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： 130.60 公 ——凯莱英2023 年年报点评 当前价格： 85.09 司 丁丹(分析师) 吴晗(分析师) 2024.04.05 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） 84.05-164.00 报 总市值（百万元） 31,438 告 本报告导读： 总股本/流通A股（百万股） 369/328 流通 B股/H股（百万股） 0/28 传统业务稳健增长，制剂 CDMO、化学大分子及生物大分子等新兴业务持续推进， 流通股比例 96% 看好长期成长空间，维持增持评级。 日均成交量（百万股） ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][8] Core Views - The report highlights steady growth in the small molecule CDMO business, with new business capacities accelerating [1][5] - The company achieved a total revenue of 7.825 billion yuan in 2023, a year-on-year decrease of 23.70%, but a 24.37% increase when excluding large orders [2][5] - The net profit attributable to shareholders was 2.269 billion yuan, down 31.28% year-on-year, while the non-recurring net profit was 2.104 billion yuan, down 34.87% [2][5] - The report emphasizes the robust pipeline of clinical projects, with 69 Phase III projects covering popular targets such as GLP-1 and KRAS, ensuring a solid foundation for future commercial orders [5][6] Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 1.442 billion yuan, a decline of 40.99% year-on-year, and a net profit of 59 million yuan, down 89.89% [2][5] - The small molecule CDMO business generated revenue of 6.620 billion yuan, with a year-on-year growth rate of 25.6% when excluding large orders [5][7] - The gross margin improved by 9.53 percentage points to 60.07% due to high-margin large order deliveries and ongoing cost reduction efforts [5][6] New Business Development - The new business segment generated revenue of 1.199 billion yuan in 2023, reflecting a year-on-year growth of 20.42% [5][6] - The chemical macromolecule production workshop has successfully commenced operations, with total capacity for solid-phase peptide synthesis reaching 10,250 liters by the end of March [5][6] - The company plans to expand its commercial production capacity for both small and large molecule APIs in Europe through self-construction or acquisitions [5][6] Future Outlook - Revenue forecasts for 2024, 2025, and 2026 are projected at 6.402 billion yuan, 7.766 billion yuan, and 9.430 billion yuan, respectively, with corresponding net profits of 1.311 billion yuan, 1.633 billion yuan, and 2.053 billion yuan [7][8] - The report maintains a positive outlook on the company's traditional small molecule CDMO business expansion and strategic layout in new business segments [5][6]

证券研究报告·公司点评报告·医疗服务 凯莱英（002821） 2023 年报点评：业绩符合预期，看好新兴业 2024 年 04月 03日 务未来放量 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E 证券分析师 徐梓煜 营业总收入（百万元） 10,255 7,825 6,433 7,850 9,445 执业证书：S0600522080001 xuzy@dwzq.com.cn 同比 121.08% -23.70% -17.79% 22.03% 20.32% 归母净利润（百万元） 3,302 2,269 1,262 1,532 1,832 股价走势 同比 208.77% -31.28% -44.37% 21.37% 19.60% 凯莱英 沪深300 EPS-最新摊薄（元/股） 8.94 6.14 3.42 4.15 4.96 24% P/E（现价&最新摊薄） 9.74 14.17 25.47 20.98 17.55 18% 12% 6% [关Ta ...

证券代码：002821 证券简称：凯莱英 公告编号：2024-033 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 ...

剔除大订单影响主业持续快速增长，新兴业务有望逐步发力 凯莱英（002821.SZ）/医药生物 证券研究报告/公司点评 2024年03月31日 [Table_Industry] [评Ta级ble：_T买itle入] (维持) [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：86.04元 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 10255.33 7825.19 6497.30 7817.62 9833.40 分析师：祝嘉琦 增长率yoy% 121.08% -23.70% -16.97% 20.32% 25.79% 执业证书编号：S0740519040001 净利润（百万元） 3301.64 2268.81 1252.83 1628.92 2053.38 电话：021-20315150 增长率yoy% 208.77% -31.28% -44.78% 30.02% 26.06% 每股收益（元） 8.94 6.14 3.39 4.41 5.56 Email：zhujq@zts.com.cn 每股现金流量 8.90 9.61 10.37 4.17 5.99 分析 ...

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 ...