\u3000\u3 China Vanke Co.Ltd(000002) 422 Sichuan Kelun Pharmaceutical Co.Ltd(002422) )
2021 annual report:
During the reporting period, the company achieved an operating revenue of 17277407500 yuan, a year-on-year increase of 4.94%; The total profit was 1177615700 yuan, a year-on-year increase of 23.31%; The net profit attributable to the shareholders of the listed company was 1102554300 yuan, a year-on-year increase of 32.94%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 1037613700 yuan, a year-on-year increase of 65.14%; The basic earnings per share was 0.78 yuan, a year-on-year increase of 34.48%.
The core business grew steadily, and the new batch of drugs increased rapidly. During the reporting period, the company’s infusion business achieved an operating income of 980 Beijing Comens New Materials Co.Ltd(300200) yuan, a year-on-year increase of 6.74%; The gross profit margin was 66.05%, unchanged from the same period last year. Non infusion business achieved an operating income of 7135877300 yuan, a year-on-year increase of 2.74%; The gross profit margin was 43.14%, an increase of 2.77 percentage points over the same period last year. During the reporting period, 11 products of the company were selected for the fifth round of centralized purchase, and a total of 25 products were selected for national centralized purchase, providing strong support for the company’s revenue. The newly approved drugs of the company in recent years achieved an operating revenue of 3.251 billion yuan in 2021, with a year-on-year increase of 19.37%. Among them, escitalopram oxalate tablets, dapoxetine hydrochloride tablets, paclitaxel for injection (albumin binding) and other non infusion products have achieved significant growth, driving the steady growth of the company’s performance.
The R & D investment continued to increase, and the products under research were progressing smoothly. During the reporting period, the company’s R & D investment reached 1799534700 yuan, a year-on-year increase of 18.68%, accounting for 10.42% of operating revenue. In the field of innovative drug research and development, the company has 12 new drug research and development projects that have entered the clinical stage. Kl060332 capsule and kl590586 capsule have made significant progress during the reporting period, and other projects have been smoothly promoted. In terms of consistency evaluation, the company obtained 16 approval documents for drug consistency evaluation during the reporting period, of which 7 were the first to pass the consistency evaluation. The company’s innovation and imitation research and development are progressing smoothly. With the continuous implementation of the company’s R & D products, it is expected to continue to enrich its own product pipeline and provide strong support for the company’s long-term development.
Equity incentive promotes development. On November 29, 2021, the company issued an equity incentive plan to 416 core employees. The plan plans to grant 502634 million shares, accounting for 0.35% of the total share capital of the company. In the long run, the company’s equity incentive is conducive to retaining core talents and enhancing its core competitiveness.
Investment suggestion: we expect the diluted EPS of the company from 2022 to 2024 to be 0.91 yuan, 1.04 yuan and 1.20 yuan respectively, and the corresponding dynamic P / E ratios are 18.12 times, 15.76 times and 13.64 times respectively Sichuan Kelun Pharmaceutical Co.Ltd(002422) is a leading enterprise in China’s infusion subdivision industry. At the same time, it is transforming to an innovative drug enterprise. The company’s R & D is progressing smoothly, the new batch of drugs continues to be in large quantities, and the purchase rating is maintained.
Risk warning: policy risk, R & D risk and innovative drug R & D are lower than expected.