Sinocelltech Group Limited(688520) (688520)
event
On November 24, 2021, the company issued the announcement that the fixed increase was approved by the CSRC and the prospectus for issuing A-Shares to specific objects in 2021; The company plans to issue A-Shares to specific objects, and the total amount of funds raised shall not exceed 2240489400 yuan.
comment
The first fixed increase and 2.2 billion new drug R & D fund-raising and investment plan approved by the science and Innovation Board will help speed up the commercialization and internationalization of many products of the company. According to the company’s fixed increase fund-raising instructions, all the 2.2 billion raised by the fixed increase will be used to supplement the expenses of new drug R & D projects; The total investment of the project is nearly 2.5 billion, about 450 million will be used for preclinical research such as virus vaccine, and about 2.05 billion will be invested in sct800 (recombinant eight factors, trade name: angain) ®）、 Sct-i10a (PD-1 monoclonal antibody, one of the layout products of the company’s own product portfolio for multi mechanism and target treatment of solid tumors), sct1000 (phase III clinical of 14 valent HPV vaccine), sct510a (VEGF monoclonal antibody) and scta01 (phase II / III clinical of covid-19 neutralizing antibody International).
The implementation of the fixed increase plan will promote the overseas clinical trials of the eight factors of reorganization and accelerate the internationalization of the product market.
ANGA has three core advantages: quality and stability, production capacity and cost. The product is the third generation recombinant human coagulation factor VIII product independently developed by the company, and the process and preparation do not contain albumin. The company has established high-efficiency and stable production engineering cell line, serum-free and protein-free suspension flow addition process, high-efficiency and high specificity downstream purification process with affinity purified antibody as the core step independently developed and produced, finished preparation formula without albumin additive and production line with 4000 liter cell culture scale.
Commercialization status: at present, the market of the company’s restructured eight factor products is limited to China, Europe, America and developing countries, and is expected to be expanded through the overseas clinical trials promoted by this fund-raising. The eight factors of the company’s reorganization are currently domestic and exclusive. It has been approved to enter the hospital for more than one month, that is, it has achieved sales of nearly ten million yuan. After the product is approved for marketing on July 20, 2021, it will obtain the national medical insurance code on August 12; After the official announcement of the national medical insurance code on August 30, the company started the admission process of key hospitals to promote the product to realize medical insurance payment in the public hospital system as soon as possible. At the same time, the company is promoting the coverage of non-public hospital channels such as private hospitals and dual channel pharmacies to increase the accessibility of products after listing.
Profit forecast and investment suggestions
We maintain the profit forecast. It is estimated that the company’s revenue in 2021 / 22 / 23 will be 86 / 684 / 1934 million yuan, and the net profit attributable to the parent company will be -934, – 723 and -76 million yuan, maintaining the “buy” rating.
risk
The R & D progress and commercialization process do not meet expectations, the failure of fixed increase issuance and the lifting of the ban on restricted shares.
