\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 58 Betta Pharmaceuticals Co.Ltd(300558) )
Events
On April 6, 2022, the company released its annual report, with a revenue of 2.246 billion yuan in 2021, a year-on-year increase of 20.08%; The net profit attributable to the parent company was 383 million yuan, a year-on-year decrease of 36.83%. However, excluding the one-time investment income of 293 million yuan obtained from the sale of BeDa medical technology in 2020 and the impact of equity incentive, the actual net profit attributable to the parent company was 411 million yuan, a year-on-year increase of about 23.05%; The R & D cost was 566 million yuan, a year-on-year increase of 55.97%. The performance is in line with expectations.
Comments
Innovation drives growth. Under the environment of centralized pharmaceutical procurement in 2021, the revenue and net profit still increased by nearly 20%. The company's revenue mainly comes from the first generation of EGFR-TKI ektinib and the first domestic ALK inhibitor ensatinib. Ektinib has continued to maintain its market position. Since its listing, its annual sales have exceeded 1 billion yuan for six consecutive years, and its cumulative sales have exceeded 10 billion yuan; In 2021, 1.91 million boxes were sold, with a year-on-year increase of 23.75%. The market share of ensatinib gradually increased, with sales of 150 million yuan in 2021.
Lung cancer has taken the lead in targeting, the tumor field has been comprehensively promoted, and the R & D of more than 40 new drugs is steadily advancing. (1) Focusing on the comprehensive layout of lung cancer combination therapy, the company has listed products for EGFR and alk, more than 40 research projects, and R & D accounts for 38%. (2) In June 2021, Kemena's approved indications increased to 3, and the indications for postoperative adjuvant treatment of NSCLC were added; In November 2021, bevacizumab (avidin biological analogue) was approved, and 6 new indications were accepted in December, or it became the first bevacizumab equivalent to the original indications of avidin; In December 2021, Beina was included in the first-line treatment procedure of NSCLC. In addition, in March 2021, the third generation EGFR-TKI bevotinib mesylate capsule and the first domestic class 1 new drug voronib tablet for the treatment of renal cancer in January 2022 were accepted by nmpa. (3) Kemena and bemena have successfully entered the new medical insurance, and the sales volume can be expected. Kemena single drug first-line, single drug second-line, postoperative adjuvant treatment indications; The second-line treatment of ALK gene mutation NSCLC by bemena was successfully included in the medical insurance catalogue.
Profit forecast and investment suggestions
We maintain the profit forecast: the company is expected to achieve a revenue of 3.1/42/5.5 billion yuan in 2022 / 23 / 24, with a year-on-year increase of 40% / 32% / 33%; The net profit attributable to the parent company was 576 / 758 / 1009 million yuan, with a year-on-year increase of 50% / 32% / 33%. The current share price corresponds to 39 / 30 / 22 times of PE in 2022 / 23 / 24, maintaining the "buy" rating.
Risk tips
Risks such as the failure of new product R & D and commercialization to meet expectations, and the impact of changes in regulatory policies on the growth of the industry.
