\u3000\u30 Zhongyan Technology Co.Ltd(003001) 22 Chongqing Zhifei Biological Products Co.Ltd(300122) )
The performance was in line with expectations, and the performance increased significantly in 2022q1. In 2021, the company achieved a revenue of 30.652 billion yuan, a year-on-year increase of 101.79%, a net profit attributable to the parent company of 10.209 billion yuan, a year-on-year increase of 209.23%, a net profit not attributable to the parent company of 10.184 billion yuan, a year-on-year increase of 206.48%, and a net cash flow from operating activities of 8.508 billion yuan, a year-on-year increase of 143.3%.
In 2021q4, the company achieved revenue of 8.825 billion yuan, a year-on-year increase of 113.1%, net profit attributable to parent company of 1.805 billion yuan, a year-on-year increase of 119.38%, deducting net profit not attributable to parent company of 1.766 billion yuan, a year-on-year increase of 110.21%.
In 2022q1, the company realized a 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%.
HPV vaccines continued to grow at a high rate. In 2021, the company’s agent product revenue was 20.931 billion yuan, with a year-on-year increase of 49.99%, of which 8.8 million HPV vaccines were issued in batches throughout the year, with a year-on-year increase of 22%, and 10.2 million HPV vaccines were issued in batches throughout the year, with a year-on-year increase of 101%. It is expected that HPV vaccines will contribute 17-18 billion yuan to the annual revenue; 7.31 million pentavalent rotavirus vaccines were issued in batches, with a year-on-year increase of 83%. It is expected to contribute 1-2 billion yuan of revenue in the whole year. The revenue of independent products was 9.697 billion yuan, with a year-on-year increase of 707.61%. Covid-19 vaccine is expected to contribute about 8.4 billion yuan.
Profitability continued to improve. The overall gross profit margin of the company in 2021 was 49.04%, with a year-on-year increase of 10PCT. The gross profit margin of its own products was 90.12% and that of its agent products was 29.98%. The company’s overall net profit margin was 33.3%, up 11.57pct year-on-year. The sales expense rate, management expense rate and financial expense rate were 5.99%, 2.78% and 0.07% respectively, with year-on-year changes of -1.89pct, -0.59pct and -0.79pct.
The R & D investment is large, and the pipeline continues to be realized. A total of 28 companies are in the research and development stage, of which the influenza virus split vaccine and 23 valent pneumonia polysaccharide vaccine have completed clinical trials and are in the preparation of application. A total of 6 products, including 15 valent pneumococcal conjugate vaccine, freeze-dried rabies vaccine for human use (MRC-5 cells), freeze-dried rabies vaccine for human use (Vero cells), tetravalent influenza virus cleavage vaccine, bivalent fulminant sonnei dysentery conjugate vaccine and acyw135 group meningococcal conjugate vaccine, are in phase 3 clinical trial stage. Three varieties are in clinical stage 2, four varieties are in clinical stage 1, and 13 varieties are in preclinical stage.
The net profit of “purchase” and “promotion” of HPV is expected to be RMB 42.65 billion and RMB 34.52 billion respectively, with a year-on-year growth of 12.65% and 12.65% respectively, corresponding to the net profit of “purchase” and “promotion” of HPV in 2024 and 2022, with a year-on-year growth of 12.65% and 2.45% respectively.
Stock price catalyst: HPV vaccine batch issuance increased significantly, and the volume of micro cards increased rapidly.
Risk factors: policy risk, talent management risk and abnormal reaction risk.
