\u3000\u30 Shenzhen Zhenye(Group)Co.Ltd(000006) 61 Changchun High And New Technology Industries (Group) Inc(000661) )
Event: the company released its annual report for 2021, with annual revenue of 10.747 billion yuan (+ 25.30%), net profit attributable to the parent company of 3.757 billion yuan (+ 23.33%), and net profit attributable to the parent company of 3.742 billion yuan (+ 26.76%) after deduction; Q4 revenue is 2.508 billion yuan (+ 15.17%), net profit attributable to parent company is 610 million yuan (- 22.40%), net profit attributable to parent company after deduction is 582 million yuan (- 21.69%). The company plans to pay a cash dividend of 8.00 yuan (including tax) for every 10 shares. The overall performance was slightly lower than expected.
Kinsey pharmaceutical's revenue growth is in line with expectations, and the annual new patient enrollment data is expected to perform well. The annual revenue of the subsidiary kinsay pharmaceutical was 8.198 billion yuan (+ 41.28%), the net profit was 3.684 billion yuan (+ 33.47%), and the net interest rate decreased by 2.63pct to 44.94% year-on-year; The Q4 revenue was 2.037 billion yuan (+ 31.12%), the net profit was 642 million yuan (- 16.74%), and the net interest rate decreased by 18.12pct to 31.52% year-on-year. The growth rate at the income side was relatively in line with expectations. The decline in net interest rate is expected to be mainly due to the increase in R & D investment in related research projects. The quotation of Guangdong joint procurement was implemented. The company only participated in the centralized procurement of powder injection, and the core dosage form water injection was not included, which is expected to have a small impact on the company's performance. Pay long-term attention to the increase of the proportion of long-acting water needle and the market expansion brought by adult indications.
Changchun Bcht Biotechnology Co(688276) nasal spray influenza vaccination is affected by covid-19 vaccination. The subsidiary Changchun Bcht Biotechnology Co(688276) has an annual revenue of 1.202 billion yuan (- 16.12%) and a net profit of 244 million yuan (- 40.45%); Q4 achieved a revenue of 257 million yuan (- 28.33%) and a net profit of 11 million yuan (- 85.93%). According to the annual report of Baike, the annual sales of live attenuated varicella vaccine and nasal spray influenza vaccine were 8113500 and Zhejiang Tiantai Xianghe Industrial Co.Ltd(603500) respectively. Affected by covid-19 vaccination, nasal spray influenza vaccination produced nearly 4 million units throughout the year. Due to the return of goods, the provision for inventory impairment was 83 million yuan.
In terms of other subsidiaries, Huakang pharmaceutical had an annual revenue of 642 million yuan (+ 10.12%) and a net profit of 43 million yuan (+ 2.38%); Q4 achieved revenue of 174 million yuan (+ 7.41%) and net profit of 05 million yuan (- 28.57%). The annual income of high-tech real estate is 663 million yuan (- 8.55%), and the net profit is 86 million yuan (- 37.23%); Q4 achieved revenue of 27 million yuan (- 71.88%) and net profit of 07 million yuan (- 36.36%).
The gross profit margin increased steadily, and the R & D expenses affected the net profit margin. The annual gross profit margin is 87.61% (+ 0.92pct) and the Q4 gross profit margin is 90.56% (+ 2.98pct), and the gross profit margin is stable and upward. In terms of expense rate, the annual sales / management / R & D / financial expense rate was 28.51% / 5.89% / 8.23% / - 0.83% respectively, with a year-on-year change of -1.60 / + 0.31 / + 2.70 / - 0.07pct respectively; The expense rates of Q4 were 35.28% / 10.13% / 12.61% / - 0.94% respectively, with a year-on-year change of + 6.09 / + 3.36 / + 5.28 / + 0.00pct respectively. Various expense rates of Q4 increased significantly, resulting in the net interest rate of Q4 falling 13.88pct to 24.29%, and the annual net interest rate was 36.27% (- 2.30pct).
R & D projects have been steadily promoted. The indications of many existing growth hormone products of Kinsey have increased. The indications of idiopathic short stature (ISS) and Prader Willi syndrome (PWS) have been included in the priority review and are expected to be approved in 2022; Kintolizumab injection reported by both China and the United States was recognized as an orphan drug by FDA Changchun Bcht Biotechnology Co(688276) live attenuated herpes zoster vaccine completed clinical research, nasal influenza vaccine (liquid preparation) launched clinical trial, acellular DPT (three component) combined vaccine launched clinical trial, and accelerated the research and development progress of key projects under research such as all human anti rabies monoclonal antibody.
Maintain the "buy" rating. The company is a leading enterprise of growth hormone in China. The vaccine business is unique and listed independently. It is a scarce "consumption upgrading" white horse enterprise. In the past 22 years, the enrollment of new cases of growth hormone is expected to maintain stable growth, the production and marketing scale of 100g nasal spray influenza vaccine is expected to resume growth, and other products such as Kinsey recombinant follicle stimulating hormone will also contribute to stable income. It is estimated that the net profit attributable to the parent company in 22-24 years will be RMB 5.148/65.29/7.994 billion, corresponding to 14 / 11 / 9 times of the current PE, maintaining the "buy" rating.
Risk tip: the risk of price reduction in the bidding of centralized purchase of growth hormone, the risk that the approval of products under development is less than expected, and the risk of intensified competition for growth hormone or vaccine.
