Main points of investment
The company's revenue is growing rapidly, and R & D investment is further increased: in the six months ended June 30, 2022, the company's total revenue was about 1289.4 million yuan, an increase of about 655.8 million yuan, or about 103.5%, compared with about 633.6 yuan in the six months ended June 30, 2021.
The revenue mainly comes from drug sales, research and development services provided to customers and licensing revenue. During the same period, the company confirmed that the clinical expenditure on R & D was about 827.4 million yuan, an increase of about 88.1 million yuan, or about 11.9%, compared with about 739.3 yuan in the six months ended June 30, 2021; the company continues to increase investment in innovative R & D projects to accelerate the company's innovation transformation.
The product matrix is becoming more and more perfect and the commercialization team is growing day by day: at present, five of the company's products have been successfully listed in China and one in Europe. Among them, the company's independently developed Hans-shaped (Srueli McAb) was approved in China in March 2022, and its use in the treatment of small cell lung cancer was qualified for FDA orphan drugs in May 2022. The company has set up a commercialized team of more than 800 people for core oncology and immunotherapy products to continuously promote the commercialization of each product.
The doubling of the company's production capacity helps its market expansion: the company's total commercial production capacity has reached 48000 liters. Songjiang base (1) 24000 liters of production capacity is officially put into commercial production of Hanqu excellent, ensuring the continuous volume of the market, and forming a scale effect with Xuhui base with 24000 liters of capacity. The company's commercial production base and its supporting quality management system have passed the on-site verification and audit carried out by the China Drug Administration, the European Drug Administration, the EU quality authorized person and international business partners, and obtained the GMP certification in China and the European Union. It can provide commercial production for the company's five listed products and realize the normal supply in the Chinese and EU markets.
Profit forecast and valuation: we give forecast income of 27.46,38.06 and 4.938 billion yuan from 2022 to 2024, up 63.18%, 38.59% and 29.75% over the same period last year, and forecast net profit of-7.20,8.61 and-653 million yuan. Maintain a "buy" rating.
Risk tips: research and development progress and new product sales are not as expected, market competition intensifies, personnel change risk.