\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 58 Betta Pharmaceuticals Co.Ltd(300558) )
Event:
The company released the first quarterly report of 2022, and achieved a revenue of 585 million yuan in Q1 of 2022, a year-on-year decrease of 5.47%; The net profit attributable to the parent company was 84 million yuan, a year-on-year decrease of 43.36%, which was mainly affected by the equity incentive plan. After excluding this influencing factor, the net profit attributable to the parent company was 145 million yuan, a year-on-year decrease of 1.93%.
Comments:
The sales volume of main varieties increased rapidly, and the overall performance of the revenue side was stable
In 2022, Q1 company's revenue performance was stable as a whole, and the sales volume of major varieties continued to grow. Among them, the postoperative auxiliary indications of ektinib (trade name: Kemena) were included in the medical insurance at the same time, and the sales volume of Q1 also increased by 19.56% year-on-year; Ensatinib (trade name: bemena) achieved rapid and large-scale volume after the second-line treatment of ALK positive NSCLC indications were included in the medical insurance in December 2021, and the sales volume in 2022q1 increased significantly by 110387% year-on-year.
Equity incentives put pressure on the net profit attributable to the parent company, and the operation is in good condition after excluding the impact
In 2021, the company began to implement the five-year restricted stock incentive plan, which had an impact of 61 million yuan on the net profit of Q1 in 2022, resulting in a year-on-year decline of 43.36% in the net profit attributable to the parent company in Q1. After excluding the influencing factors, the net profit attributable to the parent company decreased slightly by 1.93% year-on-year, which remained stable as a whole.
Commercial varieties have been continuously expanded, and the R & D of innovative pipelines has been rapidly promoted
The indications for the first-line treatment of ALK positive NSCLC with the main commercial ALK inhibitor enzatinib were approved by nmpa in March 2022. The preparation of FDA listing application for the same indication is in progress, and the application for postoperative auxiliary indication ind was also approved in April. Bevacizumab added a number of approved indications such as primary glioblastoma, epithelial ovarian cancer, fallopian tube cancer, primary peritoneal cancer and cervical cancer in March, and the target patient population expanded significantly. In terms of research pipeline, the application for listing of second-line renal cell carcinoma with multi-target kinase inhibitor CM082 (voronib) was accepted in January, and two solid tumor clinical ind applications, PD-L1 inhibitor bpi-371153 and SHP2 inhibitor bpi-442096, were approved in January, further broadening the company's tumor immune layout.
Profit forecast and investment rating
We predict that the operating revenue of the company from 2022 to 2024 will be 2.784 billion yuan, 3.864 billion yuan and 5.418 billion yuan respectively, and the net profit attributable to the parent company will be 459 million yuan, 684 million yuan and 923 million yuan respectively. Maintain the "overweight" rating.
Risk warning: epidemic fluctuation risk, R & D failure risk, sales risk less than expected
