\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 380 Joincare Pharmaceutical Group Industry Co.Ltd(600380) )
Events. The company issued its annual report for 2021. In 2021, the company realized an operating revenue of 15.904 billion yuan, a year-on-year increase of 17.62%; The net profit attributable to the parent company was 1.328 billion yuan, a year-on-year increase of 18.57%; The non net profit deducted was 1.225 billion yuan, a year-on-year increase of 26.72%. In Q4 of 2021, the company achieved an operating revenue of 3.97 billion yuan, a year-on-year increase of 16.13%; The net profit attributable to the parent company was 320 million yuan, a year-on-year increase of 65.74%; The non net profit deducted was 305 million yuan, a year-on-year increase of 87.11%. Viewpoint: the annual performance is slightly higher than the median value of the forecast, and Q4 has a bright performance. 1. The annual performance rate is slightly higher than the median value of the forecast, and Q4 performs well.
Livzon Pharmaceutical Group Inc(000513) (excluding lizumab): contribution to the parent company's net profit of 888 million yuan;
Lizuzumab: the net profit attributable to the mother is - 221 million yuan;
Joincare Pharmaceutical Group Industry Co.Ltd(600380) (excluding Livzon Pharmaceutical Group Inc(000513) , lizuzumab): operating income of 4.129 billion yuan (+ 23.41%);
Net profit attributable to parent company: 650 million yuan (+ 45.09%); The non net profit attributable to the parent company was 618 million yuan (+ 44.27%).
Prescription drugs: the sales revenue was 1.789 billion yuan, a year-on-year increase of 55%. The sales revenue in the field of anti infection was 1.192 billion yuan, a year-on-year increase of about 12%; In the respiratory field, the new sales revenue was 577 million yuan, a year-on-year increase of about 658%.
APIs and intermediates: the sales revenue was 2.034 billion yuan (+ 11%), and the mixed powder of 7-ACA and meropenem increased both in volume and price.
Health products and OTC: operating income of 289 million yuan (- 12%).
\u3000\u30002. The field of respiratory department is the R & D field of Joincare Pharmaceutical Group Industry Co.Ltd(600380) key layout. The pipeline is continuously promoted, and there are many follow-up points. The fifth batch of centralized procurement won the bid for three inhalation preparations (large specification of budesonide suspension for inhalation (2ml: 1mg), compound ipratropium bromide solution for inhalation (Sultane) and ipratropium bromide solution for inhalation (liwu'an)), ensuring the sales of inhalation preparations in the next three years. Terbutaline sulfate aerosol inhalation solution has been declared for production; Tobramycin inhalation solution (class 2.4) has completed phase III clinical trial and is ready for production report; Formoterol fumarate inhalation solution (Category 3, imitation varieties encouraged by the state) has completed the interim analysis of phase III clinical trial. The independent data monitoring committee determines that the interim analysis results of its main research endpoint meet the pre-set excellence standard; Formoterol fumarate inhaled aerosol (class 2.3), mometasone formoterol inhaled aerosol (Class 3) and adinium bromide inhaled powder aerosol (class 2.2) obtained the notice of approval for clinical trial.
\u3000\u30003. With the layout of cutting-edge technologies, the research institute has established six R & D platforms. Henan Joincare Pharmaceutical Group Industry Co.Ltd(600380) biomedical research institute has established six R & D platforms, including industrial strain breeding, synthetic biology, biocatalysis, fermentation amplification, product extraction and biochemical API, with a team of more than 60 people. The Institute has signed strategic cooperation agreement and technical confidentiality agreement with Tencent quantum laboratory and Shenzhen Institute of advanced technology respectively. Recently, the research institute is making every effort to transform and upgrade the production strains of cephalosporin C and phenylalanine; And actively cooperate with Tencent quantum laboratory to carry out research on genome gene cluster and functional element sequence prediction and metabolic pathway optimization in combination with AI technology.
Profit forecast and conclusion. We believe that Livzon Pharmaceutical Group Inc(000513) will continue to contribute to stable performance, the R & D layout of lizumab will continue to promote, the new products of respiratory department will contribute to incremental performance, and the R & D pipeline of respiratory department will continue to promote. According to the latest annual report of the company, we adjusted the profit forecast. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 1.537 billion yuan, 1.809 billion yuan and 2.123 billion yuan respectively, with an increase of 15.7%, 17.7% and 17.4% respectively. EPS is 0.81 yuan, 0.95 yuan and 1.11 yuan respectively, and the corresponding PE is 15x, 13X and 11x respectively, maintaining the "buy" rating.
Risk warning: drug sales are less than expected risk; Risk of failure in new drug research and development; API price fluctuation risk.
