\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 196 Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) )
Event: the company released the first quarterly report of 2022, with an operating revenue of 10.382 billion yuan, a year-on-year increase of + 28.87%; The net profit attributable to the parent company was 463 million yuan, a year-on-year increase of - 45.41%; Deduct the net profit not attributable to the parent company of 801 million yuan, a year-on-year increase of + 21.73%; Operating net cash flow was 866 million yuan, a year-on-year increase of + 17.49%; EPS0. 18 yuan. Deduction of non performance is in line with market expectations.
Comments:
New products drive strong revenue growth, and the decline in the share price of financial assets drag down the non recurring profits and losses of the current period: the rapid growth of Q1 company's operating revenue is mainly due to the growth contribution of products such as fubitai (mRNA covid-19 vaccine), hantrazumab (trastuzumab for injection), Sukexin (avatropopat maleate), heparin series preparations and so on. By the end of March 2022, fubitai had inoculated more than 24 million doses in Hong Kong, Macao and Taiwan. Non recurring profit and loss in 2022q1 was - 338 million yuan, a year-on-year decrease of 527 million yuan, mainly due to the decline in the share price of bntx and other financial assets.
The innovation and transformation are advancing steadily and gradually entering the harvest period of R & D achievements: the R & D cost of 2022q1 company is 805 million yuan, and the R & D cost rate is 7.76%. Significant progress has been made in the research and development of several innovative drugs. Hans like (sullimumab injection) was approved for conditional listing on March 2022 (for the treatment of adult advanced solid tumors with unresectable or highly unstable metastatic microsatellites). The registration application for line 1 extensive small cell lung cancer was accepted on April 2022, and the indication of small cell lung cancer was recognized as an orphan drug by FDA; Fkc889, the second car-t cell treatment product of Fosun Kate, was approved in March 2022 for the treatment of adult patients with recurrent or refractory mantle cell lymphoma after receiving second-line or above treatment; On February 2022, Fuhong Hanlin granted getzpharma an exclusive commercial interest in 11 emerging markets in Asia, Africa and Europe. As the company's R & D achievements gradually enter the harvest period, the company will enter a new stage of innovation driven performance growth in the future.
Profit forecast, valuation and rating: maintain the forecast that the EPS from 2022 to 2024 will be 2.05/2.45/2.83 yuan, with a year-on-year increase of 11.06% / 19.26% / 15.64%. The current price of A-Shares corresponds to 22 / 18 / 16 times of PE, maintaining the "buy" rating; The current price of H shares corresponds to 14 / 12 / 10 times of PE, maintaining the "buy" rating.
Risk warning: the price of drugs is lower than expected; The R & D progress is not up to expectations; The investment income is lower than expected.
