Porton(SZ:300363)2022-12-04 09:00Group 1: Business Transformation and Growth - The company has over 400 active projects across various stages from clinical to market, and a client base of over 300, which are crucial for future growth [3] - The CRO and API businesses are on a growth trajectory, with short-term growth reflected in project numbers and long-term growth expected from increased business flow and client retention [3] - The management is focused on enhancing organizational capabilities and core competitiveness within the CDMO sector, anticipating stable future business development [3] Group 2: Human Resources and Efficiency - The company has approximately 1,800 employees, which is half the number compared to peers, leading to higher per capita revenue output due to different asset structures and business attributes [3] - Despite a modest increase in total personnel, the number of R&D staff has doubled, and there has been significant growth in sales and marketing personnel [3] - The company delivered 44 API projects in 2018 and 34 in the first half of 2019, indicating a strong operational capacity in the CMO business [3][4] Group 3: Product Pipeline and Market Strategy - The largest single product in the pipeline generates annual revenue of around 100 million RMB, with products achieving over 5 million USD in annual sales considered high-value [4] - The company is cautious about high client and product concentration risks, ensuring a diverse product pipeline to support stable development [4] - The company maintains an open yet cautious approach towards acquisitions, focusing on internal development and potential small-scale acquisitions for unique technological capabilities [4]