\u3000\u3000 Beijing Tiantan Biological Products Corporation Limited(600161) (600161)
Event: the company released the 2021 annual performance express, realizing an operating revenue of 4.109 billion yuan, a year-on-year increase of + 19.24%; The net profit attributable to the parent company was 764 million yuan, a year-on-year increase of + 19.53%; Deduct the net profit not attributable to the parent company of 766 million yuan, a year-on-year increase of + 22.65%; EPS0. 57 yuan; The performance slightly exceeded market expectations.
Comments:
Revenue increased quarter on quarter, and all categories developed comprehensively: from 2021q1 to Q4, the company’s operating revenue in a single quarter was RMB 847 / 964 / 1077 / 1291 million respectively, with a year-on-year increase of + 11.80% / + 20.97% / – 6.89% / + 59.39%; The net profit attributable to the parent company was RMB 152 / 185 / 221 / 206 million, a year-on-year increase of + 15.06% / + 21.96% / + 3.77% / + 44.72%; Deduct the net profit not attributable to the parent company of 150 / 181 / 220 / 214 million yuan, a year-on-year increase of + 16.59% / + 22.12% / + 6.71% / + 52.10%. The company’s revenue increased quarter by quarter in 2021, which is estimated to be mainly affected by the increase in sales of blood products and the capital increase of Chengdu Rongsheng Pharmaceutical Co., Ltd. In 2021, the company issued 327 batches of human albumin, 265 batches of Jing C, 14 batches of broken immunity, 7 batches of crazy immunity, 6 batches of B immunity, 14 batches of human coagulation factor viiiand 14 batches of human prothrombin complex.
The R & D achievements are implemented in turn, which is expected to improve the comprehensive utilization rate of plasma: in December 2021, Chengdu Rongsheng’s intravenous human immunoglobulin (pH4, 10%) (chromatography) and recombinant human coagulation factor VIII for injection completed the phase III clinical trial and obtained the summary report, and Lanzhou blood made human prothrombin complex completed the clinical trial and obtained the summary report, With the continuous enrichment of the company’s blood products, the comprehensive plasma utilization rate is expected to continue to improve, give full play to the company’s leading advantage in plasma collection in China, and realize long-term steady development. At present, the company’s blood products production bases under construction include Chengdu Rongsheng Yong’an blood system project, Shanghai blood system Yunnan industrialization base project and Sinopharm Lanzhou blood products production base project. The designed production capacity and slurry input are 1200 tons, 1200 tons and 1200 tons respectively, which fully meet the huge production capacity demand for long-term plasma growth. As of the mid-term report of 2021, the company has 55 pulp stations in operation, and 12 new pulp stations have been set up as of the disclosure of the mid-term report in 2021.
Profit forecast, valuation and rating: the EPS forecast for 2021 was adjusted to 0.57 yuan by reference to the performance express. Considering that there is still some uncertainty about the impact of the epidemic on pulp collection and hospital terminal passenger flow, the EPS forecast for 2022-2023 was lowered to 0.68/0.83 yuan (the original forecast was 0.73/0.88 yuan, down 7% / 6% respectively), with a year-on-year increase of 19.53% / 22.60% / 21.33%, and the current price corresponding to PE was 51 / 43 / 35 times respectively, Maintain the “overweight” rating.
Risk warning: the slurry recovery is lower than expected; Product R & D progress is slower than expected.
