\u3000\u3000 Guanhao Biotech Co.Ltd(300238) (300238)
Matters: the company issued the performance forecast for 2021, and it is expected to realize the net profit attributable to the shareholders of the listed company of 70-79 million yuan, an increase of 50% - 70% over the same period of the previous year; The net profit after deducting non recurring profits and losses was 47.8 million yuan – 56.8 million yuan, an increase of 40% - 66% over the same period of last year.
Benvemod negotiated the price of medical insurance, and the sales volume is expected to increase significantly. Benvemod cream has successfully entered the national category B Medical Insurance catalogue. The medical insurance and new price will be implemented from March 1, 2021. The new price has decreased by 72%. After the price has decreased, the price ratio is prominent. There are 6.5 million patients with psoriasis in China, with a large population base. After the price reduction, each one is 138 yuan, and the audience has increased significantly. It is expected that the sales volume will increase significantly year-on-year in 2021.
Actively expand agent varieties and promote income growth. With the help of the company's original sales channel resources, the agency category was expanded. The sales revenue of Shenwai's agency products increased by 50% over the same period of last year, driving the growth of the company's overall performance. After optimizing the product structure, the overall gross profit margin of the company increased by 3% over the same period of last year.
The biomaterials and ophthalmology sectors are expected to be robust as a whole. The products of Ophthalmology have basically been intensively purchased in all provinces of China, and the pleura in biomaterials has been intensively purchased in some provinces. The company actively responded to centralized procurement and further strengthened cost control. It is expected that the overall performance of these two sectors will be stable.
Maintain the "buy" rating. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 0.7/0.9/110 million respectively, EPS will be RMB 0.28/0.35/0.41 respectively, and the corresponding PE will be 67x / 54x / 45x. All sectors of the company are growing steadily, and benvemod's coverage is expected to increase significantly after entering medical insurance. Maintain the "buy" rating.
Risk warning: benvemod's large quantity is less than expected, the purchase of consumables with quantity fails to win the bid or the price reduction exceeds the expected risk, and the risk of R & D failure.
