The Chengdu Kanghua Biological Products Co.Ltd(300841) (300841) human diploid cell rabies vaccine, known as the "gold standard" of rabies vaccine, has been re registered and approved by the drug regulatory department, and its drug approval number is extended to February 14, 2027.
The freeze-dried human rabies vaccine (human diploid cells) used to prevent rabies is not only the fist product of Chengdu Kanghua Biological Products Co.Ltd(300841) , but also the exclusive product of the company. Compared with the traditional Vero cell (cross species African green monkey kidney cells), the rabies vaccine has the characteristics of better safety, lower side effects and stronger immunogenicity. After vaccination, the vaccine can stimulate the body to produce immunity against rabies virus.
On April 28, 2012, the company obtained the drug registration approval of freeze-dried human rabies vaccine (human diploid cell) for the first time. It is the first vaccine enterprise in China to produce human diploid cell rabies vaccine, filling the previous technical gap in China.
With the production and marketing volume of the company's core products, the company's performance also shows a rapid growth momentum. Its operating revenue increased from 262 million yuan in 2017 to 1.039 billion yuan in 2020, with a compound annual growth of about 60%. According to the performance forecast of the company in 2021, the net profit attributable to the parent company is expected to reach 808 million yuan to 840 million yuan, with a year-on-year increase of 98.02% to 105.86%. The net profit after deduction is expected to reach 538 million yuan to 570 million yuan, with a year-on-year increase of 33.51% to 41.45%
Figure / Chengdu Kanghua Biological Products Co.Ltd(300841) 2021 annual performance forecast (partial)
It is worth noting that the production technology of human diploid cell rabies vaccine has strong technical barriers. Previously, due to insufficient production capacity, the company's batch issuance of this vaccine in China accounted for a relatively low proportion. With the continuous improvement of the company's production capacity utilization in recent years, the company is opening the production capacity bottleneck previously restricted by the company. For example, in 2020, the company issued more than 3.7 million human diploid cell rabies vaccines in China, while the new capacity of the company's IPO project is designed to be 6 million / year; By 2023, the company's annual production capacity is expected to reach 11 million.
According to the research report released on January 26, Chengdu Kanghua Biological Products Co.Ltd(300841) production capacity improvement will promote the large-scale growth of the company's human diploid rabies vaccine, and is optimistic about the growth expectation of the company's performance. In 2022 and 2023, the company's parent net profit is expected to reach 856 million yuan and 1.318 billion yuan, maintaining its "buy" rating.
