Jiankai Technology is a leading enterprise in the R & D and production of medical polyethylene glycol (PEG) and derivative products with global competitiveness. Over the years, the company has focused on the upstream of medical and pharmaceutical PEG preparations, engaged in the research and development, production and sales of PEG and its active derivatives, filling in the blank of domestic long-term lack of large-scale production of high-quality medical PEG raw materials; at the same time, based on its own PEG synthesis technology, to provide PEG pharmaceutical technical services to downstream customers. At the same time, the company independently develops innovative PEG modified drugs and medical devices, and is the leading enterprise in the field of PEG pharmaceutical equipment in China.
1. Benefiting from the volume of downstream preparations and the continuous expansion of the application scene of PEG modification technology, the global demand for medical PEG materials is growing rapidly, and the market size is expected to reach US $4.935 billion in 2026. The existing short-acting drugs will be further upgraded to long-acting drugs. Protein and peptide drug modification as the most extensive application scenario of PEG, the market scale continues to expand. At the same time, the application scenarios and market space in the fields of small molecular innovative drugs, LNP (lipid nanoparticles) delivery systems, ADC linker, devices and so on still need to be explored.
two。 Domestic major customers put their products on the market rapidly, and new overseas products are expected to form a new growth driver. The company has mastered the high-purity PEG large-scale production process, the derivative end accumulates the strong derivative synthesis know-how experience, the company domestic cooperation customer reputation is excellent, supports the domestic market long-acting medicine (Changchun high-tech Jin Saizeng, Hengrui Pharmaceutical's Aiduo, Hausen Pharmaceutical's Folaimi, Tebao Biological's Pagobin) quantity, constitutes the performance high-speed growth basic set. Strong technical reserves help the company's Nuggets overseas Blue Ocean market, has carried out good cooperation with a number of overseas customers, and the release of innovative products is expected in the future.
3. Focus on drug research and development to open up a broader market. While the company is based on the production and sales of polyethylene glycol and its derivatives, it actively extends the research and development of downstream polyethylene glycol pharmaceutical equipment, and seeks external transfer or authorization when the research and development progress to a certain stage, in order to further improve the commercial value of PEG materials and technology, and enhance the company's technological innovation competitiveness and customer stickiness. At present, the company is developing a rich product pipeline, long-acting antineoplastic drug polyethylene glycol irinotecan completed phase Ⅱ clinical; analgesic drug JK1214R, long-acting immunosuppressive drug JK1219I new drug clinical orderly progress; medical instruments JK-2122H is expected to be completed within this year. With the company's continuous investment in new technology and new application research and development, it is expected to further open up the long-term market space under the two-wheel drive of PEG product sales and independent research and development.
Profit Forecast: we forecast that the company's income from 2022 to 2024 will be 444 yuan 5.80 / 755 million yuan, the net profit of homing mother will be 2.27 million yuan, and the corresponding EPS will be 3.77 PE 4.94 PE, respectively, and the current stock price will correspond to 45-34-26 times. It is expected that the company's product sales will continue to grow high under the support of downstream large product sales and capacity expansion, while the listing of new products at home and abroad is expected to form a new contribution point, be optimistic about the company's long-term development and maintain the "recommended" rating.
Risk tips: the risk of terminal sales of large customers and large products falling short of expectations; the risk of failure of innovation and research and development; the risk of core technology iteration and increased competition; the risk of environmental safety and policy change.
