\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 867 Tonghua Dongbao Pharmaceutical Co.Ltd(600867) )
Event: in 2021, the company's revenue was 3.268 billion yuan (+ 12.99%), the net profit attributable to the parent company was 1.308 billion yuan (+ 40.69%), and the net profit not attributable to the parent company was 1.105 billion yuan (+ 15.68%). The growth rate of the net profit attributable to the parent company was significantly higher than that of the net profit deducted, which was mainly due to the reduction of Xiamen Amoytop Biotech Co.Ltd(688278) equity, resulting in more non recurring profits and losses.
The company's main business income grew steadily, and the high-volume insulin glargine and the second-generation insulin stabilized and warmed up. In 2021, the company achieved sales revenue of 2.419 billion yuan (+ 6.83%) for human insulin API and injection; The sales revenue of insulin analogue raw materials and injections was 401 million yuan, with a year-on-year increase of 204.79%. In 2021, the gross profit margins of the company's second-generation insulin and third-generation insulin were 87.89% and 91.21% respectively. In 2022, the centralized purchase of insulin was carried out, and the price of insulin glargine was supplemented by quantity. The production site verification of asparagus 30 and asparagus 50 has been completed. It is expected that it can be used as an incremental supplement within the year. It is expected that the revenue of insulin sector will be flat or decline slightly in 2022.
The product pipeline continues to thicken and continue to increase the scale of innovative research and development. The company has continuously optimized the structure of products under development and achieved full coverage of the R & D of insulin analogue injection, glp-1ra and oral hypoglycemic drugs with high clinical value. The NDA of repaglinide tablets has been accepted, liraglutide injection is in the pre NDA stage, the phase II trial of lispro insulin injection 25riii has completed the enrollment of 50% cases, and the preparation of phase III clinical trial of overspeed lispro insulin (thdb0206) has been started
Focus on innovative research and development, and actively layout cutting-edge targets and therapies. The company has been very fruitful in expanding product indications and expanding the treatment area. The research project includes 3 new diabetes drugs, 2 new gouty / hyperuricemia treatment areas and a new oral chemical for gout treatment.
Profit forecast and investment suggestions: we predict that the net profit attributable to the parent company from 2022 to 2024 will be RMB 1.376/14.73/1.738 billion respectively, EPS will be RMB 0.68/0.72/0.85 respectively, and the corresponding PE will be 14.7/13.8/11.7 times respectively. The company's innovation will continue to advance in the future. We are optimistic about the long-term development of the company and give a "overweight" rating for the first time
Risk warning: the impact of centralized purchase exceeds expectations; The progress of product research and development does not meet expectations; Epidemic disturbance risk
