以集中竞价交易的 方式增持公司 A 股股份。本次增持不设置固定价格、价格区间，增持主体将根据 公司股票价格波动情况及资本市场整体趋势择机实施增持计划。具 ...

2024 年 09 月 02 日 评级 买入 | --- | --- | |-----------------------|--------------| | | | | 当前价格（元） | 63.67 | | 52 周价格区间（元） | 60.13-164.00 | | 总市值（百万） | 22701.38 | | 流通市值（百万） | 20925.34 | | 总股本（万股） | 36771.90 | | 流通股（万股） | 35620.70 | 涨跌幅比较 凯莱英 医疗服务 -54% -34% -14% 6% 26% 46% % 1M 3M 12M 2023-08 2023-11 2024-02 2024-05 吴号 分析师 执业证书编号: S0530522050003 wuhao58@hnchasing.com 相关报告 凯莱英 -5.39 -15.25 -51.10 医疗服务 -1.60 -12.71 -45.43 1 凯莱英（002821.SZ）2023 年年报点评：常规 业务增长较快，商业化订单储备充足 2024-04-01 2 凯莱英（002821.SZ）2023 年半年报点评：小 分子 CD ...

凯莱英（002821.SZ）/医药生物 证券研究报告/公司点评 2024 年 09 月 03 日 | --- | |-------------------------------------------| | | | [Table_Title] 评级：买入 [Table_Industry] | 分析师：祝嘉琦 执业证书编号：S0740519040001 电话：021-20315150 Email：zhujq@zts.com.cn 分析师：崔少煜 执业证书编号：S0740522060001 Email：cuisy@zts.com.cn [Table_Profit] 基本状况 总股本(百万股) 367.72 流通股本 4,238.1 (百万股) 328.65 市价(元) 62.22 市值(百万元) 22,879.54 流通市值(百万元) 20,448.60 [Table_QuotePic] 股价与行业-市场走势对比 -50.0% 0.0% 50.0% 100.0% 150.0% 200.0% 凯莱英 沪深300 公司持有该股票比例 相关报告 1《凯莱英（002821）-公司点评：剔 除大订单影响主业快速增长，静待 ...

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 - For the six months ended June 30, 2024, total revenue was RMB 2,655.05 million, a decrease of 42.23% compared to RMB 4,595.71 million in the same period last year[6]. - Gross profit for the same period was RMB 1,094.70 million, down 54.89% from RMB 2,426.69 million, resulting in a gross margin of 41.23%, a decline of 11.57 percentage points[6]. - Net profit attributable to shareholders was RMB 499.13 million, a significant drop of 70.40% from RMB 1,686.37 million, with a net profit margin of 18.80%, down 17.89 percentage points[6]. - The company reported an adjusted net profit of RMB 432.72 million, down 73.56% year-on-year, with an adjusted net profit margin of 16.30%, a decrease of 19.31 percentage points[6]. - In the first half of 2024, the net profit decreased by 70.72% to RMB 492.42 million from RMB 1,681.99 million in the same period of 2023[69]. - Basic and diluted earnings per share fell from RMB 4.65 to RMB 1.40, reflecting the decline in net profit[70]. - The total comprehensive income for the period was RMB 498,891 thousand, down 70.7% from RMB 1,693,831 thousand in 2023[181]. Revenue Breakdown - Revenue from small molecule CDMO services was RMB 2,153.42 million, showing a slight increase of 1.09% after excluding large orders[9]. - Revenue from multinational pharmaceutical companies decreased by 58.59% to RMB 1,282.25 million, but increased by 10.29% when excluding the impact of large orders[12]. - Revenue from U.S. clients was RMB 1,741.52 million, reflecting a significant increase of 24.78% after excluding large orders[14]. - Emerging business revenue for the reporting period was RMB 499.62 million, a decrease of 5.30%, with a gross margin of 20.23%, down 13.14 percentage points year-over-year[25]. - Revenue from commercial CDMO solutions was RMB 1,365.73 million, down 57.44% year-on-year, but grew 7.06% when excluding large orders[54]. - Revenue from domestic (China) operations decreased by 9.28% to RMB 687.09 million, while overseas revenue fell by 48.72% to RMB 1,965.94 million[56]. Operational Highlights - The company added 114 new clients during the reporting period, highlighting its operational strength and solid global customer base[9]. - The company has successfully completed 43 small molecule commercialization projects, generating revenue of RMB 1,365.72 million and achieving a gross margin of 49.31%[17]. - The company is focusing on potential blockbuster projects in clinical phase III, including targets like GLP-1 and KRAS, with 28 projects expected to reach the verification batch stage in the second half of 2024[21]. - The company completed 80 formulation CDMO projects during the reporting period, with 150 ongoing projects, including 36 overseas projects[29]. - The company has successfully implemented multiple formulation technologies, including oral delivery for peptides and solid dispersion technology, enhancing bioavailability and expanding international market reach[30]. Research and Development - The company invested RMB 328.69 million in R&D in the first half of 2024, an increase of 1.61% year-on-year, accounting for 12.38% of total revenue[52]. - The company is expanding its peptide commercialization capacity to meet the demand for solid-phase peptide synthesis at the hundred-kilogram level[43]. - The company plans to continue increasing R&D investment to strengthen its research platform capabilities and promote smart manufacturing technologies[110]. - The company has submitted 13 new patents and received 21 new authorized patents, reflecting strong capabilities in independent innovation and IP protection[33]. Market Strategy - The company aims to strengthen its CDMO products and services, expanding into advanced drug categories such as peptides, oligonucleotides, and mRNA solutions[95]. - The company is actively expanding its global customer base by deepening relationships with existing clients and targeting small to medium-sized innovative drug companies[102]. - The company is diversifying into new drug categories and service types, including large molecules, drug formulation services, and clinical research services, to create new growth pathways[103]. - The company is seeking investments to enrich its service offerings and expand its overseas presence, with a focus on strategic overseas capacity expansion[104]. Financial Position - The total assets as of June 30, 2024, were RMB 18,858.65 million, a decrease of 4.60% from RMB 19,767.16 million at the end of 2023[6]. - The company's total equity decreased to RMB 16,453,042 thousand from RMB 17,509,979 thousand at the end of 2023[184]. - Cash and bank balances decreased by RMB 1,431.06 million or 20.13% to RMB 5,670.94 million as of June 30, 2024, primarily due to share repurchases[71]. - The company reported a long-term equity investment loss of RMB 5.46 million, up from a loss of RMB 3.03 million in the first half of 2023[76]. - The company's debt-to-asset ratio was 12.76%, up from 11.42% on December 31, 2023[84]. Corporate Governance - The company has adhered to the corporate governance code and has not identified any violations by employees during the reporting period[170]. - The roles of Chairman and CEO are held by Dr. Hao Hong, ensuring effective execution of strategic initiatives and communication between management and the board[171]. - The audit committee has reviewed the unaudited interim results for the six months ending June 30, 2024, ensuring compliance with relevant accounting standards and regulations[177]. - Ernst & Young has conducted a review of the interim financial information, but no audit opinion has been issued as per the applicable standards[178]. Shareholder Engagement - The company has two active A-share incentive plans, with a total of 4,539,080 restricted A-shares granted to participants[120]. - The A-share incentive plans aim to attract and retain talent, aligning the interests of shareholders, the company, and operators for sustainable development[115]. - The company has repurchased a total of 12,300,701 A-shares, accounting for 3.5976% of the total A-share capital, with a total expenditure of RMB 999,644,601.56[139]. - The company plans to use up to 60% of repurchased A-shares for employee stock ownership or incentive plans, and at least 40% for capital reduction[137].