Revenue increased significantly in the first half of the year: the company achieved operating income of 20.8 million yuan (the same below) in the first half of 2021, an increase of 965.73% over the same period last year, mainly due to a 45.74-fold year-on-year increase in sales of the company's ophthalmology products to 20.29 million yuan, and a net loss of 69.61 million yuan. compared with the loss of 1.742 billion yuan in the same period last year, it was mainly due to an one-time fair value change loss of 1.512 billion yuan in the first half of 2020. After adjusting for changes in the fair value of financial liabilities, share-based payment expenses and gains related to EyePoint and Alimera transactions, the adjusted net loss in the first half of 2021 was 109 million yuan, which was larger than the loss of 6119 million in the same period last year, mainly due to increased investment in sales expenses, R & D expenses and other expenses. From the cost side, the sales expenses, R & D expenses and administrative expenses in the first half of 2021 were 45.11 million yuan, 92.24 million yuan and 233 million yuan respectively, representing year-on-year changes of 174.63%, 77.02% and-61.47%, respectively.
A number of projects have made positive progress, and the first core product is expected to be listed this year: since 2021, the company has made smooth progress in its research projects and made positive progress in the research and development of a number of products. Among them, the application for listing of OT-401 in China has been accepted by CDE and is expected to be approved within this year; OT-101 has successively obtained approval for phase III clinical trials in the United States, China and the United Kingdom, and international multicenter clinical studies have been successfully carried out; OT-502 has been approved in phase III clinical trials in China. On the whole, among the 18 ophthalmic drugs currently listed / under research, many of them have significant differentiation advantages over similar products, superimposing the company's rich ophthalmic drug product pipeline and comprehensive ophthalmic indication layout. the company has been in a leading position in the field of ophthalmic medicine in China. In addition, the company continues to strengthen the layout in product development and registration, sales team construction and production, and has the embryonic form of ophthalmic drug biopharma. In terms of sales, the company currently has more than 100 sales staff, which is expected to expand to 150 this year, and the sales force will continue to grow with the increase of listed products in the future; in terms of production, the company's Suzhou Ophthalmic Pharmaceutical Factory is expected to start trial production in October this year, with an annual production capacity of 500 million units, making it one of the largest ophthalmic pharmaceutical factories in China. With the launch of more products in the future, the commissioning of the Suzhou plant and the growing sales force, we believe that the value of the company's ophthalmology platform is expected to be further revealed.
Profit forecast and valuation: the listing pace of some of the company's products is faster than expected. We maintain the revenue forecast of 65 million yuan in 2021 and increase the operating income in 2022-2023 to 2.91 yuan and 707 million yuan, respectively. The year-on-year growth rates of 397.10%, 346.70% and 143.11% were 52.47% and 39.32%, respectively, and the net profit from 2021 to 2023 was-2.84 yuan and-2.74% and-42 million yuan, respectively. Maintain the company's target price of HK $30.03 and maintain the "prudent overweight" rating.
Risk hints: the sales of OT-401 are not as expected after listing, the progress and sales of products under research are not as expected, and the third party depends on risk.