\u3000\u3000 Beijing Tiantan Biological Products Corporation Limited(600161) (600161)
Events
On January 10, the company announced its performance express for 2021. In 2021, the company realized an operating revenue of 4.111 billion yuan (+ 19.24%), a net profit attributable to the parent company of 764 million yuan (+ 19.53%), and a net profit deducted from non attributable to the parent company of 766 million yuan (+ 22.65%).
In the fourth quarter of 2021, the company realized an operating revenue of RMB 1.291 billion (+ 59.39%), a net profit attributable to the parent company of RMB 206 million (+ 44.72%), and a net profit not attributable to the parent company of RMB 214 million (+ 52.10%).
Business analysis
The annual performance was in line with expectations and grew rapidly in the fourth quarter. In 2021, the company’s performance achieved steady growth due to the increase of sales volume, capital increase of Chengdu Rongsheng affiliated to the company and other factors. According to the company’s financial budget report for 2021, the company’s main business objectives for 2021 are to strive to achieve an operating revenue of 3.8 billion yuan and a net profit of 1 billion yuan. Considering that the proportion of equity held by the company in Chengdu Rongsheng reached 74% after the capital increase, the overall income side slightly exceeded the expectation, and the profit side basically met the expectation.
The company has made great breakthroughs in the new batch pulp station in the 14th five year plan, and has a solid foundation for long-term growth. In 2021, the company made a major breakthrough in the number of newly expanded plasma stations. It plans to set up 15 new plasma stations in Hubei, Gansu, Hebei, Jiangsu and other places, and the number of single plasma collection stations (including sub stations) reaches 74 (including approved but not built). Compared with 55 plasma collection stations (including sub stations) in 2020, the company has achieved a significant increase. With the gradual implementation and operation of subsequent plasma stations, the company’s long-term plasma volume space is worth looking forward to.
The pipeline of products under research is promoted in an orderly manner, and the profitability of ton pulp is expected to continue to improve. At present, the “intravenous human immunoglobulin (pH4, 10%) (chromatography)” and “recombinant human coagulation factor VIII for injection” developed by Chengdu Rongsheng have completed the phase III clinical trial and obtained the clinical trial summary report, and the “human prothrombin complex” made by Lanzhou blood has obtained the clinical trial summary report, The “intravenous covid-19 human immunoglobulin (pH4)” produced by Wuhan blood has obtained the drug clinical trial approval issued by nmpa and UAE respectively. The continuous improvement of the richness of the product line in the future will effectively drive the continuous growth of the company’s output value per ton of plasma.
Profit adjustment and investment suggestions
We maintain the profit expectation. It is expected that the company will realize the net profit attributable to the parent company of RMB 764 million, 954 million and 1.200 billion from 2021 to 2023, with a year-on-year increase of 19%, 25% and 26% respectively.
Maintain the “buy” rating.
Risk tips
The expansion of pulp station does not meet the expectation; Capital expenditure and depreciation and amortization increase due to the new pulp station; Production capacity construction progress is less than expected; Industry policy risk; Repeated epidemic situation; Risk of lifting the ban on restricted shares, etc.
