䈭䰻䈱ᴶж享ރ䍙༦᱄ؗᚥᣡ䵨 http://www.cindasc.com 1 䇷⹊ガᣛ ޢਮ⹊ガ [Table_ReportType] ޢਮ⛯䇺ᣛ [Table_StockAndRank] ⳉݹॱ㦥(688131) ᣋ䍺䇺㓝 ໔ᤷ р⅗䇺㓝 ໔ᤷ [Table_Author] ઞᒩ ॱ㦥㺂ѐ俌ᑣ࠼᷆ᐾ ᢝѐ㕌ਭφS1500521040001 㚊㌱⭫䈓φ15310622991 䛤 φzhouping@cindasc.com [Table_OtherReport] ؗ䗴䇷㛗Գᴿ䲆ޢਮ CINDA SECURITIES CO.,LTD ्Ӣᐸ㾵ค॰䰯ᐸਙཝ㺍9ਭ䲘1ਭᾲ 䛤㕌φ100031 [Table_Title] ࢃㄥѐࣗᤷ㔣儎໔䮵θCXO⡾ഴᰛ䏁ᇂ᮪ [Table_ReportDate] 2022ᒪ04ᴾ22ᰛ [Table_Summary] ӁԬφⳉݹॱ㦥ਇᐹ2021ᒪᒪᣛθᒪޞᇔ⧦ᙱ㩛᭬9.69ӵݹθੂ∊໔䮵52.61%θࢊ䲚≽⦽ᖧଃθ㩛᭬໔ᑻ䎻55.98%θᖈ∃⏜߶䗴1.91θݹӵੂ∊໔䮵48.70%χᢙ䶔ᖈ∃߶⏜1.77θݹӵੂ∊໔ࣖ49.41%Ⱦູཌ᭬ޛ3.60ӵݹθੂ∊໔䮵25.22%Ⱦ࠼ᆙᓜⵁθ2021Q4㩛ѐ᭬ޛѰ2.73ӵݹθੂ∊໔䮵22.88%θ⧥∊໔䮵13.35%⏜߶θᖈ∃0.47ӵݹθੂ∊с┇18.66%Ⱦ ⛯䇺φ ¾ ㄥࢃ࠼ᆆ⹂ඍфᐛޭौਾ⢟ѐࣗᤷ㔣ਇ࣑Ⱦਮޢ㔝㔣ࣖᕰ൞࠼ᆆ⹂ඍԛᐛޭौਾ⢟亼ต⹊ਇ࣑ᓜθᤷ㔣ᤉኋӝ〃㊱θ㾼ⴌᢁᙝ࠼ᆆȽ᯦ߖީ㦥⢟⡽⇫࠼ᆆᓉⲺᔶਇθᒬ〥ᶷᐹቶADCфCAR-T亼ตθ䘑ള⭕ળ〇ᆜ亼ตӝᆜ⹊ж։ौਇኋȾᡠ↘ᣛᵕᵡθㄥࢃӝᮦ13点䇗䎻5.86н〃θć҆⹊ĈфćMCEĈ⢂ԭٲᗍԛуᯣ໔ᕰθᑜࣞㄥࢃѐ᭬ࣗޛど↛р⏞Ⱦᣛᵕθࢃㄥѐࣗᇔ⧦㩛᭬5.45ݹӵθੂ∊໔䮵57.59%χ㩛᭬খ∊56.24%θ䖹рᒪ⮛ᴿᨆॽθޢਮ㺂ѐ൦փуᯣᨆ儎Ⱦ ¾ ㄥᯏ㦥фѣ䰪։ѐࣗどരਇኋȾޢਮ䠃⛯ᔶኋҼ㢴ᰛᐹ᷍Ƚᴨ䍓ᴵᇐᅀᶷ儎䳴ᓜᯏ㦥ѣ䰪։ᐛ㢰⹊ガᔶਇθᒬᐨфള䱻⸛㦥Էㆴ䇘䬶࠼ᡆਾ֒অ䇤χՎौᣍḉ㦥⢟ᐛ㢰䐥㓵θѰᇘᡭ⹊ਇᣍ᯦ߖ⯻∈㦥⢟ᨆבᯏ㦥ѣ䰪։Ⱦޢਮ㠠ᔰ傢䷃ኧӝѐौะ൦ᴿᵑӄ2022ᒪсঀᒪ䙆↛ᔰᡆᣋӝθ㠠ѱӝ㜳ሼᤷ㔣੮ᕋᴪཐCDMOᇘᡭθޢਮਇኋሼ䗾р᯦ਦ䱬Ⱦᣛᵕθㄥѐࣗᇔ⧦᭬ޛ4.17θݹӵੂ∊໔䮵46.32%θ䳅㠠ᔰӝ㜳䙆↛㩳൦θㄥᶵඍᴿᵑᘡ䙕ਇኋȾ ¾ ᭬䍣㦥Ⓠ㦥⢟θ䙆↛㺛ޞCXOѐࣗ⡾ഴȾ2022ᒪ3ᴾ4ᰛθޢਮਇᐹθޢሼԛਇ㺂㛗Գ᭥Ԏ⧦䠇Ⲻᯯᕅ᭬䍣㦥Ⓠ㦥⢟100%㛗ᵹθḽⲺ䍺ӝԭṲ人䇗у䎻䗽4.2ݹӵȾ䙐䗽ᵢ⅗᭬䍣θਮޢሼѐࣗ䘑ж↛ੇㄥᔬծθᢉ䙖ѣ䰪։Ƚᯏ㦥Ƚࡸж։ौⲺ㔲ਾᙝॱ㦥⹊ਇᵃࣗθᇔ⧦CXO亼ตޞӝѐ䬴ᐹቶθޢਮ㺂ѐ㔲ਾㄔҿᇔ࣑ሼࡦᗍ䘑ж↛ᨆ儎Ⱦ ¾ ⹊ਇᣋޛуᯣ໔ࣖθどര᯦㦥⹊ਇޞӝѐ䬴ᢶᵥՎࣵȾਮޢᣛᵕθޢਮᤷ㔣ࣖཝ⹊ਇᣋޛθ⹊ਇ䍯⭞䗴1.03ӵݹθੂ∊໔䮵59.65%θ᯦໔ᢶᵥӰ䘇400ӰȾਮޢᢶᵥഘ䱕ѣ⺋ঐԛрᆜ়䎻300Ӱθ㜳ཕᇔ⧦Ԅࢃㄥ࠼ᆆ⹂ඍ/ࡦौਾ⢟ޭᐛቅ䈋Ƚѣ䈋Ƚ᭴ཝᅀޞ䶘Ⲻौᆜ䇴䇗Ƚᐛ㢰⹊ガȽ㿺′′′′ौ⭕ӝᅀީӝфᵃࣗθޭ༽ᶷᕰⲺ᯦㦥⹊ਇޞӝѐ䬴ㄔҿՎࣵȾ ¾ ⳾人⎁φ人䇗2022-2024Ѱࡡ࠼ޛਮ᭬ޢᒪ15.55/22.54/31.68θݹӵੂ∊໔䮵60.4%/45.0%/40.6%Ѱࡡ࠼⏜߶Ⱦᖈ∃3.41/4.92/6.88θݹӵੂ∊໔䮵78.4%/44.3%/40.0%θሯᓊ2022-2024ᒪEPS Ѱࡡ࠼4.58/6.61/9.26θݹPEѰ29/20/15Ⱦك ¾ 伄䲟ഖ㍖φ᯦⹊ਇ䘑ᓜу人ᵕχᇘᡭᤉኋу人ᵕθ᯦໔䇘ঋ䠅у 䈭䰻䈱ᴶж享ރ䍙༦᱄ؗᚥᣡ䵨 http://www.cindasc.com 2 人ᵕθ᯦ᔰӝ㜳䘑ᓜу人ᵕȾ [Table_Profit] 䠃㾷䍘ࣗḽ 2020A 2021A 2022E 2023E 2024E 㩛ѐᙱ᭬ޛ(ݹⲴн) 635 969 1,555 2,254 3,168 ໔䮵⦽YoY % 55.3% 52.6% 60.4% 45.0% 40.6% ⏜߶ਮޢᖈኔ∃(ݹⲴн) 128 191 341 492 688 ໔䮵⦽YoY% 74.9% 48.7% 78.4% 44.3% 40.0% ⦽∑% 56.7% 54.1% 55.7% 56.0% 56.4% ߶䍺ӝ᭬ⴀ⦽ROE% 24.3% 10.5% 15.8% 18.5% 20.6% EPS(᪀㮺)(ݹ) 2.30 2.94 4.58 6.61 9.26 ᐸ⳾⦽P/E(ك) - 84.59 29.32 20.32 14.52 ⦽߶ᐸP/B(ك) - 10.15 4.62 3.76 2.99 [Table_ReportClosing] 䍺ᯏᶛⓆφнᗍθؗ䗴䇷⹊ਇѣᗹ人⎁;㛗ԭѰ2022ᒪ04ᴾ21ᰛ᭬ⴎԭ