\u3000\u3000 Chongqing Zhifei Biological Products Co.Ltd(300122) (300122)
Event: in January 2022, the company issued the draft employee stock ownership plan for common prosperity (2022).
The employee stock ownership plan shows the driving force of long-term development. The total number of participants in the employee stock ownership plan issued by the company this time shall not exceed 2000, including 14 directors, supervisors and senior executives. The total amount of funds planned to be raised shall not exceed 1.6 billion yuan, with a duration of 48 months and a lock-in period of 12 months. After the amount of self financing exceeds the upper limit of RMB 3.2 billion and the amount of self financing is not allowed by laws and regulations, the scale of self financing management institutions will be 1:1. The plan is to buy shares through the secondary market. Based on the upper limit of 3.2 billion yuan and the closing price of 105.62 yuan / share on January 28, 2022, the subject shares that can be purchased and held by the management organization products are about 30297300 shares, accounting for about 1.89% of the total share capital of the company. This plan is the employee stock ownership plan with the largest number of people and the largest amount of financing implemented by the company since its listing, which once again encourages employees’ work enthusiasm and subjective initiative, and adds another shot in the arm for the healthy development of the company in the future.
The amount of EC + micro card nodule matrix is imminent. The EC diagnostic reagent + microcard vaccine has been successfully awarded in a large number of provinces in the world. The market space for TB control in China is still huge. In early 2019, the Ministry of education and Health Committee issued the recommended health industry standard “infectious disease prevention and control in Southern University”. Under the strategic background of eliminating tuberculosis, tuberculosis screening has become a necessary item for Freshmen’s physical examination and routine physical examination of teaching staff. Although the current detection method is still based on tuberculin skin test, considering its high false positive rate, we believe that EC diagnostic reagent is expected to become the mainstream means of tuberculosis screening. The number of the company’s sales team is expected to reach 3000. It will give full play to the company’s sales advantages in hospitals, disease control, communities and other channels, speed up the rhythm of product volume, and is expected to contribute new performance increment.
The R & D mode of focusing on self research and supplemented by cooperation has gradually taken shape. The R & D cost of 2021q1-3 of the company is 240 million yuan. Through multiple subsidiaries, the company performs their respective duties and cooperates to build a platform innovative technology vaccine enterprise. Zhifei Lvzhu and Zhifei longkema continue to deeply cultivate bacterial, viral and tuberculosis products. It should be listed on the market and the new indications of wechat have been approved to build a “diagnosis prevention treatment” system for tuberculosis, which will be officially sold in 2022, And the subscription believes that the biological layout mRNA platform technology, 15 valent pneumonia vaccine, freeze-dried rabies vaccine and tetravalent influenza vaccine are all in clinical phase III, and are expected to continue to enrich the company’s product categories in the future.
Profit forecast and investment suggestions. Regardless of the sales increment of covid-19 vaccine, we predict that the net profit attributable to the parent in 2021-2023 will be 4.5 billion yuan, 6 billion yuan and 7.4 billion yuan respectively, and the CAGR of the net profit attributable to the parent in the next three years will be 31%, maintaining the “buy” rating.
Risk tip: covid-19 vaccine volume is less than expected, the risk of research and development failure and the risk of product price reduction.
