Gloria British (002821) 2019Q1 review: first-quarter results surpass expectations CDMO leader headed up

1 Apr

Gloria British (002821) 2019Q1 review: first-quarter results surpass expectations CDMO leader headed up

Gloria British (002821) 2019Q1 review: first-quarter results surpass expectations CDMO leader headed up


Gloriain released the 2019 first quarter report, and the company achieved operating income in the first quarter4.

76 ppm, an increase of 31 in ten years.

03%; net profit attributable to shareholders of the listed company is 0.

92 ppm, an increase of 45 in ten years.

00%; Net profit attributable to shareholders of a listed company replacing non-recurring gains and losses.

80 ppm, an increase of 51 in ten years.

87%, achieving an EPS of 0.

40 yuan.

The company announced the operation forecast for January-June 2019, and it is expected that the net profit attributable to the mother will be from January to June 20192.


430,000 yuan, an annual increase of 35-55%.


The growth rate in the first quarter exceeded expectations, and it is expected to achieve better results in advance.

The company’s overall performance in the first quarter exceeded market expectations.

Company performance from January to June 2.


4.3 billion, the second quarter single-quarter performance range was 1.

20 billion-1.

51 billion, a growth rate of 29% -62%.

Therefore, we comprehensively expect that the company’s overall production and operation situation in 2019 is expected to achieve better results, large overseas customers have formed stable orders, and the domestic increase.

In terms of financial indicators, the company’s selling expenses subsidy3.

45%, compared with last year (3.

42%) Rank growth of 0.

03pp, sales expenses increase by 31 every year.

85%, which is in line with the growth rate of revenue; administrative expenses and expenditures19.

64%, up from 18 in the same period last year.

63% rose 1.

01pp, management expenses increased by 54 in advance.

65%, far higher than the growth rate of revenue. First of all, the company continued to deepen its reorganization business, and at the same time actively explored new businesses, increased the introduction of related talents, and the cost of salary and other costs.

The company’s financial expenses decreased by 34.15 million compared with last year, which was basically due to changes in exchange rates.

The company’s comprehensive gross profit margin is 44.

24%, 49 over the same period last year.

80% down 5.

56pp, first of all, is due to the increase in the proportion of commercialized revenue leading to increased 北京夜网 operating costs.

Looking forward to 2019, the overall layout will be deepened and promoted. Domestic business under MAH will make great progress; R & D will continue to have high investment and technology will continue to make breakthroughs.

The company is aware of the domestic business opportunities brought by the MAH system. The domestic layout includes macromolecules, small molecules, CRO, CMO services, covering the entire life cycle of drug research and development.

And continue to increase investment in research and development and production capacity, and reach strategic cooperation with universities and other companies, continue to deepen the field of macromolecules, and continue to provide momentum for subsequent growth. Investment suggestion: It is expected that the company’s net profit attributable to the 杭州桑拿网 mother in 2019-2021 will be 5 respectively.

73, 7.

69, 10.

2.6 billion, an increase of 33.

8%, 34.

1%, 33.


EPS are 2 respectively.

48, 3.

33, 4.

45 yuan, corresponding PE is 38x, 28x, 21x.

We believe that the company is a technology-driven domestic CMO leader and benefits from the continuous advancement of the domestic MAH system.

In the next few years, the company is expected to achieve faster growth in the performance of commercialization projects, and equity incentives fully mobilize employees’ enthusiasm and full strength.

The growth rate of results in the next three years is expected to maintain 30% -35%, and maintain a “Buy” rating.

Risk reminder: New drug project listing is lower than expected, and customer risk of change.