\u3000\u30 Chongqing Baiya Sanitary Products Co.Ltd(003006) 30 Hainan Poly Pharm.Co.Ltd(300630) )
Performance review
On the evening of April 25, the company released the annual report of 21 years and the quarterly report of 22 years. In 2021, the operating revenue was 1.509 billion yuan, with a year-on-year increase of 26.94%; The net profit attributable to the parent company was 417 million yuan, a year-on-year increase of 2.25%; Deduct non net profit of 406 million yuan, an increase of 6.69% year-on-year. In the first quarter of 2022, the company achieved a revenue of 368 million yuan, a year-on-year increase of 34.58%; The net profit attributable to the parent company was 162 million yuan, a year-on-year increase of 33.44%; Deduct non net profit of 149 million yuan, an increase of 25.53% year-on-year.
Business analysis
The export of preparations grew rapidly, and the proportion of overseas business increased steadily: in 21 years, the company’s overseas business increased by 40.88% year-on-year, and the proportion in revenue increased by 1.51pct to 15.33%. Bivalirudin for injection was approved for listing in the United States in May 21. So far, the company has approved a total of 9 drugs in the United States. According to the drug shortage list provided by FDA and ASHP, four of the drugs provided by the company are currently included in the shortage list, which is conducive to the company’s opening of the U.S. market.
In the past 21 years, antibiotic drugs increased significantly and cardiovascular drugs were dragged down: in the past 21 years, the company’s antibiotic drugs increased by 93.1% year-on-year to 447 million yuan, accounting for 29.6% of revenue from 19.5%; Cardiovascular drugs decreased by – 21.4% year-on-year to 266 million yuan, accounting for 17.6% of revenue from 28.5%.
21q4 gross profit margin and sales expense ratio fluctuated, and 22q1 recovered: affected by the single quarter of 21q4, the company’s gross profit fell from 77.4% in the first three quarters of 21 to 71.58% in the whole year. We expect it to be related to the decline in the sales of cardiovascular products in China. Considering that 22q1 has rebounded to 79.5%, we expect it to return to normal in the whole year of 22 years.
Research and development continued to increase investment, approvals continued to grow, and innovative drug business was steadily promoted: pancreatic cancer, anti covid-19 virus, dual-mode contrast agent, boron neutron capture therapy for renal cancer were successively put into preclinical research. Among them, the dual-mode contrast agent is expected to obtain clinical approval from China and the United States by the end of 2022.
Profit adjustment and investment suggestions
The net profit of the parent company is expected to be RMB 1.282 billion in 2029 and RMB 1.222 billion in 2029, respectively, corresponding to the net profit of the parent company is expected to be RMB 1.282 billion in 2029 and RMB 1.222 billion in 2029, respectively.
Risk tips
Generic drug R & D risk, innovative drug R & D risk, drug quality risk, exchange rate fluctuation risk, restricted stock lifting risk, other regulatory risks, etc.
