\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 58 Betta Pharmaceuticals Co.Ltd(300558) )
Core conclusion
Event: in 2021, the company achieved revenue of 2.246 billion (+ 20.1%); The net profit attributable to the parent company is 383 million (- 36.8%), deducting 346 million (+ 3.5%), deducting 411 million (+ 23.1%) after excluding the impact of equity incentive. Q4 single quarter revenue was 522 million (+ 44.2%), 36 million (- 60.9%) attributable to the parent company and 19 million (- 68.8%) deducted.
Kemena’s sales volume continues to grow, and the first and second-line indications of Kemena have been approved. In 2021, the company continued to improve the coverage of Kemena, and the annual sales volume reached 1909400 boxes, with a year-on-year increase of 23.75%; In December 2020, the indication of bemena 2L was approved, and in March 2022, the indication of bemena 1L was approved. The annual sales of bemena reached 150 million yuan, and the market can be expected in the future; In addition, by the end of 2021, the company’s first macromolecular mil60 was successfully listed, which is expected to provide new performance increment for the company’s revenue.
Continue to increase R & D investment, and there are sufficient projects under research. The company continued to increase R & D investment. In 2021, the R & D investment was 861 million yuan, accounting for 38.3% of the total revenue. Up to now, the company’s postoperative adjuvant indications, mil60 and bemena 1L indications have been approved for listing successively, two candidate drugs bpi-d0316 and CM082 have been submitted to NDA, and many projects such as bemena postoperative adjuvant indications, bpi-23314, bpi-361175, bpi-21668, mcla-129, bpi-421286, PD-1, CTLA-4 and bpi-16350 have been approved for clinical trials. The company has made every effort to promote the progress of research projects and is developing more than 40 new drug projects. In December 2021, the company’s postoperative auxiliary indications of Kemena and bemena 2L therapy entered the national medical insurance, driving the rapid and large-scale growth of products and boosting the growth of performance.
Profit forecast and rating: the company is expected to achieve revenue of RMB 2.81637425376 billion from 2022 to 2024, with a year-on-year increase of 25% / 33% / 44%. As a leader in the field of lung cancer in China, the company is expected to continue to grow and maintain the “buy” rating as Kemena’s postoperative auxiliary indications enter the medical insurance, bemena increases market development and mil60 is successfully listed.
Risk tip: the progress of new drug research and development is less than expected, the product sales are less than expected, the market competition is intensified, and the loss of core technicians is at risk.
