公司报告 | 季报点评 凯莱英（002821） 证券研究报告 2024年05月 13日 投资评级 Q1 整体经营稳健，全年业绩预计保持稳健增长 行业 医药生物/医疗服务 6个月评级 增持（调低评级） 当前价格 83.51元 ⚫ 事件概要 目标价格 元 公司2024Q1 实现营业总收入 14.00 亿元，同比下降 37.76%（剔除上年同 基本数据 期大订单收入影响后同比增长15.21%）；归母净利润2.82亿元，同比下降 A股总股本(百万股) 341.92 55.27％。 流通A股股本(百万股) 328.62 ⚫ 投资要点 A股总市值(百万元) 28,553.59  Q1整体经营稳健，小分子业务快速增长 流通A股市值(百万元) 27,442.90 每股净资产(元) 47.58 从利润端对比，2024Q1毛利率43.52％，2019年Q1毛利率44.24％；2024Q1 资产负债率(%) 11.26 净利率19.97％，2019年Q1净利率19.32％。 一年内最高/最低(元) 165.27/74.91 从客户来看，来自跨国大制药公司收入为4.82亿元，剔除上年同期大订单 作者 收入影响后同比增长19.62% ...

证券研究报告 | 季报点评 2024年05月12日 凯莱英（002821.SZ） 常规业务稳健增长，回购彰显发展信心 公司发布 2024年一季报。2024年一季度公司实现营业收入14.00亿元， 买入（维持） 同比下滑37.76%，归母净利润2.82亿，同比下滑55.27%，扣非净利润2.54 股票信息 亿，同比下滑58.88%。 行业 医疗服务 前次评级 买入 毛利水平环比提升，小分子业务保持快速发展。公司实现收入14.00亿元， 5月10日收盘价(元) 83.51 剔除上年同期大订单收入影响后同比增长15.21%，其中来自欧美市场客户 总市值(百万元) 30,854.57 剔除上年同期大订单收入影响后同比增长 62.80%，整体业务毛利率 总股本(百万股) 369.47 43.52%，环比上季度提升 5.49pcts，海外客户持续活跃。来自跨国大制药 其中自由流通股(%) 88.94 30日日均成交量(百万股) 5.49 公司收入4.82亿元，剔除上年同期大订单收入影响后同比增长19.62%，来 股价走势 自中小制药公司收入9.18亿元，同比增长13.02%。小分子业务收入12.23 亿元，剔除上年同期大 ...

证券代码：002821 证券简称：凯莱英 公告编号：2024-042 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 ...

证券代码：002821 证券简称：凯莱英 公告编号：2024-043 凯莱英医药集团（天津）股份有限公司 关于参与投资基金完成工商注册登记的公告 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4月29 日召开第四届董事会第五十次会议，审议通过了《关于全资子公司拟参与投资基金 暨关联交易的议案》，同意全资子公司凯莱英生命科学技术（天津）有限公司以有 限合伙人身份投资30,000万元人民币与天津信银恒泽管理咨询合伙企业（有限合 伙）、海尊创(天津)企业管理咨询合伙企业(有限合伙)、天津市海河产业基金合伙 企业(有限合伙)、天津生态城国有资产经营管理有限公司共同投资天津海河凯莱英 医疗健康产业投资基金合伙企业（有限合伙）。具体内容详见2024年4月30日公司在 巨潮资讯网（http://www.cninfo.com.cn）披露的《关于全资子公司拟参与投资基 金暨关联交易的公告》（公告编号：2024-041）。 近日，投资基金已完成工商注册登记手续，取得了中新天津生态城市场监督管 理局颁发的营业执照，具体 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 84.18 CNY [1]. Core Insights - The company reported a significant decline in revenue and net profit for Q1 2024, with revenue at 1.4 billion CNY, down 37.76% year-on-year, and net profit at 282 million CNY, down 55.27% year-on-year. However, excluding the impact of large orders, the core business showed a robust growth of 15.21% year-on-year, particularly in the European and American markets, which grew by 62.80% [2]. - The company is expected to see a steady growth trajectory driven by its small molecule CDMO and emerging businesses, with projected revenues of 6.497 billion CNY, 7.818 billion CNY, and 9.833 billion CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of -16.97%, 20.32%, and 25.79% [2]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2022A: Revenue 10,255.33 million CNY, Net Profit 3,301.64 million CNY - 2023A: Revenue 7,825.19 million CNY, Net Profit 2,268.81 million CNY - 2024E: Revenue 6,497.30 million CNY, Net Profit 1,252.83 million CNY - 2025E: Revenue 7,817.62 million CNY, Net Profit 1,628.92 million CNY - 2026E: Revenue 9,833.40 million CNY, Net Profit 2,053.38 million CNY [1]. - **Earnings Per Share (EPS)**: - 2022A: 8.94 CNY - 2023A: 6.14 CNY - 2024E: 3.39 CNY - 2025E: 4.41 CNY - 2026E: 5.56 CNY [1]. - **Valuation Ratios**: - P/E ratios are projected to be 19.95 for 2023A, 24.83 for 2024E, and decrease to 15.15 by 2026E [1]. - P/B ratios are expected to decline from 1.78 in 2023A to 1.45 in 2026E [1]. Business Segment Performance - The small molecule CDMO business is expected to drive growth, with 28 projects in the validation phase for 2024, a 40% increase from 2023 [2]. - Emerging businesses, including chemical large molecules and clinical research services, are also anticipated to contribute positively, with a 50% increase in domestic signed orders for formulations in 2023 [2]. Market Comparison - The company's stock performance is compared against the CSI 300 index, indicating a relative performance outlook that supports the "Buy" rating [3].

证 券 2024 年 04 月 30 日 研 究 业绩符合预期，常规业务稳健增长 报 告 —凯莱英（002821.SZ）公司事件点评报告 买入(首次) 事件 分析师：胡博新 S1050522120002 凯莱英股份发布公告： 2024Q1 公司实现营业收入 14.00 亿 hubx@cfsc.com.cn 元，较上年同期减少 37.76%；归属于母公司所有者的净利润 2.82亿元，较上年同期减少55.27%。 投资要点 基本数据 2024-04-29 当前股价（元） 84.18 ▌ 常规业务稳健增长 总市值（亿元） 311 总股本（百万股） 369 剔除大订单后 2024Q1 公司实现收入同比增长 15.2%，整体 流通股本（百万股） 329 毛利率 43.5%。按客户类型拆分来看，跨国大制药公司收入 剔除大订单同比增长 19.6%，中小制药公司收入同比增长 52周价格范围（元） 75.98-164 13.0%。公司新签订单增加，主要来自海外市场和中后期临 日均成交额（百万元） 515.32 床项目、商业化项目。 市场表现 ▌ 小分子化学业务和海外业务发展良好 (%) 凯莱英 沪深300 40 剔除上年同期大 ...

[Table_Page] 季报点评|医疗服务 证券研究报告 [凯Table_莱Title] 英(002821.SZ/06821.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 80.99元/63.35港元 小分子业务保持增长，加快海外布局推进 合理价值 87.91元/69.12港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-04-28 ⚫ 推进小分子CDMO发展，推动公司整体盈利能力的再平衡。根据公司 [相Tab对le_P市icQ场uote表] 现 一季报披露，公司实现营业总收入14.00亿元，同比下降37.76%，剔 除上年同期大订单收入影响后同比增长15.21%，其中来自欧美市场客 32% 18% 户剔除上年同期大订单收入影响后同比增长 62.80%，整体业务毛利 3% 率 43.52%，环比上季度提升 5.49 个百分点。来自跨国大制药公司收 -11%04/23 06/23 08/23 10/23 12/23 02/24 04/24 入人民币 4.82 亿元，剔除上年同期大订单收入影响后同比增长 -26% 19.62%，来自中小制 ...

Summary of the Conference Call Company and Industry Overview - The conference call primarily discusses the strategies and performance of **Kailaiyin**, focusing on the pharmaceutical and automotive industries, particularly in the context of small molecule products and emerging business areas [2][3][4]. Key Points and Arguments 1. Business Strategy - The company is adapting its business strategy to the current economic adjustment period by increasing non-cyclical revenue, enhancing profitability, and strengthening overseas capacity construction [2][3]. - There is a strong emphasis on expanding into international markets, particularly the U.S., and exploring growth potential in domestic new business areas such as ADC (Antibody-Drug Conjugates) and small nucleic acids [2][3]. 2. Financial Performance - The company faces challenges such as rising costs and declining revenues but remains confident in achieving annual performance targets through strong order growth and cost structure optimization [2][3]. - The net profit margin is currently at **11.1%**, with expectations of pressure on net profit due to income decline and fixed cost increases [11][19]. 3. Capacity Management - The utilization rate for small molecule products reached a high level in Q1, benefiting from good production efficiency and project composition [3][4]. - Plans are in place to further enhance production capacity through improved utilization rates and project optimization, with significant commercial products expected to launch next year [3][4]. 4. Technological Innovation and Efficiency - The importance of technological innovation and high-efficiency production is highlighted as a means to address market challenges and enhance competitiveness, especially in the automotive and pharmaceutical sectors [5][6]. - The company is actively exploring comprehensive solutions from equipment to process development, showcasing strong technological competitiveness [5]. 5. Cost Control - Cost control is deemed crucial in the current economic environment, with various strategies proposed to manage expenses effectively [2][10][19]. - The company aims to strictly control capital expenditures, optimize human resource allocation, and utilize technology to reduce costs [10][19]. 6. International Expansion and Market Recovery - The company is focusing on its overseas market strategy, particularly in the post-pandemic recovery phase, and aims to leverage new business and investment projects to drive revenue growth [2][10]. - There is a notable contribution from overseas markets, especially from large pharmaceutical companies, with a positive outlook on order inquiries [12][17]. 7. Industry Challenges and Opportunities - The pharmaceutical industry is facing challenges such as intensified domestic competition leading to price fluctuations, particularly in small molecule drugs [9][10]. - Strategies for overseas market layout include early CMC (Chemistry, Manufacturing, and Control) development abroad and establishing research centers and production bases to enhance competitiveness [9][10]. 8. Market Orders and Revenue Growth - The company is focusing on supporting performance growth through order increases and project implementations, particularly in the small molecule business and international markets [2][3][4]. Additional Important Insights - The company acknowledges the impact of the **Biological Safety Act** on overseas business but reports no significant negative effects on order inquiries or performance [11][16]. - The competitive landscape includes challenges from Indian manufacturers, but the company maintains a favorable position in the market [8][16]. - The overall sentiment is one of cautious optimism, with expectations for gradual recovery in new business margins and a focus on long-term sustainable growth [12][19].

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].