Chongqing Zhifei Biological Products Co.Ltd(300122) fundamentals continued to improve

\u3000\u30 Zhongyan Technology Co.Ltd(003001) 22 Chongqing Zhifei Biological Products Co.Ltd(300122) )

Events

The company has obtained the invention patent certificate

Recently, the company announced that Beijing Zhifei green bamboo biopharmaceutical Co., Ltd., a wholly-owned subsidiary, recently obtained an invention patent certificate issued by the State Intellectual Property Office of the people’s Republic of China. The name of the invention patent is “a method for purifying Shigella specific polysaccharide”.

Brief comment

Optimistic about the fundamentals of the company in the past 22 years

Independent products + agent products constitute the company and new growth power. Looking forward to 2022, it is expected that: 1) agent HPV vaccine will continue to increase the supply in China; 2) Pentavalent rotavirus vaccine maintained rapid growth; 3) EC + micro card products have been commercialized, and the annual volume can be expected; 4) Independent meningitis series products and Hib products show a rapid growth trend driven by strong sales capacity. Optimistic about the company’s overall business trend of non covid-19 vaccine in 2022

The R & D pipeline continues to advance, and the long-term growth can be expected

The company’s R & D pipeline continues to advance: 1) the production of 23 valent pneumonia vaccine, tetravalent influenza vaccine and MRC-5 rabies vaccine will be reported soon, and it is expected to be approved in 22-23 years; 2) The indications of hpv-9 women aged 9-45 years have submitted an application for clinical trial registration verification to CDE in April 21. It is expected that the indications will be expanded by the end of 22; 3) Pcv15, MCV4 and bivalent dysentery are in clinical stage 3; 4) MRNA technology platform shows unique advantages in this covid-19 epidemic. The company participated in biological financing in December 2020 and improved its mRNA technology platform layout in the form of equity subscription. It is expected to continue to deepen financing and technical cooperation in the future. The research and development of other varieties made steady progress. In the future, as heavy products are successively approved for listing, the company’s independent products are expected to usher in new growth points.

Profit forecast and investment rating

Without considering the profit expectation of covid-19 vaccine temporarily, we expect the company to achieve operating revenue of 22.158 billion yuan, 33.948 billion yuan and 44.078 billion yuan respectively from 2021 to 2023, and the net profit attributable to the parent company is 4.616 billion yuan, 6.975 billion yuan and 9.116 billion yuan respectively, with a year-on-year increase of 39.8%, 51.1% and 30.7% respectively, equivalent to EPS of 2.88 yuan / share, 4.36 yuan / share and 5.70 yuan / share respectively, The corresponding PE is 42.3x, 28.0x and 21.4x respectively, maintaining the buy rating.

Risk analysis

Risk of changes in industrial policies; Product R & D and registration failed; Product sales did not meet expectations; Vaccine business compliance risk;

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