\u3000\u3 Guocheng Mining Co.Ltd(000688) 166 Brightgene Bio-Medical Technology Co.Ltd(688166) )
Event:
The company released the performance express for 2021. In 2021, it realized revenue of 1.052 billion (year-on-year + 34.00%), net profit attributable to parent company of 244 million (year-on-year + 43.48%), and net profit deducted from non attributable to parent company of 224 million (year-on-year + 42.69%). The performance is in line with expectations.
Comments:
The performance growth continued, and the antibacterial API increased rapidly
In the fourth quarter of 2021, the company realized a revenue of 304 million (year-on-year + 10.56%), a net profit attributable to the parent of 67 million (year-on-year + 38.88%), and a net profit deducted from non attributable to the parent of 51 million (year-on-year + 21.54%). One belt, one road, has been the first quarter of the fourth quarter. The company's profit growth in the first three quarters has been extended. We expect that the main source of the increase is the anti fungal drug mass of the drug, such as the drug, such as the drug, and the growth of the sodium sulphate and decripine. The growth rate of the revenue side is relatively slow. We expect that it is mainly due to limited production capacity and power restriction.
Raw materials and preparations are worth looking forward to
Brightgene Bio-Medical Technology Co.Ltd(688166) is one of the few API enterprises that have obtained the sales share of downstream preparation enterprises, with strong API development ability; The company expands new drugs, iron agents, inhalation preparations with high barriers or large market space, anti influenza drugs and anti-cancer drugs. The preparation business is expected to grow rapidly under the low base. In January 2022, the pharmaceutical patent pool organization granted the production license of generic drugs of the covid-19 therapeutic drug of MSD to 27 generic pharmaceutical enterprises in the world, including 5 Chinese pharmaceutical enterprises including Brightgene Bio-Medical Technology Co.Ltd(688166) which indicates that Brightgene Bio-Medical Technology Co.Ltd(688166) has been recognized and is expected to be beneficial to the expansion of overseas orders.
Maintain the "overweight" rating
In view of the company's strong ability to develop difficult synthetic APIs, the developed products are shared by downstream preparation enterprises, and the preparations are developed in large space or high barrier fields such as influenza drugs / asthma inhalation preparations / iron agents, the company is optimistic about the long-term development of the company. It is estimated that the net profit in 2022 / 2023 will be 357 million / 488 million respectively, corresponding to the closing price on February 25, and PE will be 34 / 25 times respectively, maintaining the original "overweight" rating.
Risk tips
The development of API is less than expected; The sales of preparations were less than expected
