Main points of investment
Differentiation pipeline gradually realized: microcore biology took the lead in constructing the core technology system of integrated drug innovation and early evaluation based on chemical genomics, and gradually formed a rich differentiation pipeline. The compound sales growth rate of cedarben 2017-2021 is 42.98%, and two indications have been successfully approved in Japan, and a number of global trials are under way. China's first new drug with original mechanism of diabetes, Siglitazine, has also been commercialized successfully.
The research and development of candidate drugs is progressing smoothly: Aurora B/VEGFR/CSF1R multi-targeting multi-pathway kinase inhibitors have carried out three phase registered clinical trials of small cell lung cancer and soft nest cancer, CS12192 has started phase I clinical trials, and a number of new molecular candidates such as CS23546, CS271011, CS32582, CS17919 and other new molecular candidates are in the early exploratory research stage and preclinical research stage. Formed a relatively perfect product echelon covering tumor, autoimmunity, metabolism, center, virus and other areas of treatment. Macromolecular companies have also launched research in the field of oncology.
Profit forecast and valuation: the company is a pioneer in domestic research and development of pioneering and differentiated drugs, and has successfully realized the commercialization of two First in Class drugs, cedaben has also achieved international transfer of rights and interests and has been successfully approved. In R & D, the research and development of many characteristic varieties of the company is progressing smoothly, and there is room for long-term development. We estimate that the company's EPS from 2022 to 2024 will be 0.14,0.21,0.33 yuan respectively. Corresponding to April 1, 2022, the share price PE was 195.8, 128.7 and 81.1 times respectively, covering for the first time and given a "prudent overweight" rating.
Risk hint: product research and development is not up to expectations, product sales are not up to expectations, and innovative drug policies at home and abroad have changed.
