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海正药业(600267):多因素拖累2018年业绩 研发创新助力长期成长

Haizheng Pharmaceutical Industry (600267): multiple factors drag down performance, R & D and Innovation in 2018 to promote long-term growth

東北證券 ·  Apr 24, 2019 16:00  · Researches

Event

Haizheng Pharmaceutical released its 2018 annual report: operating income was 10.187 billion yuan, down 3.63% from the same period last year; net profit was-492 million yuan, down 3730.15% from the same period last year; net profit was-612 million yuan, down 332.50% from the same period last year; and basic earnings per share was-0.51 yuan.

Haizheng Pharmaceutical released its quarterly report for 2019: operating income was 2.798 billion yuan, up-0.86% over the same period last year; net profit was 32 million yuan, up 194.06% over the same period last year; net profit was 25 million yuan, turning losses into profits over the same period last year; and basic earnings per share was 0.033 yuan.

Comments:

The expense of development expenditure and the provision for impairment of assets are a drag on the performance in 2018. The company's revenue declined slightly in 2018 compared with the same period last year, mainly due to the two-vote promotion, the decrease in revenue caused by the change in the product business model of Pfizer Inc, the pharmaceutical agent of Hanhui, and the decline in the distribution and API business of the provincial pharmaceutical company. The substantial loss at the profit end is mainly due to: 1. Some R & D capitalization projects are confirmed to suspend or suspend development. Expense confirmation affects profits of 137 million yuan; 2. Provision for projects under construction and provision for impairment of goodwill is 69 million yuan; 3. Sales expenses, management expenses and financial expenses have increased rapidly, of which sales expenses increased by 57.22% compared with the same period last year, mainly due to the implementation of the two-vote system and the company's increased marketing efforts. 4. There was no Pfizer Inc product compensation income in the fourth quarter of 2018, resulting in a decrease of 101 million yuan.

The performance of Hanhui Pharmaceutical is growing rapidly, and the bio-drug Amberno has been greatly released. Sub-business section, the company Hanhui Pharmaceutical and biopharmaceuticals have achieved rapid growth, raw materials and provincial pharmaceutical companies as the platform of the pharmaceutical business sector performance has declined to a certain extent. In 2018, Hanhui Pharmaceutical achieved a net profit of 529 million yuan, a substantial increase, of which the return of special star contributed more performance increment. After the entry of Hillhouse Capital, Hanhui Pharmaceutical is repositioned, making full use of its perfect sales network and academic promotion system, introducing three COPD products such as indoterol maleate inhalation powder and other superior varieties such as doxorubicin hydrochloride liposome injection from Fudan Zhangjiang, to build a CSO platform, Hanhui Pharmaceutical is expected to enter a new round of growth. In the biomedicine plate, after the production of the listed Ambano line was approved, the capacity bottleneck was lifted, and 334000 units were sold for the whole year, which is the company's core performance growth point. At present, the company has established Haizheng Borey Biopharmaceuticals, which integrates the research and development, production and sales of biopharmaceuticals. It is expected that the volume of Ambenol and the gradual listing of varieties under research will strongly promote the performance growth of the company.

R & D and innovation has entered the harvest stage, and biological drugs and innovative drugs go hand in hand. In 2018, the company invested 1.034 billion yuan in R & D, an increase of 22.47% over the same period last year, accounting for 10.15% of operating income, of which 503 million yuan was spent. The company has built a bio-drug R & D platform based on Haizheng Biology and Haisheng Pharmaceutical, and an innovative drug and chemical generic drug R & D platform based on Hangzhou Haizheng and Daoming Pharmaceuticals. In terms of biological drugs, Ambenol has been put on the market, and the second biological similar drug Adamumab has entered the priority review. Five products, including infliximab and insulin, are in clinical III phase. In terms of innovative drugs, Haize Maibu has entered the priority review and is expected to become one of the top 1 billion varieties, and many products are in phase II and phase I clinical trials. In terms of imitation pharmaceuticals, rosuvastatin calcium tablets and glucosamine sulfate capsules have passed the consistency evaluation, micafenine sodium for injection has achieved the first imitation, acarbose tablets and paclitaxel (albumin-bound) and other large varieties are in the review and approval stage, generic drug research and development pipeline is increasingly rich. Perfect R & D system and strong R & D team lay a solid foundation for the long-term development of the company.

Cover for the first time, giving a "buy" rating. The company is a leading comprehensive pharmaceutical and health enterprise group in the whole industry chain in China. after the new management takes office, the management and sales are expected to be gradually improved, the focus of the company is gradually accelerated, innovative R & D has entered the harvest stage, and the long-term development is worth looking forward to. It is estimated that from 2019 to 2021, the EPS is 0.10,0.20 and 0.32 yuan respectively, and the corresponding PE is 112,56 and 36 times respectively.

Risk hint: research and development progress is not as expected risk, product price reduction risk

The translation is provided by third-party software.


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