\u3000\u3000 Jafron Biomedical Co.Ltd(300529) (300529)
Key investment points
Event: the company issued the 2022 stock option incentive plan (Draft). It is proposed to grant 8.02 million stock options to 735 directors, middle and senior executives and core backbone of the company, accounting for about 1% of the total share capital. 7.02 million copies were granted for the first time, and the exercise price was 54.77 yuan / copy. The company level performance assessment index is that the company’s operating revenue from 2022 to 2024 shall not be less than RMB 3.57/48.8/6.36 billion respectively.
Launch the equity incentive plan to boost the enthusiasm of the company’s employees. This equity incentive plan is the sixth equity incentive since the company’s listing. Compared with the previous five, this incentive is the one with the largest number of people covered and stock options granted by the company, and the performance evaluation indicators remain at a high level, reflecting the company’s confidence in the sustained and high growth and development of the enterprise. We believe that this incentive plan is conducive to improving the enthusiasm of the company’s employees, deeply binding the interests of employees, giving play to synergy and promoting the accelerated development of the company.
Kidney disease star products were incorporated into the diagnosis and treatment norms of the Health Commission, and their influence continued to increase. In November 2021, the National Health Commission issued the standard operating procedures for blood purification (version 2021). In its “Chapter 18 hemoperfusion”, it was clearly pointed out for the first time that “once a week, ha resin hemoperfusion and hemodialysis were treated in series for 2h, which can significantly improve the serum iPTH and blood pressure of maintenance hemodialysis patients β 2. Improve the clearance rate of microglobulin and improve itching symptoms “, which will provide clear guidance for clinical practice and be conducive to the popularization and application of HA resin hemoperfusion device of the company. In addition to the large volume of traditional products such as ha130, the company’s new standard products HA100, ha150, kha80 and kha200 have been used in 300 hospitals to meet the treatment needs of different types of dialysis patients. The unit price of the above products is high, which is expected to further improve the company’s gross profit margin.
Continuous efforts have been made in the field of liver diseases, and new products have been launched in the field of severe diseases. The company continues to promote various treatment projects in the field of liver disease. Represented by the “one city, one center” liver disease project, the company has made rapid progress and rapidly driven the growth of the company’s liver disease field from point to area. With dpmas technology, it has been certified by a number of guidelines and authoritative journals. It has developed from high-end hospitals through high-rise strategy, covering more than 1200 tertiary hospitals such as Beijing You’an Hospital, with a sales team of about 200 people. In the field of severe diseases, as the first cytokine adsorption column in China, it has been successfully listed, filling the gap of cytokine adsorption therapy in China. It is highly recognized by the industry and is expected to continue to contribute to the company’s performance in the future.
The raw material base has been completed and started to form an integrated chain. The project of Jianshu company covers an area of 58 Mu and a construction area of 28000 square meters. It will build four high-level resin automation production lines. After reaching the production level, it will become a raw material production base with the level of process automation in the fine chemical industry. Hubei Huanggang hemodialysis powder and liquid product base, Zhuhai Jinding blood purification product production base and Zhuhai Gaolan Port raw material production base are also under active construction, which will further improve the company’s raw material cost control ability. In the future, with the increase of the company’s product penetration and no bottleneck limit on production capacity, a variety of products will jointly contribute to the performance increment.
Profit forecast and investment suggestions. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.2 billion, RMB 1.6 billion and RMB 2.2 billion respectively, and the CAGR of the net profit attributable to the parent company in the next three years will be 36%, maintaining the “buy” rating.
Risk warning: the risk of single product structure; The sales of hemoperfusion products were less than expected; Product price reduction risk
