Events:
On October 15, Alibaba Health Information Technology Pharmacy held a fifth anniversary conference in Shanghai, where it announced the launch of the "New Drug launch support Program". The plan includes four measures: the first green channel in seven days, special resource support, one-to-one strategic services, and supporting infrastructure of a hundred cities.
Comments:
Continued investment in infrastructure and further consolidation of the industry's leading position. Alibaba Health Information Technology, as the largest online medical and health products service platform in China, continues to cultivate the basic business of pharmaceutical e-commerce. By the end of fiscal year 2021, the number of annual active users of Tmall Pharmaceutical platform exceeded 280 million, an increase of 90 million over the same period last year. At the same time, in order to meet the rapid growth of user demand, the company continues to invest in pharmaceutical supply chain capabilities such as pharmaceutical warehousing and logistics. At present, Alibaba Health Information Technology Pharmacy has achieved the second day of drug delivery in 100 cities across the country, the construction of cold chain warehousing and logistics has been accelerated, and more than 2000 licensed doctors provide full-time online medication guidance. It is expected that there will be synergy between pharmaceutical e-commerce and online medical services in the future, which will help the company consolidate its leading position in the industry.
Promote pharmaceutical companies to reduce costs and increase efficiency, and build multi-dimensional advantages. The support program provides one-to-one strategic services, sets up a brand data center, uses big data to provide digital solutions for pharmaceutical companies, and opens a digital product "brand star map" for each cooperative pharmaceutical company. In the brand star map, pharmaceutical companies can directly view their own detailed data of each dimension. At the same time, pharmaceutical companies can rely on BABA's strong market research, category analysis, volume and price data acquisition and other capabilities to more accurately locate the target track. This move will help to attract more pharmaceutical companies to choose Alibaba Health Information Technology Pharmacy to complete the out-of-hospital market development. This comprehensive measure shows Alibaba Health Information Technology's strategic advantages in different dimensions, such as comprehensively attracting pharmaceutical enterprises, building a good pharmaceutical retail ecological environment, improving the logistics system, and so on, centering on the "out-of-hospital scene".
Aim at the new special medicine market, fit for graded diagnosis and treatment. In 2020, the Drug Evaluation Center of the State Drug Administration reviewed and approved 208 applications for the listing of new drugs. At present, there is a widespread problem of insufficient accessibility of new special drugs in small and medium-sized cities in China. The sinking of new special drugs is realized through "Internet + Medical Health", by which patients can break the restrictions of region and sales level, and use new and good drugs conveniently. New special drug R & D enterprises also need to find a breakthrough in the out-of-hospital market to shorten the time period for products to reach the market. Alibaba Health Information Technology's seven-day debut green channel will shorten the cycle from application to shelves within a week and be distributed to patients through the advantage of BABA's supply chain. This move will enable Alibaba Health Information Technology to open up the market, enhance customer stickiness and form a win-win situation.
Profit expectation: the sustained growth of the company's proprietary business reflects the comprehensive competitiveness of the platform; due to the short-term pressure of the base factors of the platform business, the long-term platform business is expected to resume steady growth. It is estimated that the company's income from 2021 to 2023 will be RMB 202.52, 261.85, 33.282 billion yuan. The earnings per share is-0.04 pounds per share, and 0.02 yuan per share. Cover the company for the first time, be optimistic about the long-term development potential of the company, and give it an "overweight" rating.
Risk hint: policy supervision risk, COVID-19 epidemic situation repeated, the epidemic recovery is not as expected.