Gloria British (002821): Launch of Gao Ying’s strategic investment to help the company’s new business development

Gloria British (002821): Launch of Gao Ying’s strategic investment to help the company’s new business development

The company issued the “Preliminary Plan for Non-public Issuance of Shares in 2020” on February 16: issuing no more than 18.7 million shares to Gaojing Capital and raising no more than 23.

$ 11 million to supplement the company’s working capital.

The price of the non-public offering of shares is 123.

56 yuan, not more than 20% of the 20 trading days before the pricing reference date.

Calculated based on the maximum number of shares to be issued, after completion of the transaction, Gaofeng Capital will hold the company7.

48% equity.

At the same time, the company terminated the non-public offering of shares in 2019.

The company’s order situation is good, and its performance continues to grow rapidly.

As a strategic investor, this release of Gao Capital is expected to help the company’s new business development.

We are optimistic about the company’s rapid growth in performance, and in the future, new businesses such as chemical synthesis of macromolecules, biological macromolecules and clinical CRO will gradually break through, maintaining the investment rating of “strongly recommended”.

Gaofeng Capital has become a strategic investor of the company, which is expected to help the company’s new business development.

Gaofeng Capital is a long-term investor focusing on value investment. Biomedicine is one of its key investment areas. It has invested in well-known domestic outstanding innovative pharmaceutical companies and CRO / CDMO companies.

Upon completion of the initial public offering, Gaofeng Capital will hold the company7.

48% equity, becoming the company’s second largest shareholder, and each other to carry out strategic cooperation with the company in the field of nucleic acid, biopharmaceutical CDMO and innovative drug clinical CRO, and promote the company to establish a business relationship with biotech companies invested by Gao Yi,Development leads positive role.

The non-public issuance plan for this issuance is similar to the 2019 non-public issuance plan, which clarifies the objects to be issued, the number and price of shares to be issued.

The company raised no more than 23.

11 trillion, which is “close to 23 trillion” in the 2019 private offering plan.

According to the latest “Decision on Amending the” Administrative Measures for the Issuance of Securities by Listed Companies “issued by the Securities Regulatory Commission, the non-public offering” issuance price shall not be lower than 80% of the average price of the company’s stocks on the 20 trading days before the pricing benchmark date “The pricing of the initial public offering plan was adjusted accordingly, and the issue price was set at 123.

56 yuan / share.

All the investment funds raised this time are used to supplement the company’s liquidity. No specific investment project has been specified. The company’s future investment has a large scale and is expected to be mainly used for the company’s R & D and production platform expansion.

The domestic chemical pharmaceutical CDMO industry is highly prosperous, and the 北京会所体验网 company’s performance is expected to continue to grow rapidly.

At the same time, the company’s new business development is expected to continue to open up new growth space.

Overseas CDMO orders continue to flow into China. Under the domestic MAH system, CDMO projects have also grown rapidly. A large number of clinical stage projects in the company’s early reserves will gradually be transformed into commercial projects, which will drive the company’s performance to continue to grow rapidly.

At the same time, the company is also building a one-stop innovative drug service platform to actively expand new businesses in the fields of chemical synthesis of macromolecules, biopharmaceutical CDMO, and innovative drug clinical CRO. It is expected to gradually make breakthroughs in the next few years and open up new growth space.

Earnings forecast: We expect the company’s 四川耍耍网 net profit attributable to its mothers to be 5 in 2019-2021.

82 billion, 7.

5.6 billion and 9.

9.5 billion, an increase of 36%, 30% and 32% each year, and EPS for 2019-2021 will be 2 respectively.

52 yuan, 3.

28 yuan and 4.

31 yuan (not considering this additional issue).

The current company’s expected 19, 20, and 21 PEs are 64, 49, and 37 times, respectively.

Maintain the company’s “Highly Recommended” investment rating.

Risk warning: orders fall below expectations; new business expansion falls short of expectations; upstream cost growth exceeds expectations; exchange rate changes lead to exchange gains and losses