Changchun High And New Technology Industries (Group) Inc(000661) (000661)
Key investment points:
Event: Recently, the company announced two investments and continuously enriched its product line. The subsidiary kinsay pharmaceutical takes the relevant interests of Shandong Delisi Food Co.Ltd(002330) in mingtransdermal patch products and plans to acquire 68% equity of Hangzhou wowei medical.
comment:
Acquire wowei medical and accelerate the layout of neonatal field. According to the company's announcement, the subsidiary Kinsey pharmaceutical plans to use its own funds to acquire 68% of the equity of Hangzhou wowei medical in the form of capital increase and share expansion in stages and the acquisition of part of the equity of the original shareholders. Among them, Kinsey pharmaceutical or / and the third party designated by Kinsey pharmaceutical subscribe for 10% equity of Hangzhou wowei medical in the form of capital increase and share expansion. The total investment is expected to be 52.0355 million yuan. Focusing on the field of brain diseases and brain intelligence development, Hangzhou wowei medical focuses on the registration and development of neonatal and adult brain function monitoring equipment. The technology of the two monitoring equipment developed by Hangzhou wowei medical is mature and has been in the registration stage. After being officially listed, it will be conducive to the effective monitoring of neonatal brain function. After acquiring wowei medical, the company will cut into the neonatal field through its neonatal EEG measurement system, noninvasive multi parameter near-infrared tissue oxygen monitor, portable functional near-infrared brain imaging system and other products, echo with the company's businesses in the fields of neuropsychiatric and senile degenerative diseases in childhood, and help the company occupy a place in the field of brain science in the future.
The patent license of Shandong Delisi Food Co.Ltd(002330) transdermal patch in Chinese mainland promotes the development in the field of mental neurology. Recently, the subsidiary Kinsey Pharmaceutical Co., Ltd. has reached cooperation with LVYE Switzerland, a wholly-owned subsidiary of LVYE pharmaceutical, and has become the exclusive distributor of lismin transdermal patch in China. Among them, single day patch is the only patch product approved by FDA for the treatment of Alzheimer's disease; Multi day sticker products are still in the research and development stage. The patch product is easy to administer, reduces the gastrointestinal and other adverse reactions of the capsule product, increases the dosage, and improves the safety and compliance. This product cooperation authorization will help to further broaden the company's product line, and is also expected to form a synergistic effect with products under research, accelerate the company's strategic layout in the field of psychotropic neurodrugs, and expand the company's influence in the field of anti-aging treatment.
Investment suggestion: the company is the leader of growth hormone, with large market space and good competition pattern in China. Through the above two investments, the company will accelerate the development in the field of newborns and mental nerves, enhance technical reserves, optimize product structure, enhance core competitiveness and promote the healthy and sustainable development of the company. We expect the company's earnings per share in 2021 and 2022 to be 10.12 yuan and 13.01 yuan respectively, and the current share price corresponding to PE is 28 times and 22 times respectively, maintaining the "recommended" rating of the company.
Risk tips: industry competition intensifies, new product R & D is less than expected, industry policy risk, medical insurance price reduction and fee control risk, etc.
