20231102-招银国际-昭衍新药-06127.HK-Wait_longer_for_recovery_6页_1mb

报告摘要

Joinn Laboratories (6127 HK): Financial report for Q3 2023 released. Key update includes declining net income but rising revenue.

Q3 Performance: Revenue increased 15.1% YoY to RMB575mn; attributable net income declined 9.2% YoY to RMB237mn, primarily due to a fair value gain.
Full-Year Projection: Q3 revenue covers 20.7% of full-year estimate; net income estimation reached 57.5%, boosted by a RMB82mn fair value gain.
Backlogs: Total backlogs dropped to RMB3.7bn from RMB4.4bn, reflecting weaker demand.
Financials: Gross profit margin decreased 8.1ppts YoY; revenue is projected to grow 19.6% in 2023.

Global Expansion: US subsidiary growth linked to higher R&D demand; target 20% revenue growth from overseas operations.
Market Competition: Strategy involves price discounts to secure orders, with focus on high-quality resources to gain market share.
Challenges: Gross profit margin under pressure from pricing strategies; lab services demand faded in early-stage drug R&D.

Rating: Maintain BUY with target price HK$21.18 (down from HK$24.51), based on conservative DCF valuation.
Earnings Forecast: Revisions show potential earnings growth: revenue up 19.6% in 2023E, adjusted net income up 2.1%; margins expected to improve in future years.
Valuation Metrics: P/E ratio projected to decrease, with increasing focus on cash flow and equity value.

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