Shenzhen Salubris Pharmaceuticals Co.Ltd(002294)
Core view
Event: in 2022q1, the company achieved a revenue of 935 million yuan (+ 22.11%), a net profit attributable to the parent company of 237 million yuan (+ 53.09%), and a net profit attributable to the shareholders of the listed company after deducting non recurring profits and losses of 182 million yuan (+ 22.88%). The difference from the net profit attributable to the parent company is mainly the investment income generated by the transfer of some equity of Sichuan Jinjiang electronic technology. 2022q1 company realizes eps0 22 yuan.
Alisartan axetil reduced the price of medical insurance renewal and realized the rapid growth of medical insurance volume. The core product of the company, alisartan axetil, was reduced by 29.30% in medical insurance negotiation in 2021, and the renewal price was 4.3 yuan (240mg / tablet). In 2022q1, the revenue of alisartan axetil was roughly the same as that of the month on month (MOM), which was completed within one to two quarters by volume and price, and returned to the growth trend. At present, alisartan axetil is mainly promoted through hospital channels, supplemented by pharmacies and e-commerce, and has been basically promoted in more than 3000 core hospitals across the country. With the continuous increase in the number of subsequent hospitalizations after medical insurance renewal, alisartan axetil is expected to enter a broader grass-roots market, accelerate the volume and lead the sustainable growth of the company’s performance.
The company has continuously improved the short, medium and long-term layout of pipelines in the field of chronic diseases, and innovative drugs have entered the harvest period of listing. From 2022 to 2024, the company will have six innovative drugs on the market. The innovations in the fields of hypertension and heart failure, renal anemia and osteoporosis are all blue ocean tracks. The sales of alisartan series products alone are expected to reach 7 billion yuan in the next five years (see in-depth report 20210210). In 2022, three products were submitted for listing (teriparatide water injection, enalstat and alisartan axetil amlodipine); In 2023, two products will be submitted for listing application (shakubaqu alisartan calcium and fugliptin); In 2024, two products were submitted for listing application (alisartan axetil, indapamide and long-acting teriparatide). The continuous listing of innovative products will become the ballast for the long-term and steady growth of the company’s performance.
Profit forecast and investment suggestions: the cost price of Carlyle capital, the company’s long-term equity investment institution, is 33.94 yuan, and the cost price of employee stock ownership is 22.42 yuan, which is an important reference line. We expect that the revenue from 2022 to 2024 will be RMB 3.517/41.15/4.938 billion respectively, the net profit attributable to the parent company will be RMB 714/8.63/1.076 billion respectively, the EPS will be RMB 0.64/0.77/0.97 respectively, and the corresponding PE will be 34 / 28 / 23 times respectively. Optimistic about the momentum of the company’s sustainable development and give the company a “buy” investment rating.
Risk warning: the sales of new products are less than expected; The risk of intensified industry competition; Risk that the progress of R & D and approval of innovative drugs is less than expected.
