\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 73 Shenyang Xingqi Pharmaceutical Co.Ltd(300573) )
Event: on April 19, 2022, the company released its annual report for 2021. In 2021, the company achieved a revenue of 1.028 billion yuan, a year-on-year increase of 49.26%; The net profit attributable to the parent company was 195 million yuan, a year-on-year increase of 121.31%, and the performance growth was in line with expectations.
In 2021, the net profit attributable to the parent company increased by 121.31% year-on-year, and the performance growth was in line with expectations: on the sales side, the company achieved a revenue of 1.028 billion yuan in 2021, a year-on-year increase of 49.26%. Among them, gel / eye ointment, eye drops, solution and medical services achieved 349 million yuan (+20.00%), 303 million yuan (+39.70%), 54 million yuan (+44.99%) and 317 million yuan (+130.71%) respectively.
On the profit side, the company realized a net profit attributable to the parent company of 195 million yuan in 2021, with a year-on-year increase of 121.31%; The net profit attributable to the parent company after non deduction was 185 million yuan, a year-on-year increase of 117.09%, and the performance growth was in line with expectations.
Cyclosporine eye drops were successfully included in the medical insurance catalogue, and the subsequent sales volume is expected: the company held 30 academic conferences on dry eye education across the country, covering more than 3000 offline doctors, and improved the penetration rate of cyclosporine eye drops in the treatment of dry eye through academic education. In addition, in December 2021, the company zrun ® 0.05% cyclosporine eye drops (II) has been included in the catalogue of drugs for national basic medical insurance, industrial injury insurance and maternity insurance (2021). With the official implementation of the catalogue of medical insurance on January 1, 2022, the subsequent sales volume of cyclosporine is worth looking forward to.
The phase III clinical trial of low concentration atropine is advancing rapidly, and the products are expected to be listed preferentially in China: the project of atropine sulfate eye drops under development is in the phase III clinical trial stage, which includes the clinical trial of 0.01% atropine sulfate eye drops delaying the progression of myopia in children (1-year clinical trial), the clinical trial of 0.01% atropine sulfate eye drops delaying the progression of myopia in children (2-year clinical trial) Clinical trial of 0.02% atropine sulfate eye drops and 0.04% atropine sulfate eye drops in delaying the progression of myopia in children. The project has promoted the clinical research and development of atropine eye drops with different concentrations, which is conducive to meeting the treatment needs of adolescent patients with different degrees of myopia. The overall research and development progress of the project is in a leading position in the world, and the company’s low concentration atropine drops are expected to be listed preferentially in China.
Investment suggestion: we expect the company to realize net profits of 304 million yuan, 397 million yuan and 518 million yuan respectively from 2022 to 2024, with a year-on-year increase of 56.3%, 30.4% and 30.6% respectively; Give an investment rating of buy-a.
Risk warning: the R & D Progress of heavy varieties is less than expected; The marketing of cyclosporine eye drops did not meet expectations; Risk of disclosure of core technology; The calculation assumption does not meet the expected risk.
