Tynkon (301263)
A total of one company made an inquiry in this period. On March 15 (next Tuesday), the GEM listed company “tyenkang” will make an inquiry.
Tyenkang (301263): the company’s main business is agent operation, R & D, production and sales of pharmaceutical products, medical devices and sanitary materials, and provision of pharmaceutical technical services and technology transfer. Since 1999, the company has been acting for the operation of Hewei Zhengchang pill and voritin. Through the successful operation of the above products, the company has set up operation outlets in the country; At the same time, relying on its marketing network advantages in the OTC field, the company continues to promote the market construction of its own brand pharmaceutical products, medical device products and other businesses. Up to now, the company has established three major pharmaceutical R & D technology platforms, including functional excipients and nano drug delivery key technology platform, biomacromolecule drug key technology platform, and generic drug development and consistency evaluation technology platform. From 2019 to 2021, the company achieved an operating revenue of 496 million yuan / 709 million yuan / 654 million yuan respectively. From 2019 to 2021, yoy was – 3.4% / 42.83% / – 7.8%, and the compound annual growth rate of operating revenue in the three years was 8.3%; The net profit attributable to the parent company is 55 million yuan / 160 million yuan / 120 million yuan. From 2019 to 2020, yoy is – 26.25% / 192.92% / – 25.34%, and the compound annual growth rate of the net profit attributable to the parent company in three years is 17.3%. According to the company’s preliminary forecast, the net profit attributable to the parent company in 2022q1 increased by 217.63% to 261.84% year-on-year.
Highlights of investment: 1. The company’s self-developed amphoteric drug “atine nine” dapoxetine hydrochloride tablets were listed in 2020 and won the bid for the third national centralized purchase. The income of related products showed a rapid growth trend from 2020 to 2021; We tend to believe that the company’s performance is expected to continue to be driven by the rapid development of the gender drug market. In April 2020, Shandong Huapo Kaisheng received the drug registration approval of dapoxetine hydrochloride tablets. In August 2020, the drug was officially put on the market and selected the third batch of national drug centralized procurement list. From 2020 to 2021h1, the company’s gender drug revenue was 56.97 million yuan and 73.96 million yuan respectively, with good profit expectation. 2. The company has accumulated certain marketing and operation advantages in the long-term development, or help the company promote the sales of self-produced drugs. In the past, as the sole general agent of weizhengchang pill and voritin in China, the company has successfully helped the above drugs become a well-known product with annual sales of more than 100 million in China. At present, the company’s operation network has covered 28 provincial regions in China, forming a large-scale sales channel network and sales team, which can quickly promote drugs to the national market. 3. The company is focusing on accelerating the transformation and building a self-developed pipeline. At present, the company has 16 independent R & D projects, of which 4 have submitted drug registration approval applications and 1 cooperative R & D project. Among them, pramipexole hydrochloride sustained-release tablets, tadalafil tablets, ornidazole injection and argatroban injection developed by the wholly-owned subsidiary Shandong huaplatinum Kaisheng have submitted the application for drug registration approval; In addition, the company has also arranged key new drug projects such as cisplatin polymer micelles and leizumab injection.
Comparison of Listed Companies in the same industry: Listed Companies in the same industry mainly include Yipinhong Pharmaceutical Co.Ltd(300723) , Jinhuo pharmaceutical, China Pioneer medicine, etc. Assuming only the above listed companies in the same industry, the average income scale (first half year) is 690 million yuan, the average market value scale is 3.72 billion yuan, and the average pe-ttm (excluding negative value) is 20.7x. In comparison, the company’s revenue volume is slightly lower than the industry average, and the gross profit margin is in the middle range of the industry; However, the company’s net profit margin will be significantly better than the industry average.
Risk tips: companies that have started the inquiry process may still be unable to be listed for special reasons, the company’s content is mainly based on the contents of the prospectus and other public materials, there is a risk that the selection of Listed Companies in the same industry is not accurate, there may be interpretation deviation in the selection of content data, and the risks of specific listed companies are displayed in the text, etc.
