Main points of investment
On Wednesday (December 21), Baili Tianheng, a listed company of Science and Technology Innovation Board, made an inquiry.
Baili Tianheng (688506): the company is a modern biomedical enterprise integrating drug research and development, production and marketing, with chemical and proprietary Chinese medicine preparation business plate and innovative biological medicine business plate, with a full range of drug research and development production capacity, including small molecular chemical drugs, macromolecular biological drugs and antibody coupling drugs (ADC drugs). From 2019 to 2021, the company achieved operating income of 1.207 billion yuan / 1.013 billion yuan / 797 million yuan, YOY of 8.62%, 16.07%, 21.33%, 8 million yuan / 0.38 billion yuan /-100 million yuan, and YOY of-76.45%, 390.26%, 363.82%, respectively. In 2021, the company's net profit turned to a loss.
During the latest reporting period, 2022Q3 achieved operating income of 480 million yuan, down 21.75% from the same period last year, and realized net profit of-243 million yuan, down 954.86% from the same period last year. According to the preliminary forecast, the net profit attributed to the shareholders of the parent company in 2022 is about-323 million yuan to-303 million yuan, a decrease of 223.03% to 203.03% compared with the same period last year.
Investment highlights: 1, the company in the field of deep-tillage pharmaceutical preparations and traditional Chinese medicine preparations for 26 years, glucose electrolyte effervescent tablets and other drugs are the first imitation varieties in China. By the end of the reporting period, the company had 182 registration documents for chemical preparations and 11 registration documents for APIs. From the point of view of the key areas of clinical urgent need, such as severe anaesthesia and pediatrics, the company's glucose electrolyte effervescent tablets, nifekalan hydrochloride for injection and enalapril maleate oral solution are the first imitation varieties in China. Among them, the new generation of low-osmotic and low-sodium oral rehydration effervescent tablets, which is suitable for children and adults, and the antiarrhythmic drug "nifekalan hydrochloride", which can be quickly used in the first aid of malignant arrhythmias, are the exclusive varieties of the company. the children's drug enalapril oral solution (the third batch of encouragement list, major new drug creation project) was approved to go on the market on June 28, 2022. Its foreign original varieties are not listed in China. The listing of the above products can effectively fill the market gap in related fields, and the company is expected to benefit from it as an exclusive supply. 2. In the field of innovative biopharmaceuticals, the company prospectively chooses bispecific / multispecific antibodies with higher technical barriers as the focus of research and development; up to now, a number of projects under research have achieved phased results.
Since 2011, the company began to lay out the field of innovative biomedicine, and prospectively avoided the relatively mature and competitive field of monoclonal antibodies, while choosing bispecific / multispecific antibodies with higher technical barriers as the focus of research and development. has become a forerunner in the above-mentioned fields. Up to now, the company has 9 bispecific antibodies and fusion protein drugs under research. Among them, bispecific antibody SI-B001 for the treatment of epithelial tumors such as non-small cell lung cancer has entered the phase II clinical trial, which is the fastest growing bispecific antibody drug based on HER3 target in the world, while the four specific antibodies GNC-038, GNC-039 and GNC-035 have entered the phase I clinical trial and are the first three tetraspecific antibodies to enter the clinical research stage in the world. In addition, the double anti-ADC drug BL-B01D1 entering the phase I clinical trial is the third in the world and the first double-target double anti-ADC drug candidate in China to enter the clinical research phase. In recent years, multi-specific antibody has corresponding advantages in tumor targeting, multiple pharmacological activity, inhibition of immune escape and so on, so it has become the focus of research and development of major pharmaceutical companies; the company's first-mover advantage in this field will help to promote its sustainable development in the future.
Comparison of listed companies in the same industry: Nanxin Pharmaceutical, Enhua Pharmaceutical, Hesco, Ausaikang, Lingkang Pharmaceutical, and Rongchang Biopharmaceuticals in the field of chemical and proprietary Chinese medicine preparations are selected as comparable listed companies of Baili Tianheng. From the above comparable companies, the average income in 2021 is 2.111 billion yuan, the arithmetic average (PE-TTM) is 98.74X, and the average sales gross profit margin is 82.59%. Comparatively speaking, the company's revenue scale and net interest rate are in the middle and lower range of the same industry, below the average of the same 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.
