\u3000\u30 Zhongyan Technology Co.Ltd(003001) 22 Chongqing Zhifei Biological Products Co.Ltd(300122) )
Events
The company released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved an operating revenue of 30.652 billion yuan, a year-on-year increase of 101.79%, and the net profit attributable to the parent company was 10.209 billion yuan, a year-on-year increase of 209.23%, deducting 10.184 billion yuan of non attributable net profit, a year-on-year increase of 206.48%.
In 2022q1, the company realized an operating revenue of 8.841 billion yuan, a year-on-year increase of 125.16%, and the net profit attributable to the parent company was 1.923 billion yuan, a year-on-year increase of 104.95%, deducting 1.896 billion yuan of non attributable net profit, a year-on-year increase of 101.15%.
Covid-19 vaccine contributed to the performance in 2021, and HPV vaccine accelerated in large quantities
In 2021, the independent products achieved an operating revenue of 9.697 billion yuan (+ 707.61%), and zhifeilong Kema achieved an operating revenue of 8.419 billion yuan and a net profit of 5.58 billion yuan, mainly contributing to covid-19 vaccine. Batch issuance in 2021: 6.9522 million acyw135 polysaccharide vaccines (+ 14.68%), 386.71 (- 12.19%) AC conjugate vaccines, 3.015 million Hib vaccines (- 16.03%), and 223100 AC polysaccharide vaccines.
The operating revenue of the agent products in 2021 was 20.931 billion yuan (+ 49.99%), and the batch issuance in 2021: 8802500 tetravalent HPV vaccines (+ 21.93%), 10206200 nine valent HPV vaccines (+ 101.45%), 7308600 pentavalent rotavirus vaccines (+ 83.02%), 147570023 valent pneumonia vaccines (+ 208.40%), and 807200 inactivated hepatitis A vaccines (+ 67.44%).
Micro card access has been steadily promoted, the layout of products under research is rich, and the market is deeply cultivated to improve the sales capacity
Tuberculosis products have actively promoted market access. As of April 2022, wechat and Yika have completed the bidding access of 25 and 27 provincial units respectively. The layout of products under development is rich. The freeze-dried AC Hib triple vaccine is currently in the pre NDA stage. The 15 valent pneumonia combined vaccine, freeze-dried crazy vaccine (MRC-5 cells), tetravalent influenza vaccine, Shigella bivalent combined vaccine and acyw135 group meningococcal combined vaccine phase III are in progress, the inactivated enterovirus 71 vaccine, freeze-dried recombinant tuberculosis vaccine and Tetravalent Recombinant norovirus vaccine phase II are in progress, and the component DPT vaccine Phase I of inactivated rotavirus vaccine is in progress.
Establish a professional sales team with in-depth terminal and wide coverage to help promote product sales. In 2021, the company has 2817 sales personnel (+ 48%), and its marketing network covers 31 provinces, autonomous regions and municipalities directly under the central government, more than 300 prefectures and cities, more than 2600 districts and counties, and more than 30000 grass-roots health service points (township vaccination points and community clinics).
Profit forecast and valuation rating
In view of the accelerated volume of HPV vaccine, we raised the operating revenue forecast from 2022 to 2024 to 321.67/380.7842226 billion yuan (the previous value was 24.051/29.660 billion yuan in 22-23 years); The net profit attributable to the parent company is expected to be RMB 7.075/84.50/9.894 billion (the previous value is RMB 6.047/7.753 billion in 22-23 years), maintaining the "buy" rating.
Risk warning: the research progress is less than expected; Risk of vaccine price fluctuation; Product sales are less than expected; Risk of adverse events from vaccination
