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方達控股(1521.HK):研發體系符合中美標準,業績實現全面增長,首次覆蓋“買入”評級,目標價6.24港元
格隆匯 03-04 08:38

機構:國元證券

評級:買入

目標價:6.24港元

投資要點

CRO行業快速增長,公司在政策趨嚴背景下佔據發展優勢

自2015年起,醫藥行業相關政策經歷多次重大變革,監管審批制度日趨嚴格,國家在大力鼓勵研發創新藥的同時不斷擠壓低質量仿製藥的市場,並給CRO行業的發展帶來了機遇。中國的CRO市場規模將會以28.3%的複合年增長率在未來5年保持增長,CRO行業將通過收購兼呈現出不斷向龍頭企業收攏的趨勢,公司的研發體系符合中美兩國的標準,全球前20的製藥企業中有11家是客户。而背靠杭州泰格的方達控股則有望依靠企業間的協同效應實現業務整合,形成一站式服務並擴大市場份額。

業務實現全面增長,擴張計劃順利進行

收購Concord帶來的新增業務和產能提升,加之高利潤中國業務佔比的提高,直接帶動了收入和利潤的高速增長,2019年上半年公司收入同比增長33.98%達到3.46億元,淨利潤同比增長233.10%達到6389萬元。在美國,公司接連收購RMI和BRI兩家公司,同時在賓州擴增了10000平方英尺的實驗室設施。在中國,公司收購蘇州方達啟動CMC業務在中國市場的佈局,並在上海擴增了42000平方英尺的實驗室設施。於中美兩大市場同時進行的擴張計劃有效提高了各業務的產能,是公司在2020年維持業務高速增長的有利保障。

首次覆蓋給予買入評級,目標價6.24港元

公司業務實現全面增長,擴張計劃進行順利,政策趨嚴背景下發展潛力巨大,2019-2021年EPS分別為1.14、1.57、2.11美分。給與目標價6.24港元,對應2020年50倍PE,略低於行業平均估值,較現價有30.3%的漲幅空間,首次覆蓋給予“買入”評級。

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