Jiangxi Synergy Pharmaceutical Co.Ltd(300636) record of investor relations activities
Securities abbreviation: Jiangxi Synergy Pharmaceutical Co.Ltd(300636) securities code: 300636 No.: 2022002
□ specific object research □ analyst meeting
Type of investor relations activities □ media interview □ performance briefing
□ press conference □ Roadshow
□ site visit □ others ()
Everbright Securities Company Limited(601788) Lin Xiaowei
Everbright Securities Company Limited(601788) Cao Congcong
NaNTU assets Xu Zhihan
Longteng asset Yulong
Chang’an fund Dai chenle
Name of participating unit and personnel Zou Liqing of Huatai Bairui fund
Yihu investment Huang Qi
Ling Zhan fund Ma Ying
Enshe family office Li Chenxi
BANGYU health wishes Jingbing
Zhou Qihui (individual investor)
Time: February 18, 2022
Place: company conference room
Names of receptionists: Pang Zhengwei (Chairman and general manager), Zhou Zhicheng (deputy general manager and Secretary of the board of directors), Zhang Bo (securities affairs representative)
1. Q: Recently, the price of raw materials has dropped. Will the price of orders raised by the company at the end of last year also need to be adjusted because of the drop in the price of raw materials?
A: the transmission of rising or falling raw material prices to us will basically lag the interaction of investor relations / the main content will be introduced for about a quarter. If the order for which the company raised the price at the end of last year is half a year or less
For a long order of one year, we need to sign a new order after execution. After the price of raw materials drops, we will get a small bonus for such orders. If it is a short-term list, it needs to be renegotiated according to the price of raw materials after falling.
2. Q: can the company get the CMO / cdmo project orders whose downstream customers are still in the clinical stage? In addition, I heard that Japan’s original research preparation company gives priority to domestic resources. Does API give any consideration to China and India? A: previously, due to the limitation of production capacity, Tonghe was relatively conservative in CMO / cdmo projects and focused on the success rate. The three high-volume varieties in 2021 are those that have been commercially sold. With the construction of the second plant of the company, the ability to accept new projects is further enhanced. Tonghe has taken a more positive attitude in cm0 / cdmo projects in recent years. At present, there are many cooperation projects still in the research and development stage.
The original research company of Japan is relatively conservative and stable, and has high requirements for API. Therefore, in the past, its API was generally adopted by Japanese local enterprises or European enterprises. However, with the rise of API enterprises in China and India, especially in China, this situation is gradually changing, and Tonghe is also striving for such projects. 3. Q: the varieties that the second echelon of the company is applying for approval or completing the application for approval have the advantage of starting early. This advantage can be maintained for several years. Will it become cost competition later? A: after three years of commercial sales of products, when the process, quality and scale are consistent, it will become cost competition. In fact, whether it is to rely on the technical and quality advantages of the project, or to rely on the cost advantage to compete, these two methods are no problem, but Tonghe agrees with the first method. We usually start 10 years before the expiration of the product patent. We first spend about 3 years polishing and maturing the synthesis technology, production process and impurity research. When the downstream preparation manufacturers start the project and look for API suppliers 6 or 7 years before the expiration of the patent, we have asked for samples, samples and documents, We have the greatest opportunity to become the first supplier of these downstream preparation customers. In the past few years before the expiration of the patent, the preparation customers will only authenticate one API supplier. At this time, we provide samples and documents to associate and apply for approval and registration together to become a supplier. Until the preparation products are approved, the patent expires and go on sale, they will not and do not need to authenticate the second supplier. The share in this period is entirely ours, Moreover, the price of new products is relatively high when they first appear on the market, and the sales revenue will be considerable during this period.
The first mover advantage can be basically maintained until two to three years after the commercial sales of products. If the product sales are relatively good and the market share is large after three years, the preparation factory
In order to ensure the safety of supply, suppliers will certify the second and third supply. The competition in this period is price and cost competition. However, our advantage of starting early is not completely lost in this period. We have been producing on the production line for so long, the process is constantly polished and optimized, and there are scale advantages. Other API enterprises can’t do it, but it’s difficult to make the cost lower than us. Therefore, we believe that we can maintain our advantages by starting early. 4. Q: Why did the company fail to meet its previous expectation of selling 700 tons of gabapentin in 2021? A: the change of key customers of the new gabapentin process is affected by the epidemic, which is slower than expected. It will not be completed until October 2021. The company intends to control the sales of gabapentin of the old process in 2021. This year, gabapentin will achieve normal production, the capacity utilization will be greatly improved, and the company’s target sales volume is 1000 tons. 5. Q: can the workshop in phase I of Plant No. 2 be put into use this year? A: at present, two of the four workshops in phase I of plant 2 are in trial production, and the other two are still in the commissioning stage.
In January this year, our board of directors and the general meeting of shareholders approved the implementation of the new, modification and expansion projects of some workshops and devices in the second plant area of the company. Because the volume of new products is much faster than we expected, and the production devices for new products in the first plant area are not enough to meet the volume demand of new products, so we want to change the special workshop in the first phase of the second plant area into a multi-functional workshop. It is planned to adjust the official production time of phase I project of plant area II from December 2022 to August 2023. In fact, August 2023 is a conservatively estimated time for the conversion of fixed assets. Some workshops in phase I of plant area II may be officially put into operation in January 2023. For example, 9 varieties such as tigrilol, vigliptin, azilsartan, engegliezin and mirabellon strive to complete the trial production in 2022 and officially put into operation in the first quarter of 2023. 6. Q: what is the thinking of the company’s subsequent product pipeline layout? How to understand the pipeline layout of competitors? A: our own pipelines are laid out according to the rhythm of our new product research and development. For example, we are about to start the construction of seven workshops in phase II of plant area II. The varieties of these seven workshops have been planned. Of course, they will also be adjusted according to the sales of products in phase I (multi-functional workshop). If which production
The sales of products grew very fast, so we took out one of the seven workshops in phase II as a special workshop for it; In addition, we will also arrange some advantageous technologies on the production line according to the characteristics of each product, such as microchannel reaction, enzyme catalytic reaction, photocatalytic reaction, continuous hydrogenation reaction, powder conveying technology, continuous automatic production, etc.
As for how to understand the pipeline layout of competitors, it is mainly through open channels. We are also open to companies in the same industry to visit and learn from each other. We have had exchanges and interactions with many companies in the same industry to learn from each other.
7. Q: does the company have any plans for acquisition and merger?
A: there are many cases in the market where inappropriate acquisitions and mergers and acquisitions have brought heavy burdens to listed companies. Therefore, the company has been very cautious in this regard and is worried about stepping on thunder. At present, Tonghe still focuses on connotation development. Of course, if there are really good targets, we do not exclude the development mode of extension expansion.
Annex list (if any) none
