Events:
Wei Xinkang issued an announcement on the evening of September 5, 2022: inner Mongolia Baiyi Pharmaceutical Co., Ltd., a wholly-owned subsidiary, received the Drug Registration Certificate of multivitamins (13) (10prime 3) for injection approved and issued by the State Drug Administration, which is a compound preparation composed of 13 vitamins for intravenous parenteral nutrition, which is suitable for the prevention of vitamin deficiency in adults and children aged 11 and over receiving parenteral nutrition.
There are only two domestic suppliers of multivitamins for injection (13), and the competition pattern is excellent. This variety was originally developed as Sandoz Inc. Infuvite Adult has not yet been imported into China. At present, 13 kinds of similar vitamin injection products have been approved in China, only Guangzhou Hanguang Pharmaceutical Industry and Inner Mongolia White Medicine, no other manufacturers have declared this variety, and the competition pattern is good.
The formula upgrade of multivitamin (13) for injection is expected to become a clinically recommended variety. The total sales value of multivitamin injection in 2021 is about 3.97 billion yuan, including multivitamin (12) for injection, compound three-dimensional B (II) for injection, fat-soluble vitamin (II) for injection, water-soluble vitamin for injection and other products. Among them, multivitamin (13) for injection will be on the market at the end of 2020. The share is small. According to our previous in-depth report, multi-dimensional (12) accounts for about 36%, which is the largest variety of vitamins, while multi-dimensional (13) has more trace element K than multi-dimensional (12). The lack of trace element K can cause disorders of coagulation factor synthesis and dysfunction. According to the consensus of experts on Clinical Application of vitamins, since 2003, FDA has added vitamin K to the recommendations for adult parenteral nutrition needs, especially for critically ill patients, whose coagulation-fibrinolysis system is activated to cause vitamin K deficiency or liver disease patients with bleeding tendency and blood coagulation defects, etc.; newborn and pediatric patients should also supplement 13 vitamins, including trace element K.
The layout of the parenteral vitamin product matrix is perfect, or the existing channels can be shared to accelerate the parenteral nutrition vitamin injection company. Currently, multivitamins for injection (12) and multivitamin injection for children (13) are being sold in the field of parenteral nutrition vitamin injection. The adult vitamin upgrade variety multivitamin (13) (10x3) has been approved, and the company has a complete product matrix layout in the field of parenteral nutrition vitamins. At the same time, the target medical institutions of multivitamins (12) for injection are consistent with multivitamins (13) for injection, and it is expected that the existing channels can be shared, or the delivery of new multivitamins (13) for injection can be realized more quickly.
Investment advice and profit Forecast
The rapid release of multi-vitamins (12) for injection, multi-trace element injection and children's multi-vitamin injection (13), superimposed on the continuous enrichment of epidemic prevention and control experience and epidemic prevention toolkit in the second half of 2022, it is expected that the impact of the epidemic will be more controlled, and the company's corresponding sales and promotion work will be gradually restored and further promoted. The active promotion of access to Pediatric compound Amino Acid injection (19AA-1) is expected to begin to contribute to performance this year; with the approval of multivitamins (13) (10x3) for injection, the vitamin product matrix is complete. It is estimated that the company's operating income from 2022 to 2024 will be 14.29max 20.10 / 2.739 billion, with a growth rate of 38.26%, 40.55%, 36.25% and 1.58%, 2.22%, 313 million, respectively, with a growth rate of 64.96%, 40.55%, 40.93%, and 0.36, 0.51, 0.51 and 0.72 yuan per share, respectively, with a corresponding PE of 33.5723.88, 16.95. Maintain a "buy" rating.
Risk hint
Research and development uncertainty risk; core health insurance product price reduction risk; channel expansion uncertainty risk and so on.
