Pacific Shuanglin Bio-Pharmacy Co.Ltd(000403) (000403)
Another village is bright and bright, and asset restructuring helps the new journey
The company has experienced the Sanjiu pharmaceutical era - revitalization era - Zhejiang mintou era. Property rights, debts, assets and management reorganization run through its development process. With the renaming of shares, the company's debt disputes, split share structure reform and other historical problems have been properly solved, Pacific Shuanglin Bio-Pharmacy Co.Ltd(000403) listed company's qualification has been retained and has an important market share in the field of blood products in China. In recent years, the company's blood products business has been steadily improved, and the management expenses have been reduced year by year; Equity incentive assessment shows high endogenous performance growth and demonstrates the confidence of the company's management.
The spring breeze of the 14th five year plan is coming, opening a new growth cycle for the supply side of blood products
At present, the hospital sales of blood products in China are in short supply, but the regulations and supervision of the blood products industry are strict and the access barriers are high, which has formed a multi-level competition pattern. During the new five-year planning period of the 14th five year plan, the incremental period of plasma station approval is coming, which is expected to open a new growth cycle of blood products. At the same time, the bid winning rules for centralized collection of blood products are relatively mild. We estimate that the price system can still be reasonably maintained after centralized collection of blood products. Winning the bid is conducive to improving the hospital penetration of the company's products and obtaining high-quality customer resources.
Endogenous + epitaxial dual promotion, Palin's impact on a new front-line leader
In the short term, the company has achieved endogenous growth through internal potential tapping. In 2021, the pulp collection volume will hit 1000 tons, and the pulp collection volume is expected to exceed 1500 tons in five years, and it is expected to continue to increase the number of pulp stations under the east wind of the 14th five year plan; High maolite free products and coagulation factor VIII are expected to improve performance. In the medium term, the company will timely promote M & A and integration to realize epitaxial expansion. In the long run, the company aims at the international first-class level, draws lessons from the advanced experience and development direction of overseas blood product giants, extends to both ends of the blood collection and blood use industrial chain, and is expected to become a leading blood product enterprise in China.
Investment advice
The development of the company is gradually on track, the number of plasma stations is increasing, the plasma collection is expected to increase year by year, the comprehensive utilization rate of plasma is expected to continue to improve, and it is expected to rank among the first echelon of the blood products industry and enter a period of rapid growth. It is estimated that the EPS from 2021 to 2023 will be 0.61, 0.88 and 1.09 yuan / share respectively, and the PE corresponding to the current stock price will be 51 times, 35 times and 28 times respectively. It will be covered for the first time and given a "recommended" rating.
Risk statement
The number of pulp stations and the volume of pulp extraction are lower than expected; The impact of centralized collection on the price of blood products; Other safety issues in the blood products industry.
