\u3000\u3 Shengda Resources Co.Ltd(000603) 566 Pulike Biological Engineering Inc(603566) )
The unit price and gross profit margin of the company's pig vaccine increased, entered the R & D investment cashing period, and maintained the "buy" rating
Pulike Biological Engineering Inc(603566) released the annual report of 2021 and the first quarterly report of 2022: the company achieved a revenue of 1.099 billion yuan (+ 18.31%) and a net profit attributable to the parent company of 244 million yuan (+ 7.20%) in 2021; In 2022q1, the company achieved a revenue of 245 million yuan (- 20.54%) and a net profit attributable to the parent company of 38 million yuan (- 56.80%). The willingness to make up the column for the downward price of pigs is weakened. The sales volume of pig vaccine of the company has declined year-on-year since 2021q4-2022q1. The forecast for 2021 is lowered, the forecast for 2023 is maintained, and the forecast for 2024 is added. It is estimated that the net profit attributable to parents of the company from 2022 to 2024 will be 317 / 466 / 595 million yuan (the forecast value before 20222023 is 378 / 466 million yuan), the corresponding EPS is 0.99/1.45/1.85 yuan, and the corresponding PE of the current stock price is 19.0/12.9/10.1 times, It is expected that the sales pressure of 2022h2 company's swine vaccine will be relieved, superimposed with the expectation of emergency approval of non plague subunit vaccine, and maintained the "buy" rating.
The unit price of vaccine products for pigs and birds increased year-on-year, and the company entered the R & D investment cashing period
In 2021, the company sold 5.492 billion live vaccines and 2.138 billion ml inactivated vaccines, down 3.7% and 7.6% month on month respectively; The sales volume of chemicals was 3.7724 million kg / 10000 liter, an increase of 14.51%. In 2021, the company achieved revenue of 388 / 382 / 304 million yuan for swine vaccines, poultry vaccines, antibodies and chemicals respectively, with a year-on-year increase of 47.23% / 7.04% / 6.27% respectively; The gross profit margin of swine vaccine increased by 4.02 PCT year-on-year. The company's expense ratio remained stable. In 2021, the company's sales, management, finance and R & D expenses were RMB 300 / 0.91 / - 02 / 0.86 billion respectively, and the proportion of revenue changed by + 4.59pct / - 0.45pct / - 5.46pct / - 0.19pct respectively year-on-year. The company's sales expenses increased in 2021; The decrease in R & D expenses is mainly due to the phased achievements made by the company in the early stage of a series of key R & D projects and the gradual entry into the R & D investment cashing period.
The company's urgent approval of non plague subunit vaccine is imminent. If the approval is passed, the company's performance will benefit significantly
According to the company's annual report, the research progress of African swine fever subunit vaccine developed by Pulike Biological Engineering Inc(603566) and Lanzhou Veterinary Research Institute is in line with expectations. At present, relevant experimental research is being improved in accordance with the requirements of emergency evaluation data and the guiding principles of vaccine immune efficacy, and strive to submit the application for emergency evaluation as soon as possible. After the product passes the emergency approval and is approved, the company is expected to obtain the sales right and patent authorization fee. As a large single product of swine vaccine, non plague vaccine is expected to expand the market scale of veterinary vaccine in China. Under the neutral assumption, the market scale of non plague vaccine in China is expected to exceed 11.7 billion yuan / year.
Risk tips: uncertainty of clinical trial results, uncertainty of commercial promotion penetration rate, etc.
