\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 196 Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) )
Event:
The company released the annual report of 2021. The annual revenue was 39.005 billion (year-on-year + 28.70%), the net profit attributable to the parent was 4.735 billion (year-on-year + 29.28%), and the net profit deducted from non attributable to the parent was 3.277 billion (year-on-year + 20.60%), and the performance was in line with expectations. The company plans to pay 5.6 yuan for every 10 shares.
Comments:
Contribution performance of innovation, investment and asset disposal
The company achieved revenue of 11.957 billion (year-on-year + 45.74%) in 2021q4, continuing the previous rapid growth. First, driven by innovation, new and secondary products accounted for more than 25% of the revenue of pharmaceutical business, and the sales of newly listed fubitai exceeded 1 billion. Yikaida became the first approved car-t product in China. Hanlikang / hanquyou / Su Kexin achieved revenue of 1.690/9.30/426 billion respectively, an increase of 125% / 564% / 204% respectively over the same period; Second, investment. The corresponding value of holding biontech increased by US $280 million; Third, asset disposal. The current asset disposal (mainly the equity of Yaneng) brought about a profit and loss of about 2.2 billion.
Innovation and internationalization are expected to continue to promote performance growth
In the pharmaceutical business, the indications of PD-1 monoclonal antibody MSI-H are expected to be approved this year, bevacizumab was approved in November 21 and yikaida was approved in mid-21, which is expected to contribute to the increment, and the subsequent production of Songjiang capacity opens the capacity bottleneck; Among covid-19 related businesses, fubitai vaccine is expected to continue to grow. The company has been authorized by MPP to produce covid-19 generic drugs of MSD and Pfizer, which is expected to bring increment in the future. Da Vinci operation Siasun Robot&Automation Co.Ltd(300024) conforms to minimally invasive diagnosis and treatment, and the extension of Furui medical technology product line has driven the growth of medical device business.
Maintain the “overweight” rating
Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) innovation, investment and internationalization have achieved results, which is in line with the current direction of China’s medical reform and is optimistic about the long-term development of the company. Regardless of the stock price changes of biontech, we expect the net profit of the company in 22-24 years to be 50.69/58.42/66.22 billion respectively, and PE to be 27 / 24 / 21 times respectively, maintaining the “overweight” rating.
Risk tips
Covid-19 vaccine and drug approval was less than expected; The share price of biontech fluctuated more than expected; Sales of innovative drugs were lower than expected
