Wuxi Apptec Co.Ltd(603259) ( Wuxi Apptec Co.Ltd(603259) )
1q22 orejas en línea. Wuxi apptec reported 1q22 income of rmb8474 Mn, up 71% yoy, attributable Resource Net Income of rmb1714mn, up 107% yoy, and attributable non – IFRS Net Income of rmb2053mn, up 86% yoy. Los cambios de tipo de cambio no negociables continuaron hasta que la empresa se hizo efectiva en 1q22. El crecimiento de los ingresos en 1q22 habría sido más accesible por 7,3 ppts al 79% de yoy under constant currency. Gross profile margin (GPM) declined to 35.8% in 1q22 from 37.1% in 1q21 due to rmbappreciation, while adjusted non – IFRS GPM at Constant exchange rate improved 1.1 ppts yoy to 37.8% in 1q22. The Management maintained its income growth guidance of 65 – 70% yoy for 2022e and 63 – 65% yoy for 2q22e, Assessing that the omicron Outbreak in Shanghai could be largely under Control by the end of April.
Crecimiento de la resiliencia en ambos proyectos codid – 19 y no codid – 19, un futuro modelo de negocio exitoso de la compañía. Ingresos de Wuxi Chemical soared by 102% yoy in 1q22, mainly Driven by the 139% yoy Revenue Growth of Chemical cdmo Services. We stimulate that Wuxi apptec booked approximately rmb1. 5bn revenue from Commercial codid – 19 Projects in 1q22 and the Management expected the revenue from Commercial codid – 19 projects to further Ramp up qoq for the rest of 2022. It ‘s worth noting that income from non – covid Chemical cdmo Services delivered an impossive income growth of 56% yoy, which was attributable to the unique crdmo Business Model of Wuxi apptec. The company ‘s cdmo Pipeline contained 1808 projects as of Mar 2022 (vs. 1666 as of Dec 2021), including 49 Projects in phase III and 42 in Commercial stage. Toaccommodate Growing Demand, Wuxi apptec aims to invest rmb9 – 10bn in Capex in 2022e (vs rmb6.9bn in 2021), and ~ 60% of the Capex will go to Chemical cdmo Business.
Cell & Gene Therapy (CGT) ctdmo segment rebounded in 1q22. CGT ctdmo Business turned around from 3% yoy Revenue decline in 2021 to 37% yoy Revenue Growth in 1q22 thanks to the Expanding Project Pipeline and the launch of Tessa Services, a Revolutionary novel process to Management AAV. As of Mar 2022, the company had 14 Tessa Evaluation Projects, indicating good customer demand. Esperamos que la GPM del segmento de la UAT de Wuxi sea introducida con la Ram – up en la aplicación del nuevo sitio de enlace de Shanghai y el sitio de Filadelfia.
Maintain Buy. Revisamos nuestro TP de rmb188. 64 a rmb185. 04, basado en un modelo DCF de 9 a ños (WACC: 9,74%, tasa de crecimiento final: 3,0%).
