加入VIP免费下载招银国际-泰格医药-300347-Solid growth amid COVID-19 outbreaks-220829
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泰格医药(300347) 1H22 earnings beat. Tigermed reported 1H22 revenue of RMB3,594mn, up 75% YoY, attributable net income of RMB1,192mn, down 5% YoY, and attributable recurring net income of RMB771mn, up 42% YoY. 1H22 revenue accounted for 51% of our full-year forecasts, mainly attributable to the continuous revenue contribution from COVID-19 related multi-regional clinical trials (MRCTs) as well as solid growth from emerging business (including medical registration, scientific affairs, medical translation, real world studies, etc.) and data management, statistical analysis (DMSA) and other services. Excluding COVID-19 revenue, 1H22 revenue increased by c.45% YoY. Gross profit margin (GPM) deteriorated to 39.7% in 1H22 from 47.6% in 1H21 while remained largely stable versus the 40.9% GPM in 2H21. GPM was understated due to large proportion of pass-through revenue from COVID-19 projects. Considering the shrinking size of COVID-19 related revenue, we expect Tigermed’s GPM to recover in 2H22E. During 1H22, non-COVID-19 related new orders increased by c.37% YoY, indicating sustainable growth of core business. Solid growth despite negative impact from COVID-19 outbreaks in 1H22. Leveraging its nationwide clinical network, Tigermed was able to largely mitigate business disruptions caused by COVID-19 outbreak in China, especially in Shanghai and Jinlin. As a result, the Company deliveredcontinuous growth in the number of ongoing clinical trials. As of Jun 2022, Tigermed operated 607 ongoing drug clinical trials (vs 567 as of Dec 2021), including 400 single-region clinical trials conducted in China (vs 385 as of Dec 2021) and 58 MRCTs (vs 50 as of Dec 2021). In addition, emerging businesses (including medical registration, scientific affairs, medical translation, real world studies, etc.) continued strong growth driven by solid demand, demonstrating Tigermed’s enhanced integrated capabilities. Human resources allocation focusing on high-margin business and overseas expansion. Tigermed proactively reduced the team size of the low -margin site management organization (SMO) services to 2,503 staff as of Jun 2022 from 2,700+ as of Dec 2021. However, employee hirings for other business remained active, especially for its overseas business. Tigermed expanded its overseas team size to 1,151 staff as of Jun 2022 from 1,026 as of Dec 2021. We expect the Company to further enhance its overseas service capabilities via M&As. Maintain BUY. We slightly lift our TP from RMB173.39 to RMB175.15, based on a 10-year DCF model (WACC: 9.84%, terminal growth rate: 3.0%). We forecast revenue to grow 38%/31%/29% YoY and attributable adjusted net income to grow 39%/46%/32% YoY in FY22E/23E/24E.
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（以下内容从招银国际《Solid growth amid COVID-19 outbreaks》研报附件原文摘录）泰格医药(300347) 1H22 earnings beat. Tigermed reported 1H22 revenue of RMB3,594mn, up 75% YoY, attributable net income of RMB1,192mn, down 5% YoY, and attributable recurring net income of RMB771mn, up 42% YoY. 1H22 revenue accounted for 51% of our full-year forecasts, mainly attributable to the continuous revenue contribution from COVID-19 related multi-regional clinical trials (MRCTs) as well as solid growth from emerging business (including medical registration, scientific affairs, medical translation, real world studies, etc.) and data management, statistical analysis (DMSA) and other services. Excluding COVID-19 revenue, 1H22 revenue increased by c.45% YoY. Gross profit margin (GPM) deteriorated to 39.7% in 1H22 from 47.6% in 1H21 while remained largely stable versus the 40.9% GPM in 2H21. GPM was understated due to large proportion of pass-through revenue from COVID-19 projects. Considering the shrinking size of COVID-19 related revenue, we expect Tigermed’s GPM to recover in 2H22E. During 1H22, non-COVID-19 related new orders increased by c.37% YoY, indicating sustainable growth of core business. Solid growth despite negative impact from COVID-19 outbreaks in 1H22. Leveraging its nationwide clinical network, Tigermed was able to largely mitigate business disruptions caused by COVID-19 outbreak in China, especially in Shanghai and Jinlin. As a result, the Company deliveredcontinuous growth in the number of ongoing clinical trials. As of Jun 2022, Tigermed operated 607 ongoing drug clinical trials (vs 567 as of Dec 2021), including 400 single-region clinical trials conducted in China (vs 385 as of Dec 2021) and 58 MRCTs (vs 50 as of Dec 2021). In addition, emerging businesses (including medical registration, scientific affairs, medical translation, real world studies, etc.) continued strong growth driven by solid demand, demonstrating Tigermed’s enhanced integrated capabilities. Human resources allocation focusing on high-margin business and overseas expansion. Tigermed proactively reduced the team size of the low -margin site management organization (SMO) services to 2,503 staff as of Jun 2022 from 2,700+ as of Dec 2021. However, employee hirings for other business remained active, especially for its overseas business. Tigermed expanded its overseas team size to 1,151 staff as of Jun 2022 from 1,026 as of Dec 2021. We expect the Company to further enhance its overseas service capabilities via M&As. Maintain BUY. We slightly lift our TP from RMB173.39 to RMB175.15, based on a 10-year DCF model (WACC: 9.84%, terminal growth rate: 3.0%). We forecast revenue to grow 38%/31%/29% YoY and attributable adjusted net income to grow 39%/46%/32% YoY in FY22E/23E/24E.
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