Items:
The company's subsidiary, the United States, has obtained a number of ANDA approvals such as prednisone tablets and amphetamines, which can be sold in the United States.
Peace viewpoint:
The United States subsidiary launched the first batch of products, and the harvest is imminent: the company's subsidiary, American Shangjin, is a generic drug R & D and sales company that has recently obtained ANDA approval for prednisone tablets (10mg, 20mg and 50mg), prednisone tablets (2.5mg/5mg), prednisone tablets (1mg) and amphetamines mixed salt (6 specifications). According to IMS, sales of prednisone tablets in the United States in 2017 were about $139 million, with major manufacturers including Westward, Vintage, Jubilant, Actavis and so on. The market for amphetamines in the United States in 2018 is about US $400 million, with major manufacturers including Teva, O'Robindo and Mylan. Shangjin has been declared & more than 10 projects are ready to be declared, and 2019 is expected to be the concentrated harvest period of the company's ANDA approval.
Lay the groundwork for the linkage of generic drug business at home and abroad: as a mature market of generic drug sales in the United States, the intermediate cost of generic drug sales is low, which is also the sales model after the purchase of generic drug volume in China. The experience of subsidiaries in developing and selling generic drugs in the American market can be used for reference in China and pave the way for the company to take the road of industrialization of high-end specialty generic drugs in line with international standards. At the same time, the R & D and quality management advantages of subsidiaries have laid the foundation for achieving the goal of internationalization of Jingfeng Pharmaceutical and faster entry of subsidiary products into the Chinese market.
Maintain the "recommended" rating: the company's main business growth is good, driven by marketing reform, the future performance is expected to maintain steady growth, flurbiprofen axetil is expected to be listed in 19, when it will bring new growth points. To maintain the original forecast, it is estimated that the EPS from 2018 to 2020 is 0.22, 0.26, 0.32 yuan, respectively, corresponding to the 20x/17x/14x, "recommended" rating of PE.
Risk Tips:
1. Policy risk: frequent policies in the pharmaceutical industry, drug price reduction, auxiliary drug list, zero bonus and other policies all have an impact on the company's business in the short term.