\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 73 Shenyang Xingqi Pharmaceutical Co.Ltd(300573) )
Event: on April 26, 2022, the company released the first quarter report of 2022. In 2022q1, the company achieved a revenue of 302 million yuan, a year-on-year increase of 45.73%; The net profit attributable to the parent company was 74 million yuan, with a year-on-year increase of 123.36%, and the performance growth exceeded expectations.
The net profit attributable to the parent company in 2022q1 increased by 123.36% year-on-year, and the performance growth exceeded expectations: the company achieved a revenue of 302 million yuan in 2022q1, a year-on-year increase of 45.73%; The net profit attributable to the parent company was 74 million yuan, a year-on-year increase of 123.36%; The net profit attributable to the parent company after non deduction was 75 million yuan, with a year-on-year increase of 129.14%, and the performance growth exceeded expectations.
After cyclosporine eye drops are successfully included in the medical insurance catalogue, the sales is expected to increase rapidly: Cyclosporine eye drops have a significant effect on the treatment of moderate and severe dry eye. The company has improved its penetration rate in the treatment of dry eye through academic education. In terms of offline conferences, the company has held 30 academic conferences on dry eye education in China in 2021, covering more than 3000 offline doctors; In terms of online platform, the company continued to carry out nearly 50 academic courses of “family voice from thousands of miles”, and invited about 200 ophthalmologists to guide the rational drug use of dry eye online. December 2021 zrun ® 0.05% cyclosporine eye drops (II) has been included in the medical insurance catalogue, which will be officially implemented from January 1, 2022. It is optimistic about the rapid sales volume of cyclosporine eye drops after entering the medical insurance.
Actively promote the phase III clinical of low concentration atropine, and China is expected to give priority to the market:
Low concentration atropine can effectively delay the development of myopia among adolescents. According to the data of the Ministry of education, the number of myopia among primary and secondary school students in China reached 897743 million in 2018, and China has a large market space. The company is actively promoting the clinical research and development of low concentration atropine project. At present, the research and development progress is leading in the world, and China is expected to give priority to listing. The project includes the clinical trial of 0.01% atropine sulfate eye drops delaying the progression of myopia in children (1-year clinical trial), the clinical trial of 0.01% atropine sulfate eye drops delaying the progression of myopia in children (2-year clinical trial), the clinical trial of 0.02% atropine sulfate eye drops and 0.04% atropine sulfate eye drops delaying the progression of myopia in children. We believe that the project has promoted the clinical research and development of atropine eye drops with multiple concentrations, which is conducive to fully meet the treatment needs of patients with different degrees of myopia.
Investment suggestion: we expect the company to realize net profits of RMB 327 million, RMB 440 million and RMB 580 million respectively from 2022 to 2024, with a year-on-year increase of 67.9%, 34.5% and 32.0% respectively; Give an investment rating of buy-a.
Risk warning: the R & D Progress of heavy varieties is less than expected; The marketing of cyclosporine eye drops did not meet expectations; Risk of disclosure of core technology; The calculation assumption does not meet the expected risk.
