On the evening of February 25, Aba Chemicals Corporation(300261) released the performance express of 2021, and the company realized a net profit of 180 million yuan, an increase of 12.13% year-on-year. It is worth noting that the net profit of the company in the fourth quarter of 2021 was 29.79 million yuan, a month on month decrease of nearly 35%.
Since November 1, 2021, the share price of Aba Chemicals Corporation(300261) has soared by 463%, during which four letters of concern from the exchange have been received. The company has repeatedly responded to abandoning its relationship with Pfizer, but the enthusiasm of investors has not decreased, and well-known hot money has frequently boarded the dragon and tiger list.
Experts said that covid-19 oral drug market has a lot of imagination space, and the upstream raw material manufacturers of Pfizer oral drugs in China are expected to benefit, but at the same time, we need to pay attention to the specific matters of cooperation between the company and Pfizer and guard against short-term speculation.
fourth quarter net profit decreased by more than 30%
3 Lancy Co.Ltd(002612) 021 performance express shows that the company’s operating revenue during the reporting period was 2.085 billion yuan, a year-on-year increase of 4.09%; The net profit attributable to shareholders of listed companies was 180 million yuan, with a year-on-year increase of 12.13%; The deducted non net profit attributable to shareholders of listed companies was 143 million yuan, a year-on-year decrease of 1.02%; The basic earnings per share was 0.19 yuan, a year-on-year increase of 12.43%.
For this performance, investors in the stock bar have different opinions. Some people believe that the company’s orders of 64.56 million yuan of carbonic anhydride and its derivatives are in hand, and its performance is expected to increase significantly in 2022 after expansion; Others believe that the performance of the company in 2021 is lower than expected, and the fundamentals do not match the disk performance.
Compared with the data of the third quarterly report, the reporter found that the revenue of Aba Chemicals Corporation(300261) increased slightly in the fourth quarter, while the net profit decreased by more than 30%. The company’s operating revenue in the fourth quarter was 481 million yuan, up 7% month on month; The net profit attributable to the parent company was 297914 million yuan, down 35% month on month.
However, since November 1, 2021, Aba Chemicals Corporation(300261) share price has continued to soar. As of the closing on February 25, the company’s share price had risen 463% to 28.89 yuan / share, with a market value of 27.83 billion yuan.
On February 17, Aba Chemicals Corporation(300261) said in reply to the letter of concern of Shenzhen stock exchange that from February 1 to the reply date of the letter of concern, the company had a total capacity of about 20 tons / month of carbonic anhydride and its derivatives. Affected by the Spring Festival holiday and epidemic prevention and control, the capacity utilization rate decreased by 20%; The output of carbonic anhydride is 3.3 tons, and the sales volume of carbonic anhydride and its derivatives is 1.66 tons; The sales volume was 6.5327 million yuan, and the accumulated orders on hand were 645612 million yuan.
four letters of concern
On November 4, 2021, Aba Chemicals Corporation(300261) announced on the official website that “the commercialization and mass production of pharmaceutical intermediate carbonic anhydride developed and produced is smooth, and the current monthly production scale has reached 20 tons”. The next day, Pfizer released the interim clinical data of its covid-19 oral drug.
Since then, investors have repeatedly inquired on the interactive platform about the business of Aba Chemicals Corporation(300261) carbonic anhydride, whether it is directly or indirectly supplied to Pfizer, whether the company’s carbonic anhydride products are Pfizer covid-19 oral drug intermediates, whether they meet the needs of Pfizer products, etc. In Aba Chemicals Corporation(300261) interaction, some investors easily mentioned that “carbonic anhydride is the main or only upstream API of Pfizer anti covid-19 oral drug”.
On December 23, 2021, Aba Chemicals Corporation(300261) received a letter of concern from Shenzhen Stock Exchange, asking it to check the business related to carbonic anhydride. Since then, the company has received two letters of concern on December 30, 2021 and January 19, 2022, requesting to explain the specific relationship between carbonic anhydride products and Pfizer covid-19 oral drugs and whether there is a hot spot of covid-19.
The latest letter of concern was issued on February 14. The Shenzhen Stock Exchange asked the company to explain the specific situation of the project with an annual output of 50 tons of palovide API, 500 tons of caronic anhydride intermediate, 300 tons of azabicyclohexane and other projects, as well as whether it is related to covid-19 oral drug palovide of Pfizer.
On February 17, the company replied that the above-mentioned projects have obtained the approval of project initiation and filing, and will subsequently apply to relevant departments for approval processes such as environmental impact assessment and safety assessment according to the requirements of the government, but the completion time cannot be accurately estimated. At present, the company has not decided whether to put into operation, and there is still great uncertainty about whether to put into operation in the end. In addition, the company did not sign a cooperation agreement with Pfizer, and did not supply Carlin anhydride products to Pfizer. Pfizer also did not provide the company with any quality standards for the procurement of covid-19 oral drug front-end raw materials, and the company’s customers refused to provide the end use of Carlin anhydride and its derivatives, The company is not sure whether the three projects approved and filed by the above company and Yuchang Jinghua can be put into operation in the future, and whether the products produced by the project meet the product needs of Pfizer.
organization: covid-19 oral drug has a broad market
On February 11, the State Food and Drug Administration approved the import registration of Pfizer covid-19 oral drug nimatovir tablets / ritonavir tablets combination packaging (paxlovid) with conditions through emergency review and approval.
On the same day, Porton Pharma Solutions Ltd(300363) announced that it had received a new batch of purchase orders from the Irish production base of Pfizer, a multinational pharmaceutical company, and would provide it with contract customized R & D and production (cdmo) business; The order amount is 681 million US dollars and the delivery time is 2022.
On February 20, Asymchem Laboratories (Tianjin) Co.Ltd(002821) announced that Jilin Asymchem Laboratories (Tianjin) Co.Ltd(002821) Pharmaceutical Chemistry Co., Ltd., a wholly-owned subsidiary of the company, recently signed a new batch of supply contract for related products with customers. The contract amount is about 3.542 billion yuan and the delivery time is 2022. There is widespread speculation in the industry that Pfizer is involved.
Li Zhixin, a pharmaceutical researcher at capital securities, said that Pfizer expects the output of 2022q1paxlovid to be 6 million courses, the output of 2022h1 to be 30 million courses, and the annual output to be 120 million courses (performance guidance of US $22 billion). Considering the strong infectivity of covid-19 pneumonia, with the increase of approved countries and the promotion of MPP agreement, the production capacity pressure will further increase. According to the calculation of 15% – 20% of drug production cost, the market scale of relevant industrial chain this year is US $3.3 billion-4.4 billion. China’s supply chain system of small molecule drug intermediates, APIs and preparations is stable and mature, and relevant enterprises are expected to generate large profits. With the gradual expansion of production capacity and product delivery, enterprises in the industrial chain are expected to benefit.
