\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 201 Jinyu Bio-Technology Co.Ltd(600201) )
Steady growth in performance, continuous strengthening of R & D capacity and maintenance of "buy" rating
Jinyu Bio-Technology Co.Ltd(600201) released the annual report of 2021: during the reporting period, the company realized an operating revenue of 1.776 billion yuan (+ 12.29%) and a net profit attributable to the parent company of 382 million yuan (- 5.89%). Excluding the impact of the goodwill impairment of Liaoning Yikang and the R & D investment of the new African classical swine fever mRNA vaccine on the profit, the net profit attributable to the parent company is basically the same as the growth rate of revenue. Dragged down by the sluggish sentiment of making up the pig market, the growth rate of the company's pig vaccine sales is under short-term pressure. We lowered the company's performance forecast for 20222023 and added the performance forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 468 / 551 / 706 million yuan (the value before 20222023 is 844 / 1161 million yuan), EPS is 0.42/0.49/0.63 yuan, and the current share price corresponds to 21.8 / 18.5 / 14.5 times of PE. Considering the strong market competitiveness of the company's products, In addition, the research and development layout of vaccines such as African classical swine fever is leading, with broad long-term growth space, maintaining the "buy" rating.
The sales volume of foot-and-mouth disease vaccine of the company increased steadily, and the sales volume of non compulsory immunization vaccine increased rapidly
In terms of the sales volume of the three strong vaccines, the sales volume of foot-and-mouth disease, avian influenza and brucellosis vaccines of the company in 2021 were 812 million ml, 655 million ml and 882502 million copies respectively, with year-on-year changes of + 5.03%, - 29.59% and - 7.99% respectively. The company continued to promote the "combined immunization" program, and the "foot-and-mouth disease + pseudorabies + swine fever" combined immunization strategy led the company to maintain a high growth rate of non compulsory immunization vaccine sales. In 2021, the company sold 260269 million ml of live Porcine Pseudorabies Vaccine, 496662 million ml of classical swine fever vaccine and 367835 million ml of porcine ring vaccine respectively, with a year-on-year increase of 86.81%, 6.98% and 77.81% respectively. The company's "one shot and three prevention" strategy has achieved remarkable results. It not only saves breeding costs and improves breeding benefits for customers, but also helps the continuous improvement of the company's brand influence.
The company continued to increase R & D investment and newly approved non plague mRNA vaccine R & D project
The company has always adhered to the scientific research strength leading the competitiveness of enterprises. During the reporting period, the company invested 267 million yuan in R & D, with a year-on-year increase of 28.99%, accounting for 15.04% of revenue, and 62.10% and 37.90% of expensed and capitalized R & D investment respectively. During the reporting period, the company obtained 13 invention patents; Six clinical approvals, two new veterinary drug registration certificates and two product approval numbers were approved. During the reporting period, the company continued to increase the construction and investment of African classical swine fever vaccine pipeline and R & D technology platform, newly approved non classical swine fever mRNA vaccine R & D project, and continued to carry out non classical swine fever vaccine effectiveness antigen screening and multi-path non classical swine fever vaccine R & D.
Risk tips: the recovery of pig stocks is not as expected, the immune density of farms is reduced, and the competition pattern of the industry is deteriorated.
