20210827-招银国际-泰格医药-300347.SZ-Strong_backlog_growth_driven_by_solid_demand_4页_1013kb

报告摘要

Tigermed (300347 CH) Company Update Summary

Core Content

Tigermed, a leading player in the China healthcare sector, reported strong financial performance for the first half of 2021 (1H21), driven by increased demand for clinical trial services, particularly in the context of the global pandemic. The company's performance highlights a robust backlog and significant growth in both revenue and net profit.

Key Financial Highlights

1H21 Earnings:
- Revenue: RMB2,056 million (+42% YoY)
- Attributable Net Profit: RMB1,255 million (+26% YoY)
- Attributable Recurring Net Profit: RMB543 million (+79% YoY)
- Fair Value Gains: RMB906 million
- Investment Gains: RMB113 million
- Total Net Profit: RMB1,255 million (64% from fair value and investment gains)
- Overseas Revenue Growth: 55% YoY, contributing 54% of total revenue
New Bookings:
- New bookings in 1H21 reached RMB5,074.8 million, a 150.8% YoY increase
- Strong growth driven by:
  1. Increased R&D spending in innovation therapies and medical devices
  2. Recovery of R&D activities post-pandemic
  3. High demand for clinical trials of COVID-19 vaccines and therapies
Clinical Trial Solutions (CTS):
- Revenue: RMB1,034 million (+45% YoY)
- Growth mainly from clinical trial operation services
Clinical-Related Laboratory Services (CRLS):
- Revenue: RMB1,022.8 million (+38.0% YoY)
- Recovery of US lab services and SMO services post-pandemic
Ongoing Projects:
- As of 30 June 2021, Tigermed conducted 491 ongoing drug clinical research projects (up from 389 at end-2020)

Global Expansion

Overseas Activities:
- Conducting 111 single region clinical trials and 29 multi-region clinical trials (MRCTs)
- Acquired over RMB800 million in new MRCT bookings with a 30% bidding success rate
- Expanded overseas-based employee count from 772 (end-2020) to 854 (mid-2021)
- Strong presence in Asia-Pacific, North America, Europe, Latin America, and Africa

Investment and Valuation

Buy Recommendation Maintained:
- Revised FY21E/FY22E/FY23E attributable net profit forecasts increased by 48%/19%/18%
- Updated DCF-based target price: RMB198.40 (+40.16% from previous TP of RMB193.04)
- Current Price: RMB141.55

Financial Summary

Revenue

FY19A: RMB2,803 million
FY20A: RMB3,192 million
FY21E: RMB4,376 million
FY22E: RMB5,836 million
FY23E: RMB7,669 million
YoY Growth: 37.07% / 33.37% / 31.41%

Net Profit

FY19A: RMB842 million
FY20A: RMB1,750 million
FY21E: RMB2,110 million
FY22E: RMB2,070 million
FY23E: RMB2,621 million

EPS

FY19A: RMB1.13
FY20A: RMB2.20
FY21E: RMB2.42
FY22E: RMB2.37
FY23E: RMB3.00

Profitability Ratios

Gross Margin: 48.22% (FY21E)
Operating Margin: 27.25% (FY21E)
Net Margin: 48.22% (FY21E)
Effective Tax Rate: 6.12%
ROE: 13.22% (FY21E)
ROA: 12% (FY21E)

Key Ratios and Metrics

Current Ratio: 10 (FY21E)
Trade Receivables Turnover Days: 90
Trade Payables Turnover Days: 40
Net Debt to Equity Ratio: Net cash
BVPS: RMB20.53 (FY21E)
P/E Ratio: 58.53 (FY21E)
P/B Ratio: 6.89 (FY21E)

Shareholding and Stock Data

Market Cap: RMB120,505 million
Avg 3 Mths Turnover: RMB1,330.15 million
52-Week High/Low: RMB209.41 / RMB95.76
Total Issued Shares: 749 million
Shareholding Structure:
- Management: 37.11%
- Temasek: 2.92%
- Free float: 59.97%

Share Performance

1-Month: -8.5%
3-Months: -17.8%
6-Months: -0.4%
Relative Performance: -5.0% / -10.8% / 11.2%

Valuation Summary

DCF Valuation: RMB173,094 million
Terminal Value: RMB315,723 million
WACC: 9.84%
Terminal Growth Rate: 3.00%
DCF Target Price (per share): RMB198.40

Analyst Information

Analysts: Jill WU, CFA; Sam HU, PhD; Jonathan ZHAO
Contact Details:
- Jill WU: 3900 0842 / jillwu@cmbi.com.hk
- Sam HU: 3900 0882 / samhu@cmbi.com.hk
- Jonathan ZHAO: (852)63591614 / jonathanzhao@cmbi.com.hk

Related Reports

Strong momentum continued - 30 Apr 2021
Strengthening global presence - 1 Apr 2021
Better business recovery outlook in 2021E - 29 Jan 2021

Important Disclosures

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