\u3000\u3 Shengda Resources Co.Ltd(000603) 392 Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) )
Summary of this issue:
Event: the company released its annual report for 2021, which achieved an operating revenue of 5.75 billion yuan, a year-on-year increase of 144.25%, a net profit attributable to the parent company of 2.021 billion yuan, a year-on-year increase of 198.59%, and a deduction of non attributable net profit of 1.946 billion yuan, a year-on-year increase of 215.32%.
Comments:
Vaccine + IVD two wheel drive has greatly improved its performance. In 2021, the company achieved an operating revenue of 5.75 billion yuan, a year-on-year increase of 144.25%; Among them, the operating revenue of vaccine business was 3.363 billion yuan, with a year-on-year increase of 288.49%, and the gross profit margin was 92.55%, with a year-on-year increase of 2.96%. The main reason is that the company’s bivalent HPV vaccine continues to maintain the trend of booming production and marketing. In terms of production capacity, the pre potting product line was approved and the production capacity of Xilin bottle dosage form was enlarged, and the total production capacity of bivalent HPV vaccine was expanded to 30 million pieces / year; In terms of sales volume, benefiting from strong market demand, the company has sold more than 10 million divalent HPV vaccines. In addition, as covid-19 pneumonia has not been effectively controlled, the demand for overseas testing has increased significantly, and the company’s covid-19 raw material sales and overseas testing reagent export revenue have also achieved rapid growth. In 2021, the company’s in vitro diagnosis business achieved an operating revenue of 2.339 billion yuan, a year-on-year increase of 58.97%, with the same outstanding performance.
Bivalent HPV vaccine is expected to continue in large quantities, and PQ certification will open up overseas market space. At present, the demand for HPV vaccine in China is large and the penetration rate is low, so there is still room for growth several times. Compared with imported products, the company’s bivalent HPV vaccine products have obvious advantages in terms of price and vaccination procedures. With the favorable promotion of international and Chinese policies, the products are expected to usher in a rapid and sustained large-scale stage. In addition, the company’s bivalent HPV vaccine has obtained the PQ certification of who. Since October 2021, it has begun to register and declare in Morocco, Thailand, Nepal and other countries. In 2022, it plans to launch the Philippines, Egypt, Mexico and several GAVI countries. After the products are exported overseas, it will open a broader market for large-scale production.
Strengthen scientific research and international cooperation, and the products under research are progressing smoothly. In terms of scientific research, the company has carried out corresponding cooperative research with Xiamen University, Hong Kong University and other universities; Internationally, the company has signed a strategic cooperation agreement with Beckman Kurt of the United States, the new generation HPV vaccine developed in cooperation with GSK has reached the second milestone, and an international clinical cooperation with path on bivalent HPV vaccine has been launched in Ghana and Bangladesh; All projects under research are progressing smoothly. Among them, the phase III main clinical trial of nine valent HPV vaccine has completed the enrollment and vaccination, and the visit is ongoing; The traditional lyophilized live attenuated varicella vaccine has obtained the phase III clinical trial report; The new freeze-dried live attenuated varicella vaccine (vzv-7d) is undergoing phase IIB clinical trial; The 20 valent pneumococcal conjugate vaccine has obtained the clinical implied license, and the phase I clinical trial will be launched in 2022. The company is expected to further increase its performance after its research products are listed.
Profit forecast: it is estimated that the operating revenue from 2022 to 2024 will be RMB 9.610/13.506/17.523 billion respectively, with a year-on-year increase of 67.1% / 40.5% / 29.7%; The net profit attributable to the parent company was 3.667/5.285/6.918 billion yuan respectively, with a year-on-year increase of 81.4% / 44.1% / 30.9%, corresponding to 41 / 29 / 22 times of PE from 2022 to 2024.
Risk factors: the promotion and sales of HPV vaccine are less than expected, and the product R & D is less than expected.
