\u3000\u30 Shenzhen Zhenye(Group)Co.Ltd(000006) 61 Changchun High And New Technology Industries (Group) Inc(000661) )
Event: the company released the first quarterly report of 2022. In Q1, the revenue was 2.975 billion yuan (+ 30.40%), the net profit attributable to the parent company was 1.138 billion yuan (+ 30.16%), and the net profit attributable to the parent company after deduction was 1.123 billion yuan (+ 28.69%). The overall performance is in line with expectations.
Golden patient's new revenue is expected to perform well. The subsidiary kinsay pharmaceutical Q1 had a revenue of 2.648 billion yuan (+ 43.69%), a net profit of 1.205 billion yuan (+ 37.31%), and the net interest rate decreased slightly by 2.13 PCT to 45.51% compared with the same period. Considering that the sales of growth hormone in 21q1 recovered well, the growth rate in 22q1 was still more than 40%, and the data of new patient enrollment is expected to be good; The decline in net interest rate is expected to be mainly due to the promotion of relevant research projects and the increase of R & D investment. The quotation of Guangdong joint procurement was implemented. The company only participated in the centralized procurement of powder injection, and the core dosage form water injection was not included, which is expected to have a small impact on the company's performance. Pay long-term attention to the increase of the proportion of long-acting water needle and the market expansion brought by adult indications.
Changchun Bcht Biotechnology Co(688276) varicella vaccination is affected by covid-19 epidemic. The subsidiary Changchun Bcht Biotechnology Co(688276) Q1 has a revenue of 138 million yuan (- 44.27%) and a net profit of 17 million yuan (- 68.76%). According to the batch issuance data, it is estimated that about 1.08 million live attenuated varicella vaccines will be issued in Q1, and about 1.75 million will be issued in batch (a decrease of about 30%). In addition, the R & D expenditure will also increase. In terms of other subsidiaries, Huakang pharmaceutical Q1 had a revenue of 170 million yuan (+ 10.23%) and a net profit of 09 million yuan (- 21.55%); The Q1 income of high-tech real estate was 171 million yuan (+ 503.38%), and the net profit was 21 million yuan (+ 485.24%).
The gross profit margin increased steadily and the net profit margin decreased slightly. The overall gross profit margin of Q1 company is 92.25% (+ 2.19pct). The rapid growth of high gross profit growth hormone drives the gross profit margin to rise steadily. In terms of expense rate, the total expense rate during Q1 was 44.98%, with a year-on-year increase of 3.84pct, of which the sales / management / R & D / financial expense rate increased by 1.03/0.54/1.90/0.37pct respectively year-on-year, which is expected to be mainly due to the increase of sales activities and R & D expenditure; The corresponding net interest rate decreased by 1.14pct to 38.50%.
Maintain the "buy" rating. The company is a leading enterprise of growth hormone in China. The vaccine business is unique and listed independently. It is a scarce "consumption upgrading" white horse enterprise. In the past 22 years, the enrollment of new cases of growth hormone is expected to maintain stable growth, the production and marketing scale of 100g nasal spray influenza vaccine is expected to resume growth, and other products such as Kinsey recombinant follicle stimulating hormone will also contribute to stable income. It is estimated that the net profit attributable to the parent company in 22-24 years will be RMB 5.148/65.29/7.994 billion, corresponding to 12 / 9 / 7 times of the current PE, maintaining the "buy" rating.
Risk tip: the risk of price reduction in the bidding of centralized purchase of growth hormone, the risk that the approval of products under development is less than expected, and the risk of intensified competition for growth hormone or vaccine.
