Event: Heiscox released its half-yearly report for 2022, with operating income of 1.247 billion yuan, down 2.26% from the same period last year; net profit belonging to shareholders of listed companies was 69.8222 million yuan, down 78.20% from the same period last year, deducting 51.08 million yuan from non-net profit, an increase of 93.87% over the same period last year
With the accelerated release of cyclopropofol, the effect of generic drugs has basically subsided.
The main results are as follows: 1) the anesthetic product cyclopropofol is released rapidly. Cyclopropofol is a kind of intravenous anesthetic developed by ourselves, which was approved and put on the market in December 2020. Newly approved "induction and maintenance of general anesthesia" and "sedation during intensive care" during the reporting period
Indications. Compared with propofol, cyclopropofol has the clinical advantages of "two fast and five less", such as rapid onset, rapid awakening, less dosage, less respiratory inhibition, fewer cardiovascular adverse events, less injection pain and less lipid infusion. Based on this, cyclopropofol has been recommended by a number of guidelines. By the end of June 2022, the sales volume in the first half of 2022 was about 1.5 million units, which had entered more than 900 hospitals, of which 55% were hospitals with more than three grades.
At the same time, a phase Ⅲ clinical study is carried out in the United States, and we expect that some US clinical data will be read out in the second half of the year. The company's annual hospital coverage target is about 1400, with a sales target of more than 4 million.
2) the decline in revenue from the company's main business has narrowed significantly, and we believe that the company has basically faded under the influence of the collection of generic drugs and the price reduction of Dora, and the sales of innovative drugs have increased steadily, accounting for about 10%. As the volume of innovative drug products, the fundamentals of the company will continue to improve.
The overall cost control is good, and the expense rate has declined. In the first half of 2022, the company 1) sales expenses were 443 million yuan, up 2.39% from the same period last year, and the sales expense rate was 35.54%, up 1.61 pct. 2) the management expenses were 150 million yuan, down 10.39% from the same period last year, and the management expense rate was 12.04%, down 1.1% 3) the R & D expenditure was 180 million yuan, down 7.2% from the same period last year, and the R & D expenditure rate was 15.7%, down 0.76pctter4) the company's overall gross profit margin was 68.9%, compared with 64.4% in the same period last year, an increase of 4.5pct over the same period last year.
Continuous investment in R & D, innovative varieties drive a new round of growth:
1) Phase Ⅲ clinical trials of long-acting hypoglycemic drugs (HSK7653) are accelerated, and it is planned to declare by the end of 2022 that NDA;2) neuralgia drugs (HSK16149), acute and chronic pain drugs (HSK21542) accelerate phase Ⅲ clinical trials; 3) antineoplastic drugs HSK29116 (BTK-PROTAC) accelerate Ⅰ phase climbing trials; 4) improved innovative drugs HL231 actively promote Ⅰ / Ⅱ phase clinical trials Respiratory drug HSK31858, circulatory disease drug HSK31679 and hematological disease drug HSK36273 completed the clinical phase Ⅰ trial and prepared for the clinical phase Ⅱ trial.
5) the company has Protac technology platform, PDC technology platform, etc. It is expected to complete the IND declaration of two Protac projects by the end of the year, and one PDC project will enter the PCC development stage.
Profit forecast and investment advice: the company's operating income is expected to be 3.47 billion yuan, 4.53 billion yuan and 5.55 billion yuan respectively from 2022 to 2024, an increase of 25%, 30.4% and 22.6% respectively over the same period last year. The company's net profit from 2022 to 2024 is expected to be 1.6,5.2 and 950 million yuan respectively (the previous value is 0.4,4.4 and 860 million yuan). The results of the company's innovation transformation are emerging, the inflection point is confirmed, and the "buy" rating is maintained.
Risk hints: the risk of drug research and development, the risk that the market capacity is lower than expected, the risk of drug price reduction, and so on.