Recently, Kelaiying (002821) released its third-quarter performance forecast, with a total operating income of approximately 7.8 billion yuan, with increasing by more than 165% year-on-year; net profit attributable to shareholders of listed companies was approximately 2.7 billion yuan, a year-on-year increase of approximately 290%.
Kelaiying said that as the world's leading one-stop integrated solution provider of CDMO, the company's orders continue to grow, and project delivery is progressing as scheduled. While maintaining the steady development of small molecule business, the accelerated growth momentum of emerging business segments has further emerged. In the first three quarters of 2022, the company's operating income and net profit attributable to shareholders of listed companies both achieved significant growth.
But in fact, Kelly Ying's net profit in the first half of the year was 1.74 billion yuan, and the net profit in the second quarter was 1.241 billion yuan. Based on this calculation, it expects its net profit in the third quarter to be 960 million yuan, so it fell by 22% month-on-month.
Recently, Kailaiying has also been making a lot of news, first ending the acquisition of stake in Snapdragon, a foreign company. The announcement shows that due to regulatory reasons, the company and Snapdragon have not yet reached an agreement on future development plans and corresponding measures. The two parties decided to terminate the merger and acquisition transaction and continue to maintain a strategic cooperative relationship in their business based on the principles of mutual respect and mutual benefit. Previously, the company planned to acquire all the remaining shares of Snapdragon except the shares held by Kelleying. After the completion of this acquisition, Kelleying will hold 100% of Snapdragon.
Before this, Kailaiying also plans to apply for a comprehensive credit line of no more than 2.3 billion yuan from financial institutions. The announcement said that it meets the funds and business development needs of the company and its subsidiaries for daily operations, broadens financing channels, and enhances the sustainable development capabilities of the company and its subsidiaries. The company plans to apply for a comprehensive credit line of no more than 2.3 billion yuan (or equivalent of extra currencies) from financial institutions such as Shanghai Pudong Development Bank Tianjin Branch, China Merchants Bank Co., Ltd. Tianjin Branch, Bank of China Co., Ltd. Dunhua Branch, Industrial and Commercial Bank of China Co., Ltd. Dunhua Branch, Citibank (China) Co., Ltd. Tianjin Branch, Standard Chartered Bank (China) Co., Ltd. Tianjin Branch, etc. The credit period of is no more than one year after the company's board of directors reviewed and approved.
However, judging from the score of Kellein's Hexun SGI Index, with the support of large orders, the second quarter performed well, with a significant increase of 84 points on a month-on-month basis. But judging from past performance, it has still declined in recent quarters, with the previous highest score of 88 points.
Kelaiying announced three order contracts on November 16, November 28, and February 20, 2022, with a total amount exceeding 9.2 billion yuan. Most of the performance of the three orders will be fulfilled in 2022. In the first half of 2022, Kelleying achieved revenue of 5.041 billion yuan, a year-on-year increase of 186.4%, and a net profit of 1.74 billion yuan, a year-on-year increase of 305.31%. In terms of profitability of
, Kelleying continues to improve. In the first half of 2022, the weighted return on equity was 12.55%, an increase of 5.65% year-on-year. Gross profit margin is also relatively stable, with 47.02% in the first half of 2022, a slight increase compared with the same period last year, an increase of 2.14 percentage points. Net profit margins have increased significantly, reaching 34.52% in the first half of 2022, compared with 24.36% in the same period last year.
Cash flow , Kelleying is relatively abundant, with the net cash flow generated by operating activities in the first half of 2022 reaching 632 million yuan, an increase of 31.51% year-on-year, accounting for 12.53% of operating income. Although there is a significant decrease from the 27.26% cash flow share in the same period last year, it is still relatively abundant and has been repaired compared with 2.44% at the end of 2021. Not long ago, Kailaiying also repurchased the company's shares. As of September 30, 2022, the company repurchased about 3.43 million shares of the company through a special stock repurchase account through centralized bidding transactions, accounting for 1.0003% of the company's total share capital of A shares , with the highest transaction price of 169.94 yuan/share, the lowest transaction price was 142.29 yuan/share, and the total transaction amount was approximately 547 million yuan.
accounts receivable, Kelly Ying grew rapidly, with accounts receivable in the first half of 2022 reaching 3.104 billion yuan, accounting for 17.40% of the total assets, a significant increase compared with 1.816 billion yuan at the end of 2021, and an increase of 5.42% of the total assets. However, accounts receivable are relatively concentrated, with 74.36% due to the largest balance of accounts receivable and the top five customers. However, the number of days for accounts receivable is relatively stable, with 87.83 days in the first half of 2022, a decrease from 108.74 days at the end of 2021.In terms of
R&D, Kellein has increased, with R&D expenses in the first half of 2022 reaching 263 million yuan, an increase of 60.67% year-on-year, exceeding the first three quarters of last year. 24 patents have been applied for and 22 authorized, including 5 patents related to continuous reactions and 9 synthetic biotechnology; 5 articles have been published in mainstream international journals. R&D is crucial to the pharmaceutical industry, but on the other hand, it also faces many risks, such as failed R&D and unsatisfactory returns.
It is worth noting that although the performance is relatively excellent, the stock price is still "halved" this year. Since Kelley Ying went public, the stock price has continued to rise, rising to a high of 379.78 yuan per share last year. Since the beginning of this year, Kelly Ying has continued to fall again. As of midday trading on October 24, it has fallen to 138.82 yuan per share, down more than 63% from the highest stock price.
The brokerage firm is still optimistic about the future development of Kelleying. Guosheng Securities said that looking at the industry, as an indispensable leader in the innovative drug industry chain that continues to flourish, Kelleying is expected to usher in rapid development. With the continuous improvement of the global overall new drug research and development and production outsourcing penetration rate, my country's CDMO industry is expected to usher in a period of rapid development due to capacity transfer, favorable policies and local innovation boom. Looking at the three years, Kelly Ying has established technical level and customer resource advantages, and large pharmaceutical companies, Biotech companies, and domestic customers jointly promote performance growth; looking at the five years, consolidating small molecules and entering the big molecules, the integrated development of domestic CRO+CDMO, with the correct direction and experienced management and strong execution, Kelly Ying is expected to enter the first echelon of global CDMO.
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