\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 380 Joincare Pharmaceutical Group Industry Co.Ltd(600380) )
Events. The company released the first quarterly report of 2022. In 2022q1, the company realized an operating revenue of 4.657 billion yuan, a year-on-year increase of 12.36%; The net profit attributable to the parent company was 461 million yuan, a year-on-year increase of 25.52%; The non net profit deducted was 457 million yuan, a year-on-year increase of 36.47%.
Viewpoint: Q1 performance exceeded expectations, and respiratory preparations were released rapidly
\u3000\u30001. Q1 performance exceeded expectations, and respiratory preparations were released rapidly. Split by business segment:
Chemical products: the revenue was 2.737 billion yuan, a year-on-year increase of 24.54%;
Respiratory preparation products: the revenue was 363 million yuan, a year-on-year increase of 324.90%;
Anti infection products: the revenue was 350 million yuan, with a year-on-year increase of 26.91%;
Gastrointestinal products: the revenue was 1.07 billion yuan, with a year-on-year increase of 5.90%;
Gonadotropin products: the revenue was 737 million yuan, a year-on-year increase of 22.84%.
API and intermediate products: the revenue was 1.406 billion yuan, a year-on-year increase of 14.90%;
Traditional Chinese medicine preparation products: the revenue was 283 million yuan, a year-on-year decrease of 33.53%;
Diagnostic reagents and equipment products: the revenue was 162 million yuan, a year-on-year decrease of 30.77%;
\u3000\u30002. Good financial condition: the company's sales expense ratio was 30.35%, with a year-on-year decrease of 2.05pct; The management fee increased by 43.045 PCT year-on-year; The financial expense ratio was - 0.66%, with a year-on-year increase of 0.3pct; The R & D expense ratio was 7.54%, with a year-on-year increase of 0.56pct. The gross profit margin was 65.41%, with a year-on-year increase of 0.35pct; The net interest rate was 18.52%, with a year-on-year increase of 0.24%; The profitability has been steadily improved.
\u3000\u30003. The field of respiratory department is the R & D field of Joincare Pharmaceutical Group Industry Co.Ltd(600380) key layout. The pipeline is continuously promoted, and there are many follow-up points. The fifth batch of centralized procurement won the bid for three inhalation preparations (large specification of budesonide suspension for inhalation (2ml: 1mg), compound ipratropium bromide solution for inhalation (Sultane) and ipratropium bromide solution for inhalation (liwu'an)), ensuring the sales of inhalation preparations in the next three years. Terbutaline sulfate aerosol inhalation solution has been declared for production; Tobramycin inhalation solution (class 2.4) has completed phase III clinical trial and is ready for production report; Formoterol fumarate inhalation solution (Category 3, imitation varieties encouraged by the state) has completed the interim analysis of phase III clinical trial. The independent data monitoring committee determines that the interim analysis results of its main research endpoint meet the pre-set excellence standard; Formoterol fumarate inhaled aerosol (class 2.3), mometasone formoterol inhaled aerosol (Class 3) and adinium bromide inhaled powder aerosol (class 2.2) obtained the notice of approval for clinical trial.
\u3000\u30004. V-01 sequential enhanced phase III clinical interim data were positive. The recombinant New Coronavirus fusion protein vaccine V-01 has completed the interim main data analysis of the sequential enhanced III phase trial: the sequential enhanced absolute protection rate reached 61.35%, which was significantly superior to the WHO standard and had good protection against Omicron mutation infection. The protective power of high-risk population with basic diseases was 71.83%.
\u3000\u30005. With the layout of cutting-edge technologies, the research institute has established six R & D platforms. Henan Joincare Pharmaceutical Group Industry Co.Ltd(600380) biomedical research institute has established six R & D platforms, including industrial strain breeding, synthetic biology, biocatalysis, fermentation amplification, product extraction and biochemical API, with a team of more than 60 people. The Institute has signed strategic cooperation agreement and technical confidentiality agreement with Tencent quantum laboratory and Shenzhen Institute of advanced technology respectively. Recently, the research institute is making every effort to transform and upgrade the production strains of cephalosporin C and phenylalanine; And actively cooperate with Tencent quantum laboratory to carry out research on genome gene cluster and functional element sequence prediction and metabolic pathway optimization in combination with AI technology.
Profit forecast and conclusion. We believe that Livzon Pharmaceutical Group Inc(000513) will continue to contribute to stable performance, the R & D layout of lizumab will continue to promote, the new products of respiratory department will contribute to incremental performance, and the R & D pipeline of respiratory department will continue to promote. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 1.537 billion yuan, 1.809 billion yuan and 2.123 billion yuan respectively, with an increase of 15.7%, 17.7% and 17.4% respectively. EPS is 0.80 yuan, 0.95 yuan and 1.11 yuan respectively, and the corresponding PE is 14x, 12x and 10x respectively, maintaining the "buy" rating.
Risk warning: drug sales are less than expected risk; Risk of failure in new drug research and development; API price fluctuation risk.
