\u3000\u30 Shenzhen Zhenye(Group)Co.Ltd(000006) 61 Changchun High And New Technology Industries (Group) Inc(000661) )
Event:
On April 27, the company released the first quarterly report of 2022. In the first quarter, the operating revenue was 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%; The net profit attributable to the parent company after deduction was 1.123 billion yuan, a year-on-year increase of 28.69%. The company's operating revenue grew rapidly in the first quarter.
Comments:
Kinsay pharmaceutical has a brilliant performance, with the layout of electronic injection and central nervous circuit
In the first quarter, the subsidiary kinsay pharmaceutical had a brilliant performance, with an operating 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%, which was the main driver of the company's performance growth. Recently, the supplementary application of two products of Kinsey pharmaceutical has been approved by the State Food and drug administration. Among them, polyethylene glycol recombinant human growth hormone injection increases the packaging form and production place of cartridge bottle, which means that the electronic injection track is officially laid out, the medication mode of growth hormone is optimized, and the compliance of patients is improved. The relevant dosage forms of recombinant human growth hormone injection can be used to increase the indications for children's short stature caused by small for gestational age (SAG) and further expand the coverage of patients. In addition, the application for registration and marketing license of overseas production drugs of lisdeming transdermal patch, an equity product of Kinsey pharmaceutical, has been accepted by the State Drug Administration for the treatment of mild and moderate Alzheimer's disease and the layout of the central nervous system.
Changchun Bcht Biotechnology Co(688276) herpes live attenuated vaccine is progressing smoothly, with multi-dimensional layout of R & D pipeline
In the first quarter of 2022, the subsidiary Changchun Bcht Biotechnology Co(688276) realized a revenue of 138 million yuan, a year-on-year decrease of 44.27%; The net profit was 173163 million yuan, a year-on-year decrease of 68.76%, and the company's R & D expenses were 275997 million yuan, a year-on-year increase of 63.51%, promoting the orderly promotion of a variety of products under research Changchun Bcht Biotechnology Co(688276) product: the application for marketing license of live attenuated herpes zoster vaccine has been accepted, which is expected to break the exclusive sales situation of herpes zoster virus vaccine in China in the future. In addition, the second-generation herpes zoster vaccine project to reduce the side effects of vaccination is also advancing in an orderly manner. In addition to filling the gap in China, the company has arranged tetanus monoclonal antibody, HSV-2 vaccine and Alzheimer's disease therapeutic vaccine to enrich the company's existing vaccine varieties and optimize the product structure.
The multi-dimensional sector continues to make efforts, and the business structure is continuously optimized
The subsidiary Huakang pharmaceutical achieved a revenue of 170 million yuan, a year-on-year increase of 10.23%; The net profit was 09 million yuan, a year-on-year decrease of 21.55%. The subsidiary's high-tech real estate realized a revenue of 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%, and the operation of all sectors was in good condition. In the first quarter, the company's sales expense was 946 million yuan, with a year-on-year increase of 34.75%, the management expense was 173 million yuan, with a year-on-year increase of 43.76%, and the R & D expense was 235 million yuan, with a year-on-year increase of 71.9%, mainly due to the R & D and sales layout of the subsidiary kinsay pharmaceutical, and the company's continuous optimization of sales, management and R & D expenses.
Profit forecast and investment rating
We estimate that the company's operating revenue from 2022 to 2024 will be 14.026/17.247/20.489 billion yuan respectively, and the net profit attributable to the parent company will be 5.035/62.04/7.443 billion yuan respectively. Maintain the "buy" rating.
Risk tip: product R & D is less than expected, product volume procurement risk, and new product promotion is less than expected.
