Event: on August 10, 2022, the company released its semi-annual report 2022. In the first half of 2022, the company achieved operating income of 2.348 billion yuan, an increase of 73.96% over the same period last year, a net profit of 421 million yuan, an increase of 31.90% over the same period last year, and a net profit of 481 million yuan, an increase of 100.47% over the same period last year. The performance was in line with expectations, and the revenue mainly came from the sales contribution of the blockbuster 13-valent pneumonia conjugate vaccine and the new bivalent HPV vaccine. The company invested 478 million yuan in R & D in the first half of 2022, an increase of 84.11% over the same period last year, of which 400 million yuan was spent, and the proportion of R & D investment was high, releasing the pressure of R & D expenditure ahead of schedule.
The batch distribution of 13-valent pneumonia vaccine continued to grow, superimposed on the contribution of exports. In the first half of 2022, the company issued 3.73 million doses of 13-price pneumonia conjugate vaccine, an increase of 39.68% over the same period last year, with an income of 2.01 billion yuan. In addition, the company reached a cooperation agreement with MarocVax Sar of Morocco on the supply of 13-valent pneumonia conjugate vaccine in April 2021, and the first batch of 1 million doses of vaccine was exported in the first half of 2022.
Two-price HPV accelerates delivery, while nine-price HPV is ahead of schedule. Subsidiary Yuxi Zerun bivalent HPV vaccine was approved to market in March this year. As the second domestic HPV manufacturer approved in China, the company has the advantage of first-mover, speeding up access to key domestic areas and accelerating the improvement of domestic market coverage and penetration. Up to now, the company has issued a total of 88.47 million doses of bivalent HPV vaccine. In addition, the company's nine-valent HPV vaccine research and development progress, is currently carrying out the Ⅲ phase of clinical study subjects before entering the group preparation work.
COVID-19 vaccine multi-point layout to build a superior technology platform. MRNA technology platform: the clinical field work of Ⅲ phase of COVID-19 original strain mRNA vaccine jointly developed by the company and partners has been basically completed, and data collation is being carried out; and jointly with Blue Magpie Biology to carry out research and development and commercial cooperation of COVID-19 mutant mRNA vaccine. Adenovirus vector platform: the new coronavirus vector vaccine developed by the company in cooperation with Tsinghua University and Tianjin Medical University is currently in the clinical stage of Ⅱ. Recombinant protein platform: the original recombinant COVID-19 vaccine (CHO cell) independently developed by the subsidiary Shanghai Zerun is currently in the clinical Ⅱ stage, and the mutant recombinant COVID-19 vaccine (CHO cell) was approved for phase Ⅰ / Ⅱ clinical trial in Mali in February 2022.
Profit forecast and investment rating. The performance of the company was affected by COVID-19 's epidemic situation. We adjusted our previous profit forecast and added our profit forecast for 23-24 years. Without considering COVID-19 vaccine, we predict that the company will achieve a net profit of 11.96 hectare in 2022-2024 (2.044 billion yuan in 22 years), except for COVID-19 vaccine. The company also has self-developed products such as ACYW135 group meningitis polysaccharide conjugate vaccine, 4-valent influenza vaccine and DTaP-Hib quadruple vaccine in the clinical stage.
Risk tips: the risk of failure in the research and development of blockbuster vaccine products; the sales of approved listed products are not as expected; COVID-19 vaccine-related expenditure is calculated to provide impairment risk.
