方達控股(1521.HK):收購QUINTARA業務體量翻倍 一體化再加速
報吿導讀2021 年6 月28 日,方達控股發佈公吿以7200 萬美金現金對價收購美國西岸DMPK CRO 公司Quintara Discovery。收購後,短期看從收入、利潤體量上明顯增厚,長期看公司補充西岸產能及影響力,增大客户羣及市佔率,一體化佈局再加速。投資要點現金收購DMPK CRO 公司,預計Q3 並表6 月28 日,方達控股發佈公吿擬以7200 萬美金現金收購美國西岸DMPK CRO公司Quintara Discovery。Quintara 成立於2013 年,是一家主營ADME、BA 等的CRO 公司,2020 年公司收入1480 萬美金、EBITDA 958 萬美金、税後淨利680 萬美金,對應收購對價PE 10.6 倍,如果成功收購預計2021 年Q3 並表。短期:大體量收購,臨牀前收入、利潤明顯增厚方達控股2001 年成立於賓州,是美國TOP3 的生物分析CRO。2018 年公司通過收購Concord 補充了DMPK 業務線後不斷收購臨牀前相關技術平台。本次收購是公司上市以來關於DMPK 等臨牀前業務的第4 筆收購,也是最大一筆收購。2020 年公司DMPK 收入體量1653 萬美金。此次收購的Quintara 並表後,將使得公司DMPK 業務線收入及利潤體量幾近翻倍。通過本次收購,公司將在成熟的美國CRO 市場迅速擴大影響力,推進一體化,增大覆蓋版圖。中期:加大西岸佈局,增厚客户羣及協同效應方達控股收購前公司主要產能位於美國東海岸,西岸DMPK 產能僅有2019 年末通過收購BRI 擴充的6000 平方英尺產能。本次收購公司擁有約西岸活躍客户近300 家,對公司增厚西海岸客户羣,協同推進臨牀前一體化業務及全北美影響力起到推動作用。長期:從BA 向臨牀前一體化CRO 正式轉型參考2020 年收入情況,收購後的方達北美實驗室,臨牀前業務體量將與公司原有主營優勢業務BA 體量相似,顯示出公司逐步從生物分析CRO 公司逐步轉型為臨牀前一體化CRO 戰略佈局的兑現。盈利預測及估值如果成功收購,公司2021 年預計並表Quintara 350 萬美金,參照利潤對賭,我們預計2021-2023 年經調整淨利潤為3157 萬、4723 萬及6731 萬美元,對應2021 年6 月25 日收盤價 PE 分別為69、44 及31 倍。暫不考慮收購對利潤的影響,2021-2023 年歸母淨利潤預計為1956 萬、3402 萬及5582 萬美元,對應2021 年6 月25 日收盤價 PE 分別為109、62 及37 倍。我們認為公司目前正處於一體化平台整合期,2022 年將進入業績釋放期,參考CXO 可比公司平均估值及公司中美雙服務稀缺性,維持“買入”評級。風險提示新增固定資產折舊、股權激勵、匯兑對錶觀業績影響的波動性;新業務的盈利週期的波動性;創新藥投融資景氣度下滑;中美貿易環境的不確定性。
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