\u3000\u30 Shenzhen Zhenye(Group)Co.Ltd(000006) 61 Changchun High And New Technology Industries (Group) Inc(000661) )
Key points
Event: the company released the first quarterly report of 2022, realizing an operating revenue of 2.975 billion yuan, a year-on-year increase of + 30.40%; The net profit attributable to the parent company was 1.138 billion yuan, a year-on-year increase of + 30.16%; Deduct the net profit not attributable to the parent company of RMB 1.123 billion, a year-on-year increase of + 28.69%; Net operating cash flow was 603 million yuan, a year-on-year increase of - 1.97%; EPS 2.83 yuan. The performance slightly exceeded market expectations.
Comments:
Growth hormone maintained a high outlook, and the vaccine was affected by covid-19 epidemic: the core business operation of 2022q1 company was stable, which promoted the sustained and rapid growth of performance. Among them, Kinsey pharmaceutical had a revenue of 2.648 billion yuan, a year-on-year increase of + 43.69%, and a net profit of 1.205 billion yuan, a year-on-year increase of + 37.31%. Growth hormone maintained a high outlook and promoted the high growth of revenue and profit Changchun Bcht Biotechnology Co(688276) revenue was 138 million yuan, a year-on-year increase of - 44.27%, and net profit was 17 million yuan, a year-on-year increase of - 68.76%. It is estimated that the company's vaccine sales were greatly affected by covid-19 epidemic. It is expected that the company's business will return to normal as the epidemic is controlled in the future. The income of Huakang pharmaceutical was 170 million yuan, a year-on-year increase of + 10.23%; The net profit was 09 million yuan, a year-on-year increase of - 21.55%. The income of high-tech real estate was 171 million yuan, a year-on-year increase of + 503.38%; The net profit was 21 million yuan, a year-on-year increase of + 485.24%.
Continued to invest heavily in R & D and gradually enriched the echelon of innovative drugs: in 2022q1, the R & D cost of the company was 235 million yuan, with a R & D cost rate of 7.88%, a year-on-year increase of 98 million yuan, an increase of 71.90%, mainly due to the increase in R & D investment of Kinsey pharmaceutical. In April 2022, the polyethylene glycol recombinant human growth hormone injection (kinsizon) of Kinsey pharmaceutical was approved to increase (1) the form of cartridge packaging (2) the new production address of the preparation, and the recombinant human growth hormone injection (kinsizon) was approved to increase the indications for children's short stature caused by small for gestational age (SAG) (catch-up growth was not achieved at the age of 2); The application for drug registration and marketing license for overseas production of lisdemine transdermal patch was accepted in April 2022 for the treatment of mild and moderate Alzheimer's disease; The phase III clinical trial of gentuximab combined with paclitaxel in the treatment of advanced gastric or gastroesophageal junction adenocarcinoma was announced in April 2022; The phase III clinical trial of leuprorelin injection emulsion in the treatment of advanced prostate cancer was announced in April 2022 Changchun Bcht Biotechnology Co(688276) the application for marketing license of live attenuated herpes zoster vaccine was accepted in April 2022. With the continuous and vigorous investment in R & D, the company will have innovative drug products listed one after another in the future, laying a solid foundation for long-term development.
Profit forecast, valuation and rating: maintain the forecast that the company's EPS from 2022 to 2024 will be 11.76/14.68/18.32 yuan, a year-on-year increase of + 26.67% / 24.82% / 24.77%, and the current price corresponding to PE will be 13 / 10 / 8 times respectively, maintaining the "buy" rating.
Risk tip: the R & D and promotion of new products do not meet expectations, and the competition for growth hormone intensifies
