\u3000\u3 Guocheng Mining Co.Ltd(000688) 166 Brightgene Bio-Medical Technology Co.Ltd(688166) )
Events. The company announced the annual report of 2021. In 2021, the operating revenue was 1.052 billion yuan, with a year-on-year increase of 34.00%; The net profit attributable to the parent company was 244 million yuan, a year-on-year increase of 43.60%; Deduct non net profit of 224 million yuan, with a year-on-year increase of 42.71%;
In 2021q4, the operating revenue was 304 million yuan, a year-on-year increase of 10.56%; The net profit attributable to the parent company was 67million yuan, a year-on-year increase of 39.31%; Deduct non net profit of 51 million yuan, with a year-on-year increase of 21.63%.
Viewpoint: the performance is in line with the express report, the performance is bright, and the pipeline progress is advancing rapidly.
\u3000\u30001. The performance is in line with the quick report and has a brilliant performance. The company's performance continued to grow rapidly, and the revenue side and profit side performed well. If the equity incentive fee of 7.7831 million yuan is added back, the net profit attributable to the parent company will reach 252 million yuan, with a growth rate of 48%.
1) product sales: the revenue is 928 million yuan (+ 38.38%), and the gross profit margin is 53.07% (+ 3.30pct). The revenue of API products was 878 million yuan (+ 38.46%), and the gross profit margin was 53.57% (+ 4.92 PCT); The income of preparation products was 495902 million yuan (+ 37.08%).
Micafungin sodium API: revenue + 103.29% year on year, gross profit margin 76.23% (-1.66pct);
Entecavir API: revenue + 20.50% year on year, gross profit margin 25.36% (+ 2.95pct);
Caspofungin API: revenue + 36.10% year on year, gross profit margin 65.91% (+ 7.93pct);
Anifennet API: revenue + 56.72% year on year, gross profit margin 72.98% (-4.17pct);
Fondaparinux sodium API: revenue + 243.57% year-on-year, gross profit margin 59.04% (+ 2.41pct);
Micafungin sodium for injection passed the conformity evaluation of generic drugs, oseltamivir phosphate capsule obtained the production approval, and entecavir tablets were approved in Indonesia.
2) overseas equity share: income of 545846 million yuan (- 17.59%).
3) technology transfer: the income is 677785 million yuan (+ 44.17%).
\u3000\u30002. Continue to accelerate R & D investment and rapidly promote the progress of pipeline. The company focuses on building a long-term PDC coupling technology platform and inhalation dry powder technology platform, focusing on the fields of tumor immunity, targeted therapy and respiratory inhalation. In 2021, the company invested 173 million yuan in R & D, a year-on-year increase of 23.04%, accounting for 16.47% of revenue. At present, the company is developing 3 new drugs, 22 preparations, 21 APIs and intermediates and 1 excipient.
Innovative drug bgc0228: clinical phase I, long-acting polypeptide targeted coupling drug, which is intended to be used for advanced solid tumor. It can transport the drug to the target area to the greatest extent, make the drug concentrate in the target area, directly act on the diseased tissue, prolong the action time of the drug, and reduce the dosage and toxic and side effects of the drug;
Innovative drug bgc1201: in preclinical stage, it has dual mechanisms of targeting tumor growth and tumor immunity, and is intended to be used in the treatment of advanced solid tumors;
Innovative drug bgm0504: preclinical research. It is a dual agonist of GLP-1 and GIP receptors. It can produce biological effects such as blood glucose control, weight loss and Nash treatment. It shows the therapeutic potential of a variety of metabolic diseases and is more effective than insulin and GLP-1 products on the market;
Aribrin mesylate injection: it has been reported to be produced and is intended to be used for anti-tumor;
Carboxymaltose iron injection: in the pilot stage, it is intended to treat iron deficiency anemia (IDA);
Budesonide suspension for inhalation: in the pilot stage, it is intended to be used for bronchial asthma, etc;
Atropine sulfate eye drops: it has been declared clinically and is intended to alleviate the progress of myopia in children;
Covid-19 drug authorized by MPP: it is promoting technology transfer and other related R & D work, formulating who PQ certification plan at the same time, and actively contacting downstream preparation customers and end customers;
Class II new drug colchicine external patch has completed pharmaceutical research and is in the stage of preclinical research. Small scale trials of sucrose iron injection and salmeterol ticasone dry powder inhaler have been completed. The auxiliary material product erythritol has been declared.
\u3000\u30003. Promoting the construction of five bases is expected to quickly realize the layout of globalization. The total investment in plant construction is nearly 2 billion yuan. Taixing API and preparation production base, Borui (Shandong) API base, Suzhou overseas high-end preparation production base, Suzhou inhalant base and R & D center, Borui Indonesia production base and other five bases were promoted.
Profit forecast and valuation. According to the latest annual report, we adjusted the profit forecast. It is estimated that the company's revenue from 2022 to 2024 will be 1.382 billion yuan, 1.82 billion yuan and 2.400 billion yuan, with a year-on-year increase of 31.4%, 31.6% and 31.9%; The net profit attributable to the parent company was 325 million yuan, 442 million yuan and 602 million yuan, with a year-on-year increase of 33.0%, 36.2% and 36.1%; Corresponding PE is 27x, 20x and 15x. Maintain the "buy" rating.
Risk warning: price fluctuation risk of API; The risk that the sales of preparations are less than expected; Risk of failure in research and development of new varieties
