\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 161 Beijing Tiantan Biological Products Corporation Limited(600161) )
Events
On February 28, the company issued the announcement of the resolution of the 16th meeting of the eighth board of directors, deliberating and passing the proposal on the establishment of plasma stations by several subsidiaries such as Guizhou blood system, Wuhan blood system and Shanghai blood system.
Business analysis
New pulp stations continue to make breakthroughs, and long-term growth expectations continue to be fulfilled. The announcement shows that the company's Guizhou blood system has set up 4 pulp stations in Jiangkou, Fenggang, Liping and Luodian, Wuhan blood system has set up 2 pulp stations in Yangxin and Honghu, and Shanghai blood system has set up 2 pulp stations in Nong'an and Yushu, with a total of 8 new pulp stations. In 2021, the company has planned to set up 15 new pulp stations in Hubei, Gansu, Hebei, Jiangsu and other places. In the early stage of the 14th five year plan, the company's new pulp station continued to make significant progress, and the future growth logic was clear.
Intravenous covid-19 human immunoglobulin (pH4) has entered clinical phase II, and there is no similar product on the market in the world. Recently, the "intravenous covid-19 human immunoglobulin (pH4)" developed by the company's Wuhan blood system has completed preparations such as clinical ethics review, clinical medication customs clearance and pre clinical enrollment, and carried out phase II clinical trial in the UAE. At present, this product has no similar products on the market outside China. The company's COVID-19 pH4 (Human Immunoglobulin) was approved in September and October in 21 and approved by the clinical trials of China and UAE. It can be used for emergency use according to the New Coronavirus pneumonia diagnosis and treatment plan.
Subcutaneous injection of human immunoglobulin (injection) has entered clinical phase III, and there is no product on the market in China. The "subcutaneous injection of human immunoglobulin (injection)" developed by Chengdu Rongsheng company has passed the clinical ethics review and preparation before clinical enrollment, and officially carried out the phase III clinical trial. The indications of subcutaneous injection of human immunoglobulin (injection) include primary immunodeficiency disease (PID), common variant immunodeficiency disease, immunoglobulin G subclass deficiency disease, etc, At present, there is no product on the market in China. The company's products under research are highly innovative. If the clinical trial and listing approval progress smoothly in the future, it is expected to fill the gap in the Chinese market.
Profit adjustment and investment suggestions
We maintain the profit expectation. It is expected that the company will realize the net profit attributable to the parent company of 764 million yuan, 918 million yuan and 1142 million yuan from 2021 to 2023, with a year-on-year increase of 20%, 20% and 24% respectively. The corresponding EPS is 0.79, 1.10 and 1.27 yuan / share respectively, and the corresponding current PE is 52, 43 and 35 times respectively.
Maintain the "buy" rating.
Risk tips
The expansion of pulp station fails to meet the expectation; Capital expenditure and depreciation and amortization increase due to the new pulp station; Production capacity construction progress is less than expected; Industry policy risk; Repeated outbreaks; Risk of lifting the ban on restricted shares, etc.
