\u3000\u3000 Tasly Pharmaceutical Group Co.Ltd(600535) (600535)
Disposal of i-mab equity, profit increased significantly
On January 28, the company released its 2021 annual performance report. It is estimated that the net profit attributable to shareholders of Listed Companies in 2021 will be 2.38 billion yuan – 2.47 billion yuan, with a median of 2.43 billion yuan, a year-on-year increase of 112% – 119%; The net profit decreased from RMB3.5 billion to RMB2.5 billion, down from RMB3.5 billion. The main reasons for the change of the company’s performance are: (1) non recurring profit and loss events such as the disposal of i-mab equity by the company’s holding subsidiary and the conversion of accounting methods, with an impact amount of 1.73 billion yuan; (2) Suspension of projects under research and provision for asset impairment of 260 million. According to the company’s development trend, we raised the company’s profit forecast for 2021 and lowered the profit forecast for 2022 / 2023. It was originally estimated that the net profit attributable to the parent company would be RMB 1.322/12.45/1420 billion in 2021 / 2022 / 2023, with a year-on-year increase of 17.4% / – 5.8% / 14.0%, EPS of RMB 0.87/0.82/0.94 respectively, and adjusted to RMB 2.423/10.84/1283 billion in 2021 / 2022 / 2023, with a year-on-year increase of 115.2% / – 55.3% / 18.4%, EPS is 1.6/0.72/0.85 yuan respectively, and the corresponding PE of the current stock price is 8.5 times / 18.9 times / 16.0 times respectively, maintaining the “buy” rating.
The leader of innovative traditional Chinese medicine actively expands the ability circle and waits for the flowers to bloom
Chuangshijie, a wholly-owned subsidiary of Tasly Pharmaceutical Group Co.Ltd(600535) biology, suspended the hepatitis B adenovirus injection (T101) project in phase II clinical trial. T101 is a therapeutic vaccine intended to be used for chronic hepatitis B. It is a project developed by the company in cooperation with French transgene company. The company scientifically analyzed the action mechanism of T101, The clinical trial results and development strategies of other therapeutic vaccines with similar action mechanism were evaluated. It was judged that T101 single drug combined with nucleoside analogues was difficult to achieve the functional cure of chronic hepatitis B, and the development of T101 project was suspended. Tasly Pharmaceutical Group Co.Ltd(600535) focus on the three treatment fields of cardio cerebrovascular, digestion and metabolism and anti-tumor. The three sectors of modern traditional Chinese medicine, biological medicine and chemical medicine develop together. Through the continuous layout of multi-level product portfolio, a perfect product echelon and R & D pipeline are formed. With the end of the channel inventory adjustment, the traditional Chinese medicine sector has resumed growth, the approval of the sugar net indication of Compound Danshen dropping pills is expected to bring new increment, puyouke is still in the stage of rapid growth, the new indication of cerebral infarction has also submitted the listing application, and the revenue end of the company is expected to usher in continuous growth.
Risk tips: i-mab share price fluctuation risk, strict medical insurance fee control, sharp price reduction or failure in the centralized purchase of chemical drugs, and research and development failure.
