Gloria British (002821): Gao Ying Capital participates in the growth of the medium and long-term growth

Gloria British (002821): Gao Ying Capital participates in the growth of 佛山桑拿网 the medium and long-term growth

Core point of view: The new set-up plan raised 2.3 billion, all of which were subscribed by Gao Capital.

The company announced the cancellation of the 2019 fixed increase plan and announced the new fixed increase plan in 2020. The original plan did not exceed 10 subscription targets, and was modified to be a full subscription by Gaofeng Capital. The amount of funds raised was basically unchanged.The three projects + supplementary working capital were adjusted to the full amount for supplementing working capital, and the issue price was also determined as 123.

56 yuan / share, the pricing benchmark is the date of the announcement of the board of directors; the overall new plan was adjusted in a timely manner after the introduction of new rules and regulations, reflecting the company’s efficient execution, and through relatively alternative pricing and rich industrial resources.Capital’s in-depth cooperation also reflects the company’s long-term strategic vision.

The industrial resources have complementary advantages, and the potential for cooperation is broad.

Gaojing Capital became a strategic shareholder holding more than 5% of the company’s shares after the fixed increase. Relying on its accumulated technology, experience, capacity and platform system in the field of innovative drug services, Gloria Capital invested in innovative drugs invested by Gaojing Capital and its related parties.The company provides high-quality CMC R & D and production services; expansion, Gao Ye Capital relies on the investment layout in the global innovative drug market, and actively promotes the company to significantly increase the breadth and depth of service innovative drug companies, and in nucleic acid, biological drug CDMO, andInnovative drug clinical research services and other companies in the development of new business areas of strategic cooperation; Gloria’s excellent CDMO service capabilities and Gao Ying’s investment in the field of innovative drugs complement each other, a wide range of potential cooperation opportunities.

The 19-21 performance was 2 respectively.

48 yuan / share, 3.

28 yuan / share, 4.

32 yuan / share.

The company is expected to be PE64 in 19-21.

76 times, 48.

99 times, 37.

16 times, considering the average growth rate of comparable companies compared to 2020 PE 65 times, corresponding to a reasonable value of 213.

20 yuan / share, maintain “Buy” rating.

risk warning.

Growth of global innovative drug research and development has fallen short of expectations; primary market pharmaceutical fund financing has changed; labor cost growth has changed.