Gloria British (002821): Orders guaranteed high performance growth

Gloria British (002821): Orders guaranteed high performance growth

Investment Highlights: The company’s performance is in line with expectations.

The company achieved operating income in the first three quarters of 201917.

42 ppm, an increase of 44 in ten years.

61%; Net profit attributable to shareholders of listed companies3.

670,000 yuan, an increase of 40 in ten years.

48%; net profit attributable to shareholders of the listed company after deduction3.

380,000 yuan, an increase of 40 in ten years.

48%, corresponding to EPS 1.

60 dollars.

Among them, Q3 single-quarter revenue was 6.

49 ppm, an increase of 45 in ten years.

18%; net profit attributable to shareholders of listed companies1.

370,000 yuan, an increase of 31 in ten years.


The company’s performance was in line with expectations and maintained a high growth trend.

At the same time, the company announced the 2019 annual performance forecast, and it is expected that net profit attributable to mothers will be realized in 2019.


00%, an 西安耍耍网 increase of 25% -40% each year.

The rapid increase in clinical programs ensures high growth.

The company deeply cultivates the innovative drug CDMO, benefiting from the rapid development of the innovative drug industry, the number of clinical project orders has steadily increased, and the “funnel effect” has reduced the commercialization projects for the company’s reserves.Significant growth, confirming the rapid growth in the number and size of the company’s orders.

In addition, the company is committed to creating a full-industry chain service for clinical research, with its business scope constantly expanding, orders continuously enriching, and high certainty in performance growth.

The company’s projects under construction are constantly increasing, and it is planned to raise no more than US $ 2.3 billion in capital to supplement the construction of production capacity. The expansion of production capacity will support the expansion of the company’s business scale.

Gross profit margin stabilized and expenses were well controlled.

The company’s gross profit margin for the first half of the year decreased compared to the same period last year, and the gross profit margin for the third quarter was 45.

20%, an improvement from the first half of the year; through the adjustment of the company’s business structure and gradual expansion of production capacity, the company’s gross profit margin is expected to gradually stabilize.

Report the budget, company selling expenses3.

42%, a decrease of 0 every year.

15pp; administrative expenses 10.

95%, down by 1 every year.

58pp; R & D expenses7.

73%, a decline of 0 every year.

69pp; Finance Expenses cost-0.

67%, a decrease of 0 per year.

56pp; The company’s period expenses are well controlled.

Earnings forecast: We predict that the company will achieve a net profit attributable to the parent company of 5, respectively, in 2019-2021.

7.3 billion, 7.

4.9 billion, 9.

55 ppm, corresponding to EPS of 2.48 yuan, 3.

25 yuan, 4.

14 yuan, currently corresponding to the corresponding PE is 48.



3 times, maintaining the “recommended” level.

Risk reminder: risk of failure of customer’s new drug research and development; risk of industry competition and customer churn; risk of production capacity falling short of expectations.