Key investment points
The batch issuance of large varieties of albumin increased steadily, and Jingbing achieved rapid growth. (1) Albumin: 4281 batches (+ 6.2%) were issued in batches, and domestic products accounted for 37.40% (+ 0.78pp). Among domestic manufacturers, 335 batches of Beijing Tiantan Biological Products Corporation Limited(600161) batch were issued (+ 6.01%, accounting for 21%), 196 batches of Hualan Biological Engineering Inc(002007) batch were issued (+ 11.36%, accounting for 12%), and 179 batches of Taibang biological batch were issued (- 5.29%, accounting for 11%). The total number of approved and issued by 7 listed enterprises reached 74%. (2) Jing C: 1024 batches (+ 15.74%), including 211 batches of Beijing Tiantan Biological Products Corporation Limited(600161) batch (+ 7.11%, accounting for 21%), 143 batches of Hualan Biological Engineering Inc(002007) batch (+ 88.16%, accounting for 14%), and 134 batches of Taibang biological batch (+ 39.58%, accounting for 13%). The first four enterprises accounted for 57% of the total.
The issuance of crazy exemption and B exemption decreased slightly, and the breaking exemption achieved rapid growth. (1) Crazy exemption: 161 batches (- 4.17%), of which 45 batches (- 15.09%, accounting for 28%), 29 batches (+ 38.10%, accounting for 18%), Hualan Biological Engineering Inc(002007) 26 batches (- 16.13%, accounting for 16%), Shanghai Raas Blood Products Co.Ltd(002252) 22 batches (57.14%, accounting for 14%), Pacific Shuanglin Bio-Pharmacy Co.Ltd(000403) 14 batches (+ 16.67%, accounting for 9%). The total proportion of batch issuance of the top five enterprises reached 84%. (2) Party B exemption: 38 batches (- 2.56%), including 19 batches of Hualan Biological Engineering Inc(002007) batch (+ 72.73%, accounting for 50%), 7 batches of Beijing Tiantan Biological Products Corporation Limited(600161) batch (+ 40%, accounting for 18%), and 6 batches of Yuanda Shuyang batch (- 53.85%, accounting for 16%). (3) Exemption breaking: 159 batches were issued (+ 48.6%), including 58 batches of Hualan Biological Engineering Inc(002007) batch (+ 56.76%, accounting for 36%), 27 batches of Taibang biological batch (+ 22.73%, accounting for 14%), and 23 batches of Yuanda Shuyang batch (+ 21.05%, accounting for 14%).
VIII. Fibrinogen maintained a growth trend, and PCC achieved a high growth rate of 27.17%. (1) Eight factors: 381 batches were issued (+ 15.45%), achieving rapid growth 150 batches of Shanghai Raas Blood Products Co.Ltd(002252) batches were issued (+ 10.29%, accounting for 39%), 79 batches of Hualan Biological Engineering Inc(002007) batches were issued (0%, accounting for 21%), 91 batches of Taibang biological batches were issued (+ 19.74%, accounting for 24%), and the total number of batches issued by the top three enterprises reached 84%. (2) Fibrinogen: 229 batches were issued (+ 9.57%), maintaining a growth trend 63 batches of Shanghai Raas Blood Products Co.Ltd(002252) batch were issued (- 5.97%, accounting for 28%), 65 batches of Boya Bio-Pharmaceutical Group Co.Ltd(300294) batch were issued (+ 91.18%, accounting for 28%), 36 batches of Taibang biological batch were issued (+ 71.43%, accounting for 16%), and 38 batches of Hualan Biological Engineering Inc(002007) batch were issued (accounting for 17%). (3) PCC: 234 batches were issued (+ 27.17%), maintaining a rapid growth Hualan Biological Engineering Inc(002007) batch issued 97 batches (+ 22.78%, accounting for 41%), and Taibang biological batch issued 53 batches (- 39.08%, accounting for 23%).
Investment suggestion: the repeated epidemic situation may affect the plasma collection, but under the “dynamic clearing” and normalized epidemic prevention policies, it is expected that the supply side is expected to gradually warm up throughout the year, and the flow of diagnosis and treatment in the hospital will continue to improve. The long-term price trend depends on the bidding and procurement policy and the supply and demand pattern. Leading companies with excellent operating capacity are expected to benefit in the long term. It is recommended to focus on Hualan Biological Engineering Inc(002007) , Beijing Tiantan Biological Products Corporation Limited(600161) , and Boya Bio-Pharmaceutical Group Co.Ltd(300294) , Pacific Shuanglin Bio-Pharmacy Co.Ltd(000403) .
Risk tip: the risk of price fluctuation of blood products, the risk that the academic promotion of blood products is less than expected, the risk that the growth of plasma collection in the industry is less than expected, and the risk of decline in gross profit margin of blood products business.
