\u3000\u3 Shengda Resources Co.Ltd(000603) 590 Beijing Konruns Pharmaceutical Co.Ltd(603590) )
Key investment points
Event: the company released the annual report of 2021 and the first quarterly report of 2022, and achieved an operating revenue of 810 million yuan (+ 0.1%) in 2021; The net profit attributable to the shareholders of the listed company was 150 million yuan (- 19.3%). In the first quarter of 2022, the operating revenue was 160 million yuan (- 26%); The net profit attributable to the shareholders of the listed company was 0.46 yuan (- 27.9%).
The gross profit margin and net profit margin decreased, and the sales expense rate decreased. The gross profit margin in 2021 is 86.9% (- 5.8pp); The net interest rate is 20.7% (- 2PP). The sales expense rate is 48.3% (- 10.2pp), which is caused by the low sales expense rate of secret interest cover and suling's refined distribution management. The management expense rate is 10.9% (+ 3.2pp) and the R & D expense rate is 11.5% (- 2PP).
Su Ling carried out the clinical of canine indications and cut into the pet medicine sector. Su Ling achieved a sales revenue of 560 million yuan in 2021, a year-on-year decrease of 28.8%, which was mainly caused by the decline of medical insurance sales unit price and the fact that the epidemic has not recovered. The company actively carries out clinical trials of canine indications and cuts into the pet medicine sector, which is expected to meet the market demand of canine hemagglutinase for injection and contribute to the growth of the company's future performance.
The performance of covert interest rate exceeded expectations and became a new profit growth point of the company. Osteoporosis drug covert interest achieved a sales revenue of 230 million yuan, exceeding the performance commitment, forming a new profit growth point of the company.
Increase R & D investment, take multiple measures simultaneously, and improve the layout of the innovation system. In 2021, the R & D investment of the company was about 160 million yuan, with a year-on-year increase of 77.1%, accounting for 20.36% of the operating revenue. The company takes multiple measures to accelerate the layout of innovation pipeline: independent research and development: two anti-tumor innovative drugs kc1036 and cx1003 are in clinical stage, and kc1036 has completed clinical phase IA. Cx1003 is in clinical phase I. Cx1026 is in preclinical stage. BD: the introduction of recombinant human factor seven (FVIIa) kc-b173 is about to carry out ind, which is expected to expand the company's competitive advantage in the hemostatic market in the future; The phase II clinical trial of Jincao tablet, an innovative traditional Chinese medicine, has been completed. The results show that Jincao tablet is safe and well tolerated, and the subjects have high medication compliance. It shows significant efficacy in eliminating chronic inflammation and analgesia at large and small dose levels; Cooperate in the development of new antitumor drug HPK1 inhibitor kc1072.
Profit forecast and investment suggestions. It is estimated that the EPS from 2022 to 2024 will be 0.97 yuan, 1.11 yuan and 1.33 yuan respectively, and the corresponding PE will be 27x / 23x / 19x respectively. With the consolidation of the company's existing business, taking multiple measures to improve the innovative product system, gradually promoting the R & D pipeline, and suling is expected to open up growth space and maintain the "buy" rating by entering pet medicine.
Risk tips: market competition risk, downward risk of drug price and risk of new drug research and development.
