凯莱英(002821)Asymchem, a leading contract development and manufacturingorganization (CDMO), has obvious advantages in core technology andhigh customer recognition. In the short term, the demand for orders isstrong, and the rapid release of production capacity will likely supporthigh growth in 2022; in the medium and long term, the number of projectsin the Company's commercialization stage has increased significantly,and domestic Marketing Authorization Holder (MAH) projects will soonrapidly accelerate growth after a long incubation period; After theCompany successfully issued H-shares, the new technologyfield/emerging business/overseas expansion will likely acceleratedevelopment with capital support. We estimate that in the next few years,with the increase in commercialization projects of domestic and foreigncustomers and the rapid growth of emerging businesses (revenueexpected to exceed US$300mn in 2023), Asymchem’s business is wellpoised to reach a new level. We value the stock at 32X 2022E PE andassign a target price of Rmb222. Maintain the \BUY\" rating.Asymchem achieved rapid growth in 1H22
2022年半年报营业收入50.41亿元，同比增长+186.40%；归母净利润17.40亿元，同比增长+305.31%