\u3000\u3000 Chongqing Zhifei Biological Products Co.Ltd(300122) (300122)
Event: the company announced that the new draft of employee stock ownership was released. This is the third ESOP plan since the listing of the company. The details are as follows:
Participants: in the era of common prosperity, the total number is no more than 2000, including 14 directors, supervisors and senior managers, accounting for no more than 33.88%, and other employees accounting for no more than 66.13%.
Source of funds: the upper limit of the total amount of funds raised from the holders is 1.6 billion yuan, and the financing shall be carried out according to the ratio of no more than 1:1. The final funds raised by ESOP shall not exceed 3.2 billion yuan.
Stock source: secondary market purchase (including but not limited to bulk and competitive trading). Calculated by the closing price on January 28, the total purchased shares account for about 1.89% of the total share capital of the company.
Duration and lock-in period: duration 48 months, lock-in period 12 months. Review the company’s previous two employee stock ownership plans:
In 2015, the company’s general meeting of shareholders passed the first ESOP proposal, repurchasing about 5 million shares, accounting for 0.63% of the total share capital. The number of participants was no more than 500, no more than 22.07 yuan / share, and the total amount was no more than 200 million yuan; The sale was announced on December 12, 2017, and the closing price on December 12 was 55.7 yuan / share (10 to 10).
In the company’s second employee stock ownership plan in 19 years, the accumulated purchased shares accounted for 1.0094% of the company’s share capital, with a transaction amount of 41.28 yuan / share and 667 million yuan. The sale was announced on September 5, 21, and the closing price on September 5 was 160.2 yuan / share.
Under the background of common prosperity, the number of employees involved in the third ESOP is far ahead of twice. According to the company’s 20-year annual report, the total number of employees is 3380, the number of employees involved is close to 60%, and the total amount raised is 3.2 billion yuan, which is far ahead of twice. While highlighting the company’s development confidence, it is also expected to greatly mobilize the overall enthusiasm of the company.
The company’s performance increased rapidly and the R & D pipeline continued to advance. The company previously issued a 21 year performance forecast, realizing a net profit attributable to the parent of RMB 9.904-10.564 billion, with a year-on-year increase of 200-220%, and the performance maintained a high-speed growth trend. The preventive micro card and EC diagnostic reagent of heavy products in the company’s R & D pipeline have been approved. It is expected to contribute a large profit in 2022 and increase the proportion of independent profit. Other products, such as 23 valent pneumonia polysaccharide vaccine, human diploid rabies vaccine (which has been announced to obtain the clinical summary report and will be reported for production soon), tetravalent influenza vaccine, 15 valent pneumonia vaccine, tetravalent meningitis combination, dysentery bivalent and other products, are in clinical phase III. EV71 vaccine and tetravalent norovirus vaccine are in clinical phase I to phase II and will be gradually put on sale in the next few years, Provide a driving force for sustainable development, and the company’s R & D pipeline valuation remodeling continues.
Profit forecast: covid-19 vaccine is expected to significantly improve the company’s performance. At the same time, we expect the epidemic to show a normalization trend. Due to the large amount of contribution to the performance, we will not consider covid-19 forecast for the time being. The company’s net profit attributable to the parent company from 2021 to 2023 is expected to be 4.701 billion yuan, 6.229 billion yuan and 8.113 billion yuan, with a year-on-year increase of 42%, 33% and 30%; EPS is 2.94 yuan, 3.89 yuan and 5.07 yuan respectively. Maintain the “buy” rating.
Risk warning: HPV sales are lower than expected; Uncertainty of product R & D progress.
