①注射用多种维生素（12）用于围手术期、烧伤、肝病、慢性病住院等维生素缺乏危险患者的临床支持，为国内首仿，国产独家品种，原研厂家为百特，2021 年3 月1 日由原来的地方医保开始执行国家医保，市场快速扩容。2022 年收入9.83 亿元（yoy+35.46%），市场份额80%以上。②小儿多种维生素注射液（13）2018 年上市，用于接受肠外营养的11 周岁以下患者维生素缺乏使用，尤其是新生儿/NICU、危重症、儿外及儿童肿瘤/血液患儿，是国内首仿，国内独家品种，2022 年收入0.45 亿元（yoy+52.97%），于2023 年纳入国家医保，3 月1 日开始执行，有望快速放量。③注射用多种维生素（13）（10/3）于2022年8 月底获批上市，用于接受肠外营养的成人和11 岁及以上儿童维生素缺乏的预防，相比多维12，多维13 增加了维生素K，维生素K 有促凝作用，更加适用于肿瘤性消化道出血、肝脏疾病患者。国内已批准的同类13 种维生素注射剂产品仅有广州汉光药业一家，竞争格局好，有望填补多维12 的市场。根据米内网数据（注：全国放大版的中国城市及县级公立医院化学药终端竞争格局）统计，2021 年度多种维生素注射剂销售金额合计约39.70 亿元。Incident: The company released its 2022 annual report and 2023 quarterly report, achieving revenue of 1,399 million yuan (yoy +35.31%) in 2022; net profit of 177 million yuan (yoy +84.5%); net profit of the non-return mother was 155 million yuan (yoy +90.95%). In 2022, R&D expenses were 72.45 million yuan (YOY +90.57%), and sales expenses were 312 million yuan (YOY +13.31%). Management expenses of 172 million yuan (yoy +50.58%). 2023Q1 achieved revenue of 350 million yuan (YOY +11.13%); net profit of 0.6 billion yuan (yoy +54.82%); net profit of non-return mother was 59 million yuan (yoy +54.31%).
Comment:
(1) Multidimensional 12 achieved sales of nearly 1 billion yuan, and the children/adult Multidimensional 13 was newly approved for listing, which is expected to be released rapidly
① Injectable multivitamins (12) are used for clinical support for patients at risk of vitamin deficiency such as perioperative periods, burns, liver disease, and chronic disease hospitalizations. It is the first domestic exclusive variety. The original research manufacturer is Baxter. On March 1, 2021, the original local health insurance began implementing national health insurance, and the market expanded rapidly. Revenue in 2022 was 993 million yuan (YOY +35.46%), with a market share of more than 80%. ② Pediatric multivitamin injection (13) was launched in 2018. It is used by patients under 11 who receive parenteral nutrition, especially neonatal/NICU, critically ill, non-pediatric and pediatric tumors/hematologic children. It is the first domestic product, with revenue of 45 million yuan (YOY +52.97%) in 2022. It was included in national health insurance in 2023, and implementation began on March 1, and is expected to be released rapidly. ③ An injectable multivitamin (13) (10/3) was approved for sale at the end of August 2022 to prevent vitamin deficiency in adults receiving parenteral nutrition and children aged 11 and above. Compared with multi-dimensional 12, multi-dimensional 13 increased vitamin K. Vitamin K has a coagulant effect, making it more suitable for patients with oncological gastrointestinal bleeding and liver disease. Guangzhou Hanguang Pharmaceutical is the only company that has approved 13 similar vitamin injection products in China. The competitive pattern is good and is expected to fill the multi-dimensional 12 market. According to statistics from the US Intranet (note: the national enlarged version of the competition pattern for chemical drug terminals in Chinese cities and county-level public hospitals), sales of multivitamin injections in 2021 totaled about 3,970 billion yuan.
(2) Rapid release period for various micronutrient injections. Duowei I and Dowei III are being approved
① Multi-micronutrient injection (40ml) (trade name “Weihengsin”) was marketed in March 2020. It contains 10 types of trace elements such as zinc, manganese, copper, phosphorus, iron, etc., and is suitable for adult patients requiring parenteral nutrition. This product is the first of its kind in China. The original research company is LABORATOIRE AGUETTANT, which is included in medical insurance when it is marketed. Compared with various trace element injections (II), there is one more ingredient (cobalt), and the formula ratio is optimized, and it is expected that replacement will be achieved. Revenue of 182 million yuan in 2022 (yoy +232.17%) ② Multi-micronutrient injections (I) are suitable for children, and multi-micronutrient injections (III) are being approved.
(3) Two new amino acid products were added to form a comprehensive layout of parenteral nutrition for adults and children
Pediatric Compound Amino Acid Injection (19AA-I) and Compound Amino Acid Injection (20AA) were approved for marketing in May and October 2022, respectively. ① 19AA-I manufacturers also include Shuanghe Pharmaceutical, Pidi Pharmaceutical, and Qidu Pharmaceutical. According to Miinai.com data, in 2021, children's compound amino acid sold 680 million yuan in the terminal market of public hospitals in China, of which the pediatric compound amino acid injection (19AA-I) sold about 270 million yuan, the sales amount of pediatric compound amino acid injection (18AA-I) was about 380 million yuan, and the sales amount of pediatric compound amino acid injection (18AA-II) was about 0.3 billion yuan. ② 20AA manufacturers also include Chenxin Pharmaceutical, Hisco, Sichang Pharmaceutical, and Half Day Pharmaceutical. According to statistics from Mi Intranet (note: the national enlarged version of the competition pattern for chemical drug terminals in Chinese cities and county-level public hospitals), the total sales amount of compound amino acid injections (20AA) in 2021 was about 181 million yuan.
Profit forecast: Based on the growth of the company's business operations, we expect total revenue of 2023-2025 to be 1,826 million, 2,377 million and 3,099 million respectively; the net profit of the mother is 289 million, 389 million and 563 million respectively. First coverage, giving a “Highly Recommended” rating.
Risk warning: Risk of increased product competition; R&D progress falling short of expectations; risk of procurement and other policies.
