\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 161 Beijing Tiantan Biological Products Corporation Limited(600161) )
Event:
1) the company released its 2021 annual report, with an operating revenue of 4.112 billion yuan, a year-on-year increase of + 19.35%; The net profit attributable to the parent company was 760 million yuan, a year-on-year increase of + 18.94%; Deduct the net profit not attributable to the parent company of RMB 756 million, a year-on-year increase of + 21.12%; Operating net cash flow was 980 million yuan, a year-on-year increase of + 39.63%; EPS0. 57 yuan. The performance is in line with market expectations.
2) the company released the first quarterly report of 2022, with an operating revenue of 705 million yuan, a year-on-year increase of – 16.80%; The net profit attributable to the parent company was 125 million yuan, a year-on-year increase of – 17.50%; Deduct the net profit not attributable to the parent company of RMB 116 million, a year-on-year increase of – 22.83%; Net operating cash flow was 207 million yuan, a year-on-year increase of – 23.14%; EPS0. 09 yuan. The performance is in line with market expectations.
Comments:
It maintained steady growth in 2021, and the epidemic affected the performance of 2022q1: from 2021q1 to 2022q1, the company’s single quarter operating revenue was RMB 847 / 9.64 / 10.07 / 12.94 / 705 million respectively, with a year-on-year increase of + 11.80% / + 20.97% / – 6.89% / + 59.83% / – 16.80%; The net profit attributable to the parent company was RMB 152 / 1.85/2.21/2.02/125 million, a year-on-year increase of + 15.06% / + 21.96% / + 3.77% / + 42.05% / – 17.50%; Deduct the net profit not attributable to the parent company of 150 / 1.81 / 2.20 / 2.05 / 116 million yuan, a year-on-year increase of + 16.59% / + 22.12% / + 6.71% / + 45.33% / – 22.83%. In 2021, with the covid-19 epidemic gradually controlled and the company’s efforts to deal with the repeated epidemic and policy adjustment, the revenue in the four quarters showed a steady increase quarter by quarter, and the net operating cash flow increased significantly, mainly due to the increase of sales receipts. The negative growth of revenue and profit in 2022q1 is mainly due to the increased difficulty of distribution caused by the epidemic, the reduction of patients’ medical treatment and hospital terminal surgery. With the subsequent epidemic gradually controlled, the company’s performance will return to a steady growth trend. In 2021, the company’s main products were issued in 327 batches of human albumin, with a year-on-year increase of 13 batches (+ 4%), 265 batches of Jing C, with a year-on-year increase of 23 batches (+ 10%), 14 batches of broken exemption, with a year-on-year increase of 1 batch (+ 8%), 7 batches of crazy exemption, with a year-on-year increase of 2 batches (+ 40%), 9 batches of B exemption, with a year-on-year increase of 1 batch (+ 13%), and 14 batches of human coagulation factor VIII, with a year-on-year increase of 11 batches (+ 367%). In 2021, 1809 tons of plasma were collected, with a year-on-year increase of 6%. Since 2021, the company has set up 23 new plasma stations, making new achievements in expansion over the years. By the time of disclosure of the annual report, the company had 82 single plasma collection stations (including sub stations), including 58 plasma operation stations, leading the scale in China.
The echelon of blood products continues to grow, and the comprehensive utilization rate of plasma is expected to improve: in 2021, the company invested 322 million yuan in R & D, accounting for 7.83% of operating revenue, of which 133 million yuan was expensed, and the R & D expense rate is 3.24%. In 2021, Chengdu Rongsheng’s human coagulation factor VIII obtained the approval document for drug registration; The intravenously injected covid-19 human immunoglobulin (pH4) made from Wuhan blood was the first in the world to obtain the clinical approval of China and the clinical approval of the United Arab Emirates, and the phase II clinical trial was carried out in the United Arab Emirates; Chengdu Rongsheng’s phase III clinical trial of subcutaneous injection of human immunoglobulin included the first patient on 2022.1; Chengdu Rongsheng’s phase I clinical trial of recombinant human coagulation factor VII a was completed on December 2022; Shanghai clinical fibrinogen approved; Chengdu Rongsheng completed the phase III clinical trial of recombinant human coagulation factor VIII for injection in adults and adolescents (≥ 12 years old) and obtained the summary report; Chengdu Rongsheng’s intravenous injection of human immunoglobulin (ph4,10%), human fibrinogen and Lanzhou blood made human prothrombin complex completed the phase III clinical trial and obtained the summary report. With the continuous enrichment of the company’s blood products, the utilization rate of comprehensive plasma volume is expected to improve and give full play to the scale advantage of plasma volume.
Profit forecast, valuation and rating: considering the uncertain impact of covid-19 epidemic on the company’s pulp collection, sales and other work, the forecast of net profit attributable to the parent company from 2022 to 2023 was lowered to 894 / 1036 million yuan (the original forecast was 936 / 1136 million yuan, down 4% / 9% respectively), and the new forecast of net profit attributable to the parent company in 2024 was 1.207 billion yuan, a year-on-year increase of + 17.62% / 15.92% / 16.50%. According to the latest equity calculation, EPS was 0.66/0.75/0.88 yuan, The current price corresponding to PE is 29 / 25 / 22 times, maintaining the “overweight” rating.
Risk warning: the slurry recovery is lower than expected; Product R & D progress is slower than expected.
