加入VIP免费下载招银国际-泰格医药-300347-Healthy growth amid challenging environment-230828
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泰格医药(300347) 1H23 earnings in line. Tigermed reported 1H23 revenue of RMB3,711mn, up3.3% YoY, and attributable recurring net income of RMB793mn, up 2.9% YoY.1H23 revenue / attributable recurring net income accounted for 45.4%/ 42.3%,respectively of our 2023 full-year estimates, which were in line with its prepandemic average level. Note that revenue growth accelerated on a quarterlybasis, with -0.7% YoY in 1Q23 and +7.3% YoY in 2Q23, indicating businessrecovery after the pandemic, especially for clinical operation and SMO. ExcludingCOVID vaccine related revenue, 1H23 revenue grew by ~27% YoY. Gross profitmargin (GPM) also sequentially improved, with +1.6ppt QoQ in 1Q23 and 0.5pptQoQ in 2Q23, thanks to the decreased proportion of revenue from COVID-19related projects which includes pass-through income to overseas subcontractors. Fruitful globalization efforts. Tigermed has used COVID-19 pandemic asan opportunity to expand overseas markets. In Jan 2023, Tigermed acquireda Croatia-based clinical CRO, Marti Farm, further enhancing its servicecapabilities in Europe. The Company has formed a local BD team in Europe,where it is currently running 35 clinical projects. In the US, Tigermed doubledthe local clinical operation team to more than 110 staff, supporting theoperation of more than 40 clinical projects, including multi-regional clinicaltrials (MRCTs). Additionally, Tigermed has been taking a proactive approachin Southeast Asia and Latin America market with 31 active clinical projects.Such regions are potential end markets for Chinese companies, creatingbusiness opportunities for Tigermed. With the growing global clinicaloperation capabilities, Tigermed added 8 MRCTs in 1H23. Business recovery after the COVID pandemic. COVID outbreak in Chinain early 2023 had disrupted business operations of Tigermed. However,business operation resumed normal after the pandemic. According tomanagement, clinical trial solution saw over 40% revenue growth in 1H23 ifexcluding COVID vaccine related revenue. SMO also experienced strongrecovery after the pandemic, driving the 13.5% YoY growth in clinical-relatedand laboratory services in 1H23. Management indicated positive growth oforders signed in 1H23, while orders from US clinical services and real-worldstudies performed strong. Operating cash flow recovered in 2Q23. Net operating cash flows declinedby 91% YoY to RMB29mn in 1Q23 while strongly rebounded to RMB347mnin 2Q23, leading to positive 4% YoY growth in the total operating cash flowsin 1H23. The cash flow recovery was mainly thanks to the effectivemanagement of receivables. Maintain BUY. We revised our TP from RMB123.50 to RMB94.41, based ona 10-year DCF model (WACC: 11.5%, terminal growth: 3.0%), to factor inslower revenue growth projection given the soft global R&D demand anduncertainty of healthcare funding recovery. We forecast Tigermed’s revenueto grow 10.0%/ 24.9%/ 25.9% YoY and attributable recurring net income togrow 16.0%/ 23.1%/ 24.9% YoY in FY23E/ 24E/ 25E, respectively.
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（以下内容从招银国际《Healthy growth amid challenging environment》研报附件原文摘录）泰格医药(300347) 1H23 earnings in line. Tigermed reported 1H23 revenue of RMB3,711mn, up3.3% YoY, and attributable recurring net income of RMB793mn, up 2.9% YoY.1H23 revenue / attributable recurring net income accounted for 45.4%/ 42.3%,respectively of our 2023 full-year estimates, which were in line with its prepandemic average level. Note that revenue growth accelerated on a quarterlybasis, with -0.7% YoY in 1Q23 and +7.3% YoY in 2Q23, indicating businessrecovery after the pandemic, especially for clinical operation and SMO. ExcludingCOVID vaccine related revenue, 1H23 revenue grew by ~27% YoY. Gross profitmargin (GPM) also sequentially improved, with +1.6ppt QoQ in 1Q23 and 0.5pptQoQ in 2Q23, thanks to the decreased proportion of revenue from COVID-19related projects which includes pass-through income to overseas subcontractors. Fruitful globalization efforts. Tigermed has used COVID-19 pandemic asan opportunity to expand overseas markets. In Jan 2023, Tigermed acquireda Croatia-based clinical CRO, Marti Farm, further enhancing its servicecapabilities in Europe. The Company has formed a local BD team in Europe,where it is currently running 35 clinical projects. In the US, Tigermed doubledthe local clinical operation team to more than 110 staff, supporting theoperation of more than 40 clinical projects, including multi-regional clinicaltrials (MRCTs). Additionally, Tigermed has been taking a proactive approachin Southeast Asia and Latin America market with 31 active clinical projects.Such regions are potential end markets for Chinese companies, creatingbusiness opportunities for Tigermed. With the growing global clinicaloperation capabilities, Tigermed added 8 MRCTs in 1H23. Business recovery after the COVID pandemic. COVID outbreak in Chinain early 2023 had disrupted business operations of Tigermed. However,business operation resumed normal after the pandemic. According tomanagement, clinical trial solution saw over 40% revenue growth in 1H23 ifexcluding COVID vaccine related revenue. SMO also experienced strongrecovery after the pandemic, driving the 13.5% YoY growth in clinical-relatedand laboratory services in 1H23. Management indicated positive growth oforders signed in 1H23, while orders from US clinical services and real-worldstudies performed strong. Operating cash flow recovered in 2Q23. Net operating cash flows declinedby 91% YoY to RMB29mn in 1Q23 while strongly rebounded to RMB347mnin 2Q23, leading to positive 4% YoY growth in the total operating cash flowsin 1H23. The cash flow recovery was mainly thanks to the effectivemanagement of receivables. Maintain BUY. We revised our TP from RMB123.50 to RMB94.41, based ona 10-year DCF model (WACC: 11.5%, terminal growth: 3.0%), to factor inslower revenue growth projection given the soft global R&D demand anduncertainty of healthcare funding recovery. We forecast Tigermed’s revenueto grow 10.0%/ 24.9%/ 25.9% YoY and attributable recurring net income togrow 16.0%/ 23.1%/ 24.9% YoY in FY23E/ 24E/ 25E, respectively.
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