\u3000\u3 China Vanke Co.Ltd(000002) 294 Shenzhen Salubris Pharmaceuticals Co.Ltd(002294) )
Shenzhen Salubris Pharmaceuticals Co.Ltd(002294) released the annual report of 2021 and the performance forecast for the first quarter of 2022. In 2021, the company achieved an operating revenue of 3.058 billion yuan, a year-on-year increase of 11.68%, and a net profit attributable to the parent company of 534 million yuan, a year-on-year increase of 776.90%. The net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses was 283 million yuan, a growth rate of 723788%, and achieved eps0 50 yuan.
Q4 single quarter: the operating revenue was 871 million yuan, a year-on-year increase of 44.11%; The net profit attributable to the parent company was 142 million yuan, with a loss of 207 million yuan in the same period in 2020; The net loss attributable to shareholders of listed companies after deducting non recurring profits and losses was 53.34 million yuan, with a loss of 227 million yuan in the same period in 2020.
Q1 in 2022: expected revenue of 8611053 million yuan, with a year-on-year increase of 12.45% – 37.44%; The net profit attributable to the parent company was 212263 million yuan, with a year-on-year increase of 36.45-69.44%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 163212 million yuan, with a growth rate of 10.38-43.37%. It is expected to achieve eps0 19-0.24 yuan.
Viewpoint: out of the influence of centralized purchase, Q1 is slightly higher than expected, and we look forward to the continued brilliance of innovative products
The annual revenue of 2021 was stable and in line with expectations. Among them, the growth of preparation sector was 19.44%, which was in line with the expectation, the impact of antibiotics on API sector decreased by 25.80%, and the medical device sector decreased by 3.39%. The reason why profit growth is faster than income growth is the low base under many factors in 2020. The difference between non deduction and parent ownership is mainly due to the transfer of the equity of m.a.medalliancesa held by the subsidiary notai to rosyterolimited with us $45 million. In addition, the impairment of Q4 Suzhou Huanchen intangible assets was 120 million yuan.
The revenue of 2022q1 is expected to grow both year-on-year and month on month, slightly higher than expected. Alisartan axetil, the company’s core product, renewed the national medical insurance catalogue at the end of 2021, with a renewal price of 4.3 yuan (240mg / tablet), a decrease of 29.3%. Q1 on the basis of price reduction, the sales are basically flat year-on-year, and the revenue is expected to achieve double growth month on month and year-on-year. We believe that the acceleration trend of the volume after the renewal of alisartan axetil fully reflects the cumulative effect of the volume of drugs for chronic diseases.
The company continues to improve the long-term layout of pipelines in the field of chronic diseases, and subsequent innovation promotes performance growth. With strong R & D investment, the company’s product pipeline has been rapidly expanded and continuously promoted.
Abundant pipeline under research: at present, there are 48 projects under research, including 26 chemical drugs (including 21 innovation projects) and 15 biological drugs (including 10 innovation projects); There are 7 research projects in the field of medical devices. The application for the listing of teriparatide water injection and enastatin tablets is under review.
Rapid progress of R & D: in the phase III clinical project, 260 patients with s086 hypertension indications were enrolled and heart failure was ready to be enrolled; Sal0107 joining has been completed and sal0108 is ready to join. Sino US double report product jk07 has been approved by FDA to carry out phase I clinical trial of HFPEF indications for chronic heart failure. The first group of phase I clinical trial of hfref indications in the United States has been unblinded, and the second group is being enrolled. The preliminary data are positive in efficacy and good in safety; China’s phase I clinical trial has enrolled 3 cases, and the speed is accelerating.
Intensive cultivation, continuous innovation and long-term layout are highly consistent with the drug development orientation of clinical value first. The continuous listing of innovative products will bring sustained vitality to the rapid development of the company.
Profit forecast and investment suggestions. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 632 million yuan, 743 million yuan and 883 million yuan respectively, with an increase of 18.4%, 17.6% and 18.9% respectively. EPS is 0.57 yuan, 0.67 yuan and 0.79 yuan respectively, and the corresponding PE is 39x, 33x and 28x respectively. The company will continue to promote innovation in the future. We are optimistic about the long-term development of the company and maintain the “buy” rating.
Risk warning: risk of R & D failure; The risk of price decline caused by policy changes; Risk of rising costs.
