Main points of investment
On Thursday, October 13, Hongbo Pharmaceutical, a listed company on gem, made an inquiry.
Hongbo Pharmaceutical (301230): the company is an one-stop integrated service provider for new drug research and development and commercial production, committed to drug discovery, pharmaceutical process research and development and commercial production of API intermediates. From 2019 to 2021, the company achieved operating income of 245 million yuan / 283 million yuan / 448 million yuan, YOY of 94.89%, 15.41%, 58.39%, and a compound annual growth rate of 52.73%. The net profit of homing was 47 million yuan / 49 million yuan / 74 million yuan, the YOY was 414.68%, 3.04%, 51.11%, and the annual compound growth rate of three-year net profit was 100.11%. During the latest reporting period, 2022H1 achieved an operating income of 206 million yuan, an increase of 8.67% over the same period last year, and a net profit of 21 million yuan, down 8.70% from the same period last year. The company expects to achieve a net profit range of 3704.86-45.2816 million yuan attributable to parent shareholders from January to September 2022, a year-on-year change of-10.21% to 9.75%.
Investment highlights: 1. Since its inception, the company has been committed to the field of drug discovery, and currently has good technical advantages. The company's founder, PING CHEN, once served as senior chief scientist and head of oncology program at Bristol-Myers Bristol-Myers Squibb Co Pharmaceutical Company, the main inventor of Dashatinib, a class 1.1 anti-cancer innovative drug, and the inventor of 38 patents for new drug inventions. Since its inception, the company has been committed to small molecular pharmaceutical chemistry research services for a long time. With the technical advantages of the founder and the pharmaceutical chemistry team in innovative drug discovery, especially pharmaceutical chemistry, the company has provided pharmaceutical R & D services for hundreds of active customers at home and abroad over the years, and has received Agios Pharmaceuticals, Inc., AlexionPharmaceuticals, Inc., KSQ Therapeutics, Inc., Jnana Therapeutics, Inc., Nuvalent, Inc., BeiGene, Ltd. And other foreign rare diseases innovative drug research and development customers fully recognized. The company currently has a molecular model design technology platform with structure-activity relationship as the core, and significantly improves R & D efficiency and reduces costs through the use of computer-aided drug design and artificial intelligence technology; by the end of the reporting period, the company has successfully discovered 21 clinical drug candidates in innovative drug research and development projects cooperated with customers. 2. The company extends further to the commercial production business downstream of CRO. At present, the main commercial products include a series of intermediates such as Tegregrel, Vipatavir, Palamivir and so on. In order to continuously meet the needs of innovative and generic drug customers for process development and production, the company extends its commercial production business downstream by merging Kaiyuan Hongbo. At present, it has a technical platform and service system covering drug discovery, process research and development and commercial production, covering the whole stage of drug development and production. The company's existing revenue-generating products include tegrerol, vipatamivir and paramivir, of which tegrerol is used in the treatment of acute coronary syndrome and is currently the leading global supplier of tegrerol. In addition, the company has obtained good customer resources in the Indian market. According to "India Pharmaceutical Association (Ipapharma) announces India's TOP100 pharmaceutical companies" issued by the representative office of the China Council for the Promotion of International Trade in India on January 11, 2020, four of the top five pharmaceutical companies in India are corporate customers.
Comparison of listed companies in the same industry: the company's main business is CRO, CDMO and CMO services. According to the similarity of business, Wuxi Apptec, Pharmaron Beijing Co., Ltd.*, Kailiying, Pharmaceutical Stone Technology, Medisi and Haoyuan Pharmaceutical are selected as comparable listed companies. According to the above comparable companies, the average income of the same industry in 2021 is 9.047 billion yuan, PE-TTM (arithmetic average) is 36.09X, and the gross profit margin of sales is 41.00%. Relatively speaking, the revenue scale and gross profit margin of the company are lower than the average level of the industry.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data selection may have interpretation deviation, specific listed company risk is displayed in the text content, and so on.