Gloriad (002821) Annual Report Commentary Report: Rapid Performance Growth Breaks Through One-Stop Service Provider Strategy Advancement Is Worth Looking Forward

2018 performance increased by 25.

49%, is expected to continue a good development trend The company announced the 2018 annual report: revenue 18.

35 ppm, an increase of 28 in ten years.

94%; net profit attributable to mother 4.

28 ppm, an increase of 25 in ten years.

49%; deducted non-recurring net profit3.

69 ppm, an increase of 24 in ten years.

22%; net cash flow from operations 4.

150,000 yuan, an increase of 111 in ten years.

33%, showing good operating quality, and the overall performance of the company basically met expectations.

Looking ahead to 2019, we believe that 杭州桑拿 the company will continue to invest in research and development and talent introduction and development to consolidate its technological advantages; further enrich the project echelon and reserves to consolidate the foundation for continued growth in performance; at the same time, the company will actively expand the chemical macromolecule and biological macromolecule businessThe preparation of formulations and the promotion of multi-dimensional strategic development of clinical CRO business are expected to continue a good development trend.

The commercialization stage leads the company’s revenue growth, and continues to expand to build a moat by sub-segment: the commercialization stage (customized R & D and production) revenue.

44 ppm, an increase of 36 in ten years.

27%, accounting for 56% of the company’s revenue.

92%, gross margin blood pressure 4.

65% to 46.

35%; clinical stage (custom R & D and production) income 5.

86 ppm, an increase of 10 years.

06%, revenue accounted for 31.

94%, gross margin blood pressure 7.

22% to 41.


Technical service income 2.

20,000 yuan, an increase of 57 in ten years.

70%, gross margin blood pressure 8.

26% to 61.


Looking at the company’s pharmaceutical industry as a whole, the gross profit margin was 46.

47%, a decline of 5 per year.

25%, the decline in gross profit margin was mainly caused by factors such as upstream raw material prices.

By region: The company’s main revenue comes from regions other than mainland China, accounting for 90%.

47%, 2018 revenue in mainland China1.

75 ppm, an increase of 50 in ten years.


The domestic innovative drug industry has ushered in a golden period of development. Through the encouragement of policies and the release of reform dividends such as the MAH system, the domestic innovative drug industry has ushered in development and changes. While consolidating overseas markets, the company continues to develop domestic customers and serve the number of domestic innovative drugs.Significantly increased and established cooperative relationships with domestic innovative drug companies such as Hutchison Whampoa and Zaiding Pharmaceuticals.

At the same time, the launch of the science and technology board will create good development conditions for innovative biotechnology companies and further promote industrial development. As an extended representative company, the company is committed to fully enjoying the high prosperity of the industry, and its internal business promotes sustained and rapid development.

The company adheres to technology as the driving force and maintains high R & D expansion to create core advantages and barriers: the R & D breakthrough reached 1 in 2018.

55 ppm, an increase of 59 in ten years.59%, revenue accounted for 8.


Through years of accumulation, the company has gradually become one of the very few pharmaceutical companies in the world that can successfully apply continuous reaction technology to commercial production; the EP (Peinan antibiotic intermediates) continuous reaction equipment independently designed and developed by the company has completed testing.Commercial production capacity is already in place, and the application of reaction technology has reached a new level.

And the company has accumulated advantages in bio-enzyme catalytic technology.

The company has accelerated the introduction of talents and implemented fair incentives. The increase in management expenses in 2018 reached 47.


The company continued to deepen the overseas CDMO market, at the same time accelerated the layout of the domestic market, perfected the sales team, and the sales cost increased to 38 in ten years.

92%. Financial expenses are reduced by 94 due to exchange losses.


The strategy continues to develop, creating a one-stop service provider company. Based on the small molecule CDMO advantage business, it continues to expand polycarbonate, double-strand, and oligonucleotide chemical macromolecular businesses, and layout biomacromolecule business.

At the same time, the company vigorously promotes the development of the clinical drug CRO business segment of the “inventory-light” model of innovative drugs, and gradually builds a comprehensive ecosystem of innovative drug integrated services, and the future development trend is good.

We are optimistic about the company’s continued development and strategic efforts and maintain the BUY rating. We expect the EPS for 2019-2021 to be 2 respectively.

45, 3.

20 and 4.

17 yuan (among which the company’s 2018 performance is close to the lower limit of the ten-year notice range, the 19/20 performance is slightly reduced, which is -7 compared with the previous adjustment.

27% /-7.

25%), corresponding to PE, 39, 30 and 23 times.

The company’s performance has continued to grow, and the business sector has a clear idea of development. It is optimistic about the company’s development prospects of building a one-stop service system from drug research and development to production and maintains a “buy rating.

Risk reminder: The development progress of the domestic innovative drug industry exceeds expectations, the progress of MAH and other systems has 天津夜网 exceeded expectations, and the company’s CRO, macromolecule and other business expansion progress exceeds expectations