Sichuan Kelun Pharmaceutical Co.Ltd(002422) (002422. SZ) announced on January 8 that the company achieved a revenue of RMB 17.229 billion in 2021, a year-on-year increase of 4.64%; The net profit attributable to the shareholders of the listed company was 1.096 billion yuan, a year-on-year increase of 32.16%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 1.015 billion yuan, a year-on-year increase of 61.54%.
The reporter of the economic information daily noted that benefiting from the steady development of the main business, Sichuan Kelun Pharmaceutical Co.Ltd(002422) the revenue and net profit in 2021 showed an increasing trend, but the company's performance in the fourth quarter of 2021 did not continue the growth trend of the previous five consecutive quarters, and the revenue and net profit indicators fell to varying degrees.
fourth quarter revenue and net profit decreased by
Overall, Sichuan Kelun Pharmaceutical Co.Ltd(002422) had a good performance in 2021, and its revenue and net profit showed a growth trend.
Among them, the company's revenue in 2021 was 17.229 billion yuan, a year-on-year increase of 4.64%; The net profit attributable to the shareholders of the listed company was 1.096 billion yuan, a year-on-year increase of 32.16%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 1.015 billion yuan, a year-on-year increase of 61.54%.
Figure 1 Sichuan Kelun Pharmaceutical Co.Ltd(002422) main financial data and indicators in 2021 (unit: yuan) picture source: company performance express
Although the performance of Sichuan Kelun Pharmaceutical Co.Ltd(002422) 2021 has increased, it has not yet returned to the best level in history.
The data show that since Sichuan Kelun Pharmaceutical Co.Ltd(002422) was listed in June 2010, its revenue has increased to varying degrees in other years except for a slight decline in 2015 and 2020, and the company's revenue reached the highest value of 17.636 billion yuan in 2019; From the perspective of net profit, Sichuan Kelun Pharmaceutical Co.Ltd(002422) was basically maintained at about RMB 1 billion from 2011 to 2014, and then fluctuated greatly. Among them, it fell continuously in 2015 and 2016, rebounded in 2017, reached the highest value of RMB 1.213 billion in 2018, and continued to decline in 2019 and 2020.
It can be seen that the revenue of Sichuan Kelun Pharmaceutical Co.Ltd(002422) 2021 has not reached the level of 2019, and the net profit is basically at the same level as that from 2011 to 2014, and there is still a certain distance from the historical highest value in 2018
Figure 2 Sichuan Kelun Pharmaceutical Co.Ltd(002422) performance data since listing (unit: 100 million yuan)
From the single quarter data, Sichuan Kelun Pharmaceutical Co.Ltd(002422) in the fourth quarter of 2021, the revenue and net profit did not continue the growth trend of the previous five consecutive quarters, and declined to varying degrees.
The data show that from the third quarter of 2020 to the third quarter of 2021, Sichuan Kelun Pharmaceutical Co.Ltd(002422) single quarter revenue growth was 9.82%, 2.62%, 17.35%, 10.48% and 0.49% respectively, and the net profit growth was 60.55%, 1290.39%, 701.49%, 75.39% and 19.04% respectively. The company's performance has increased for five consecutive quarters; In the fourth quarter of 2021, Sichuan Kelun Pharmaceutical Co.Ltd(002422) achieved a revenue of 4.543 billion yuan, a year-on-year decrease of 5.38%, and a attributable net profit of 248 million yuan, a year-on-year decrease of 24.42%, breaking the previous five consecutive quarters of continuous growth
Figure 3 Sichuan Kelun Pharmaceutical Co.Ltd(002422) performance changes in recent six quarters (unit:%)
continuous volume of generic drugs
Sichuan Kelun Pharmaceutical Co.Ltd(002422) was established in 2002 and its main business scope includes infusion field, antibiotic field and innovative drug R & D. Since its listing, the company has formulated a strategic plan of "three engine drive", which is based on the infusion sector, antibiotic industry chain and innovative drugs to drive the company's performance growth.
For the reasons for the change of the company's performance in 2021, Sichuan Kelun Pharmaceutical Co.Ltd(002422) indicates that it is caused by many factors, among which, "In 2021, although some parts were still affected by the epidemic fluctuation, the company made every effort to expand the market of infusion and non infusion preparations, and the operating revenue and profit increased year-on-year", "the company's approved generic drugs in recent years continued to increase in large quantities, and the operating revenue and profit increased rapidly" and other factors promoted the growth of the company's performance.
It is worth mentioning that in recent years, Sichuan Kelun Pharmaceutical Co.Ltd(002422) generic drug research and development has made good progress, and the continuous large-scale development of generic drugs has become an important factor driving the company's performance growth.
It is reported that since the transformation in 2012, Sichuan Kelun Pharmaceutical Co.Ltd(002422) generic drug R & D has changed from simple infusion to comprehensive, comprehensive and connotative development. As of July 31, 2021, the company had 89 approved drugs to be listed on the market. Sichuan Kelun Pharmaceutical Co.Ltd(002422) has set up a product Cluster Advantage in the fields of cancer, parenteral nutrition, bacterial infection and body fluid balance, and has begun to enter into the fields of cardiovascular and cerebrovascular diseases, anesthesia, analgesia, male specialty, diabetes and so on.
According to the semi annual report of the company, from January 1, 2021 to July 31, 2021, Sichuan Kelun Pharmaceutical Co.Ltd(002422) 24 drugs were approved for listing, 18 drugs were applied for production, including 14 generic drugs (3 first generic applications) and 4 consistency evaluation items. With the approval of subsequent varieties, it will further improve the value of Sichuan Kelun Pharmaceutical Co.Ltd(002422) tumor, bacterial infection, cardio cerebrovascular, anesthesia and analgesia and enter the field of COPD for the first time; At the same time, the company also expects 6-10 new products to be approved in the second half of 2021, which will further thicken the pipeline of products such as colon, angiography and diabetes.
In addition, Sichuan Kelun Pharmaceutical Co.Ltd(002422) product pipeline also involves several anti epidemic varieties, and its project progress has attracted the attention of investors.
According to the announcement on the research and development of four new anti viral drugs disclosed by Sichuan Kelun Pharmaceutical Co.Ltd(002422) on February 17, 2020, the company has made every effort to promote the research of one innovative polypeptide drug and three generic drugs covering preventive and therapeutic effects since the establishment of the research and breakthrough group of new anti viral drugs on January 21, 2020.
On January 7, Sichuan Kelun Pharmaceutical Co.Ltd(002422) also disclosed the latest progress of the above products in response to relevant questions from investors on the interactive easy platform, He said: "at present, the four varieties have completed preliminary research, have mass trial production samples, and have the ability to continuously produce and provide products, so they can quickly organize production and donation when needed by the country. At present, with the control of covid-19 epidemic in China and the listing of vaccines, acv203 project (oseltamivir capsule) has been removed In addition to the approved production, the other three product companies have suspended the follow-up work, but will continue to maintain the patents of relevant new drugs. "
Figure 4 Sichuan Kelun Pharmaceutical Co.Ltd(002422) interactive easy response to investors' questions data source: interactive easy platform
will accelerate the resumption and review of CHUANNING biological IPO
In addition to the above factors driving the performance growth in Sichuan Kelun Pharmaceutical Co.Ltd(002422) 2021, there are also many factors hindering the performance growth of the company.
According to the disclosure of the performance express, "The company continued to vigorously promote the \'innovation driven strategy\', and the R & D expenses increased year-on-year", "the subsidiary CHUANNING biology temporarily stopped production for some time due to the impact of the local epidemic, resulting in shutdown losses and year-on-year decline in profits", "the expansion of the company's business scale and the increase of corresponding salary, retirement and other management expenses" have become the main reasons that hinder the company's current performance.
The reporter of economic information daily noted that in recent years, Sichuan Kelun Pharmaceutical Co.Ltd(002422) R & D expenses are rising year by year. The data show that from 2018 to 2020, Sichuan Kelun Pharmaceutical Co.Ltd(002422) R & D expenses were 909 million yuan, 1.286 billion yuan and 1.527 billion yuan respectively, accounting for 5.56%, 7.29% and 9.28% of revenue respectively; In addition, in the first three quarters of 2021, Sichuan Kelun Pharmaceutical Co.Ltd(002422) R & D expenses were 1.189 billion yuan. With the year-on-year increase of R & D expenses in the whole year, it also means that the R & D expenses of Sichuan Kelun Pharmaceutical Co.Ltd(002422) in the fourth quarter of 2021 will exceed 338 million yuan.
In addition to the year-on-year increase in R & D expenses, the shutdown of the subsidiary CHUANNING biology is also an important reason affecting the overall performance of Sichuan Kelun Pharmaceutical Co.Ltd(002422) . As of August 2021, Sichuan Kelun Pharmaceutical Co.Ltd(002422) directly holds 78.49% of the shares of CHUANNING biology, and indirectly holds 2% of the shares of CHUANNING biology through Kelun Ninghui. It is the controlling shareholder of CHUANNING biology.
At present, Sichuan Kelun Pharmaceutical Co.Ltd(002422) is splitting CHUANNING biology to be listed on the gem. The reporter of economic information daily noted that on August 23, 2021, CHUANNING biology's application for listing on the gem was accepted; On November 10, 2021, the audit status of CHUANNING biology changed to suspension due to the issuer and the sponsor actively applying for suspension of the audit procedures for issuance and listing; On December 31, 2021, as the financial information recorded in the IPO application document has expired and needs to be submitted, the audit status of CHUANNING biology was changed to suspended again.
Figure 5 data source of IPO progress of CHUANNING biology: Gem IPO review information disclosure website
It is worth mentioning that recently, many investors have expressed concern about the listing progress of CHUANNING biology on the interactive platform, Sichuan Kelun Pharmaceutical Co.Ltd(002422) said: "affected by the previous epidemic prevention and control work in the area where CHUANNING biology is located, the validity of the financial data declared by CHUANNING biology on the base date of March 31, 2021 expires, and the audit status is automatically changed to 'suspended\' audit. At present, the relevant intermediaries have entered the site, and the company will accelerate the resumption of audit of CHUANNING biology's IPO after sufficient preparation for relevant work."
The prospectus shows that CHUANNING biology is a pharmaceutical intermediate manufacturing enterprise, mainly engaged in the R & D and industrialization of biological fermentation technology. At present, the issuer's products mainly include erythromycin thiocyanate, cephalosporin intermediates (7-ACA, d-7aca and 7-ADCA), penicillin intermediates (6-APA and penicillin G potassium salt) and crude ursodeoxycholic acid. CHUANNING biology is one of the enterprises with large scale of industrial application of biological fermentation technology in China. It is one of the enterprises with leading scale, complete product types and advanced production technology in the field of antibiotic intermediates.
From 2018 to the first quarter of 2021, CHUANNING biology achieved revenue of RMB 3.349 billion, RMB 3.143 billion, RMB 3.649 billion and RMB 884 million respectively; The net profit attributable to the owners of the parent company was 390 million yuan, 91 million yuan, 229 million yuan and 58 million yuan.
Figure 6 main financial data of CHUANNING biology in the reporting period (unit: 10000 yuan) picture source: prospectus of CHUANNING biology company
(source: economic reference network)
