事件:毕得医药发布2022年业绩快报，预计全年实现收入8.34亿元，同比增速37.55%;预计归母净利润1.46亿元，同比增长49.43%,扣非净利润预计1.37亿元，同比增长52.22%，净利润增长迅速，扣非净利率达16.41%,较2021年提高1.58 pct。
　　点评:
　　现货库存国内领先,多快好省经营稳步上行。公司具有公斤级以下分子砌块8万余种，且具有超30万种产品快速备货能力，处于国内领先地位。随着ADC以及proTAC等新兴疗法的不断推进，对于小分子砌块的需求有望持续旺盛。行业景气度持续上行，有望带动公司规模持续扩大。
　　持续布局海外市场,构建第二增长曲线。公司在全球建有八大仓储中心，境外服务半径显著扩大，快速响应全球客户需求，公司全球品牌力不断加强，境外收入持续提升。截止2021年底，公司境外收入占比达46%,2019-2021年海外收入同比增速达46%/88%/45%，仍处于快速扩张阶段。未来收入占比有望超越国内，积极出海，减少同质化竞争。
　　自研产品夯实公司板凳深度,实现整体降本增效。公司合作研发的新型硼类化合物，较传统方法更为便捷、环保、高效，在有机化学中扮演着承上启下的作用，上可合成复杂分子砌块，下可转变为其他官能团类砌块。能够以较低成本迅速丰富公司产品库,较同行业具有一定的成本优势，有效提升产品经营效率，未来有望成为公司拳头产品。
　　盈利预测:随着公司库存与现货周转效率提升、产品种类不断丰富、经营效率持续优化，我们预计2022-2024年收入分别8.34/11.14/14.43亿元，增速为37.6%/33.6%/29.5%,归母净利润分别为1.46/2.02/2.65亿元，增速为49.4%/38.3%/31.6%。对应2022-2024年EPS分别为2.25/3.11/4.09元，PE为55/40/30倍。
　　风险因素:新品研发进度不及预期;客户拓展不及预期，新增订单量不.及预期，市场竞争加剧风险，股价短期波动较大风险。
　　

研究报告全文：TableTitle--012345627895TableReportDate-TableSummary67892022ABCDEFGHIJK834LMDNO01234542PQ3755REFSTUVW146LMDNOPX4943DYZUVWEF137LMDNOPX5222DUVWPXQDYZUV1641D2021158pctabc812TableAuthor34567893IdefghijDkBlmnopqrsatuvwtxyz7ABCDDCEBDFDDDB38Dvw30BQdDghijGHIJBCKBDLEEMMB3aADCzproTACDN3333OPQRSTUVWXYUVZYYR3wasrsDwtu3aDPXatuGwDDBQGDtuGDJKa2021DtuJKO46D2019-2021JKNOPQ468845DBQaJKOwghDDNaHtuDHIPatuDDwrDrD-az0Q12tueDNsvw3456DwnoDwtu78a9VE8tuefId12no5DEF2022-2024JK83411141443LMDPQ376336295DSTUVW146202265LMDPQ494383316a2022-2024EPS225311409MDPE554030aABCD8EERFGEEDPHIJEEDKABDLMNEOABaTableOtherReportTableProfit2020A2021A2022E2023E2024E-3916068341114144301YoY575549376336295234567895998146202265-01YoY5452065449438331681544495497477472-abcdefg71ROE162155668499CINDASECURITIESCOLTDEPS133204225311409hijklmnjopq9r1sA1PEB00000055494012304971PBB000000367336303N100031CDEF-GHIJKLMNOPQRPQR4SSTU2023V01W17XYT-0httpwwwcindasccom1ZTableFinance-89-Va2020A2021A2022E2023E2024EbVa2020A2021A2022E2023E2024Ecd45881825532829339339160683411141443efg91193200120592379hi179306420583762jklmgn0000023456opjqr85125114153198stuv5178117150185Qwqrxyuv34424769526489111137ze219477368527689MNuv213567841016020284459uv105-27-51-55cd508894103115-9-90000S000007100001531344152296648910000711151712373123457606263-100005089062647293235088970115171237312cdZ143250415496805Gm1117243344r7891700005998147204268jwklS0000000123jwqr234568320625227251259981462022657894343163225292EBITDA88129142186259cdZEPS028282828V1332042253114090r00000028282828gc-Z143277443524832Va2020A2021A2022E2023E2024ESd00146gc4-6541087355234563646292203240426707895998147204268ZSSs508906264729323508818568uv520000-4-100-Va2020A2021A2022E2023E2024Eg-79-188258-12279d39160683411141443116000575549376336295d-8029-30-30-3523456gc5998146202265i-37-14-10-15-2078954520654494383316000-20-15-1581544495497477472-4243000dROE162155668499gc127137142800EPS133204225311409160164142800PE000000554940123049r3421000w8PB000000367336303-240000Sgc7EVEBITDA-085-128429232522212p4710218085732012t456789uhipvwxyzpvt5a7ukaykat20214-a4589u2015201620174567uttpvpv5vtPPCParexelCROt2021-atCXO67uttxvrvdvthipvu202112-atx567uttpvvtEa7utEDEEK-at45y567u3ttpv4vwxtla45tEDEEF-at4567uttpvvtpv-tB3a7uatEDEE3-at4y4y34y467u3stW13911026534hanqiuyuecindasccomst15601850398chenmingzhencindasccomst18506960410quejiachengcindasccomst13051504933qiliyuancindasccomst17687659919luyuzhoucindasccomst18340820155weichongcindasccomst15501091225fanrongcindasccomst18513322185miqiaocindasccomst13552992413lijia1cindasccomst13718803208yangxingcindasccomst15800476582wuguocindasccomst15618358383guopengchengcindasccomst13122616887liruolincindasccomst18702173656zhuyaocindasccomst13524484975daijianxiaocindasccomst18721118359fangweicindasccomst18717938223yuxiaocindasccomst15026867872lixianzhecindasccomst18610826885suntongcindasccomst15957705777jialicindasccomst15261855608shimingjiecindasccomst13337798928caoyixingcindasccomst13530830620wangliuyangcindasccomst15986679987chenchen3cindasccomst17727821880wangyufeicindasccomst13620005606liuyuncindasccomst13794480158hujieyingcindasccomst13570594204zhengqingqingcindasccomst15152283256liuying1cindasccomst18300030194Caijing1cindasccomst15521067883niezhenkuncindasccom-0httpwwwcindasccom3-wtwda7ta7a7yww-d01234ww56789t9t9wABCu--abcdefgDEFGH-aIJdKLMa7uwN-aOPQu3wRST-aUVWUXYZtY6abcdefghitjkTlmnodpXquwrdestqYt9uvfwPQu-a9xyyzwwfgYuYzdCwIJy-yNdrFtTwhiww0u3wR-af-Ot-a9-01uwyrwtwayy9ta-9-u9ctx90t9kt-aPwy9tT-a9Ptu37Etw--9T7WtdizYtyuYiw7WRtqtdZuwyyrehitavu3Et-aCGdfgP6a6tfgdede67u3wlr-adu-aut797yMOyPQyPw7u-avYPwtNP6t-aT697uwc9-avPwYdeWu3-altPwtNPu-aclmu3012-W0b-67-bBT20ED34567670w03KDDEFG0038bBT20C39ED3670w2cA1PQ3L3dbBT0C3A4670uubBT0C3Eu3456ajRc9ju6acmtuW4aj6u3wa9qdmvdtTw-6tciytqtcy7yyykuZ7u7Et-a9T7xw7-0httpwwwcindasccom4