\u3000\u3000 Chongqing Zhifei Biological Products Co.Ltd(300122) (300122)
The company launched a leveraged employee stock ownership plan to demonstrate confidence in future development
The company issued the draft of the company’s employee stock ownership plan for common prosperity (2022), which plans to launch the employee stock ownership plan to no more than 2000 qualified employees (including 14 directors, supervisors and senior executives). The total amount of funds raised by the employee stock ownership plan will not exceed 1.6 billion yuan. At the same time, it is planned to realize that the proportion of financing amount to self raised amount will not exceed 1:1 through legal means, and entrust professional institutions to manage. The upper limit of the scale of management institutions’ products is 3.2 billion yuan. 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. Previously, the company carried out phase I and phase II ESOP in March 2016 and June 2019 respectively. The number of employees in phase I ESOP was no more than 500, and the raised amount was about 33 million yuan. The number of employees in phase II ESOP was no more than 800, and the raised amount was about 350 million yuan. The employee stock ownership plan of the company is the third time, and the number of shares held and the amount raised are the highest. We believe that the company continues to promote the employee stock ownership plan and advocate the concept of common and sustainable development of the company and individuals. On the one hand, it is conducive to improving the cohesion and mobilizing the enthusiasm of employees. On the other hand, the company attracts and retains excellent management talents and business backbone through the employee stock ownership plan, implements the long-term stable talent development strategy, and further promotes the long-term stable development of the company, At the same time, it also shows the company’s confidence in future development.
Rich pipelines open up space for long-term growth
At present, the company has 26 independent R & D projects, including 16 in the clinical stage and 10 in the preclinical stage. Among them, acyw135 meningococcal polysaccharide conjugate vaccine and bivalent dysentery conjugate vaccine have entered clinical phase III, influenza virus split vaccine and 23 valent pneumococcal polysaccharide vaccine have completed clinical phase III trials, and recombinant covid-19 vaccine (approved for emergency use), 15 valent pneumonia conjugate vaccine and rabies vaccine (Vero cells) are all in clinical phase III, Rabies vaccine (MRC-5 cells) has obtained the summary report of phase III clinical trial, and the pipeline under research of the company will gradually enter the harvest period. At the same time, the company’s micro card approved for listing this year has launched the market access of the product and the formulation of follow-up promotion strategies at the first time. With the promotion of early market access, it is expected that the micro card will start to grow in large quantities this year.
Investment advice
Regardless of the performance elasticity of covid-19 vaccine, we maintain the company’s profit forecast unchanged. It is estimated that the company’s revenue from 2021 to 2023 will be 213.48/260.16/30622 billion yuan, with a year-on-year increase of 40.54% / 21.87% / 17.71%; It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 49.24/62.76/7635 billion yuan, with a year-on-year increase of 49.15% / 27.45% / 21.66%, EPS of 3.08/3.92/4.77 yuan, corresponding to the share price of 105.62 yuan on January 28, 2022 and PE of 34 / 27 / 22 times, maintaining the “buy” rating.
Risk tips
The sales of core vaccine products were lower than expected; Covid-19 vaccine export is less than expected risk; The progress of vaccine product development was lower than expected.
