\u3000\u30 Fawer Automotive Parts Limited Company(000030) 20 Hefei Lifeon Pharmaceutical Co.Ltd(003020) )
Key investment points:
The company is the leader in the industrialization of osmotic pump controlled-release preparations in China, and has technically covered the most complex structure and process. With osmotic pump controlled-release technology as the core, the company has established a laser perforated osmotic pump controlled-release technology platform composed of formula technology, preparation evaluation technology, preparation engineering technology and key equipment technology, and continuously improved the product development and industrialization ability of osmotic pump preparation, which ranks in the forefront of China. The company’s osmotic pump controlled-release preparation technology has the advantages of cost and efficiency, and has covered the most complex structure and process. The original research of methylphenidate hydrochloride sustained-release tablets is concertA, which is a typical representative of push stick osmotic pump tablets on the market. It realizes the two-phase controlled release of drugs for the first time. The company’s methylphenidate hydrochloride sustained-release tablets have entered the stage of amplification and process verification, marking that the company’s osmotic pump technology has covered the most complex structure and process, and the analgesic oxycodone hydrochloride sustained-release tablets have been submitted for listing. The listed products include felodipine sustained-release tablets (II), doxazosin mesylate sustained-release tablets and nifedipine controlled-release tablets. In the future, the company will expand its business to the fields of psychotropic narcotic drugs combined with slow and controlled release technology platform, ophthalmology and so on.
The competition pattern of chemical medicine osmotic pump preparation is good, and the varieties of traditional Chinese medicine take advantage of the spring breeze of policy. The original research enterprise of felodipine sustained-release tablets is AstraZeneca, with a market share of nearly 90%, and the market share of the company’s products is about 9%. Nifedipine controlled release tablets company has just been approved for listing and is expected to enter the market with the help of the 7th batch of centralized procurement. Doxazosin mesylate sustained-release tablets are the first imitation of Pfizer and can maintain high growth. Traditional Chinese medicine varieties such as Yiqi Hewei capsule will benefit from the current friendly traditional Chinese medicine and basic medicine policies and continue to grow steadily.
Investment suggestion: we estimate that the company’s revenue from 2021 to 2023 will be 2.276 billion yuan, 2.867 billion yuan and 3.687 billion yuan respectively, and the net profit attributable to the parent company will be 167 million yuan, 216 million yuan and 309 million yuan respectively, corresponding to EPS of 181 yuan, 233 yuan and 333 yuan respectively. Based on the share price on March 10, the corresponding PE is 23.8 times, 18.5 times and 12.9 times. We are optimistic about the development of the company and give an overweight rating.
Risk warning: centralized purchase and price reduction exceed expectations; Risks of environmental protection and safety production; The R & D progress is less than expected; Risk of demand fluctuation caused by epidemic changes, etc.
