Comments on Qianhong Pharmaceutical (002550) semi-annual report: half-yearly report results gratifying company's steady expansion

天風證券 · Aug 26, 2019 00:00 · Researches

公司上半年营收同比增长24.92%，现金流明显改善

公司发布2019 半年报，上半年公司实现营收8.43 亿元，同比增长24.92%，归母净利润1.75 亿元，同比增长6.97%，扣非后归母净利润1.17 亿元，同比增长10.84%，公司业绩平稳上升。

公司经营活动现金流改善明显，由去年同期的-0.55 亿元增加到0.57 亿元，主要是因为上半年收到的销售货款增加所致。

原料药销售持续发力，国外地区高速发展

公司上半年生化类用药营收8.43 亿元（+24.92%），毛利率43.76%，同比稍有降低2.64pp。分产品看，公司上半年原料药系列收入4.42 亿元（+37.47%），毛利率18.69%（-0.48pp），公司挖掘肝素钠原料药市场，继续发挥产供销联动优势，使得原料药产品的销售收入大幅增长。制剂系列收入4.01 亿元（+13.49%），毛利率71.39%（+0.21pp）。制剂收入平稳增加主要因为上半年公司实施了多元化融合的营销方式，进而销售收入稳步增长，产品结构也日益优化，实现了一定的品牌及规模效应。

公司上半年国外地区营收3.80 亿，大幅增加43.63%，占总收入比例为45.10%。总销售费用同比大幅增加29.02%，销售规模进一步扩大。在国外，公司已形成专业化的国际营销队伍，广铺营销网络，采用了国际合作模式，切入欧美日跨国大公司的产业链分工和产品分销渠道，实施原料药和高附加值产品出口并重、产品转型升级的战略目标。

研发投入同比增加2.93%，研发项目顺利开展

上半年公司研发投入3365 万元，同比增加2.93%。大分子和小分子研发平台的临床研究及临床前研究工作顺利推行，其中小分子药物研发平台QHRD107 项目已进入Ⅰ期临床阶段；QHRD110 项目与美迪西合作，开展临床前研发及临床申报一体化工作；大分子研发平台的ZHB202、ZHB206 项目也完成了临床前研究工作，正在进行临床申报，其他新药项目也均在顺利推进过程中。

看好公司销售规模的扩大和国外收入的增加，维持“买入”评级

公司上半年制剂系列收入不达预期，我们小幅下调盈利预测，将2019/2020年净利润预测由3.58/4.47 亿元调整为2.40/2.68 亿元，当前价格对应2019-2021 年PE 为27、24、22 倍。随着公司销售模式的优化和国外业务比重的增加，公司有望加速推进产品转型升级的战略目标，维持“买入”

评级。

风险提示：新药研发不及预期；药价招标政策的影响；汇率波动影响出口产品收入

The company's revenue in the first half of the year increased by 24.92% over the same period last year, and its cash flow improved significantly.

The company released its 2019 semi-annual report that in the first half of the year, the company achieved revenue of 843 million yuan, an increase of 24.92% over the same period last year, a net profit of 175 million yuan, an increase of 6.97% over the same period last year, and a net profit of 117 million yuan, an increase of 10.84% over the same period last year.

The cash flow of the company's operating activities improved significantly, from-55 million yuan in the same period last year to 57 million yuan, mainly due to the increase in sales payments received in the first half of the year.

The sales of APIs continue to develop, and foreign areas are developing at a high speed.

The company's revenue from biochemical drugs in the first half of the year was 843 million yuan (+ 24.92%), with a gross profit margin of 43.76%, slightly lower 2.64pp than the same period last year. In terms of products, the company's revenue from the API series in the first half of the year was 442 million yuan (+ 37.47%), with a gross profit margin of 18.69% (- 0.48pp). The company tapped the heparin sodium API market and continued to give full play to the advantage of production, supply and marketing, resulting in a substantial increase in sales revenue of API products. The income of the preparation series is 401 million yuan (+ 13.49%), and the gross profit margin is 71.39% (+ 0.21pp). The steady increase in preparation revenue is mainly due to the implementation of diversified marketing in the first half of the year, and then the steady growth of sales revenue, product structure is also increasingly optimized, to achieve a certain brand and scale effect.

The company's overseas revenue in the first half of the year was 380 million, a substantial increase of 43.63%, accounting for 45.10% of the total revenue. The total sales cost increased by 29.02% compared with the same period last year, and the sales scale was further expanded. In foreign countries, the company has formed a professional international marketing team, widely spread the marketing network, adopted the mode of international cooperation, and cut into the industrial chain division of labor and product distribution channels of multinational companies in Europe, the United States and Japan. implement the strategic goal of paying equal attention to the export of API and high value-added products and product transformation and upgrading.

R & D investment increased by 2.93% compared with the same period last year, and R & D projects were carried out smoothly.

In the first half of the year, the company invested 33.65 million yuan in R & D, an increase of 2.93% over the same period last year. The clinical research and preclinical research work of the macromolecule and small molecule R & D platform has been carried out smoothly, among which the small molecule drug development platform QHRD107 project has entered the Ⅰ clinical phase; the QHRD110 project cooperates with Medici to carry out the integration of preclinical research and clinical application; the ZHB202 and ZHB206 projects of the macromolecule R & D platform have also completed the preclinical research work and are in the process of clinical declaration, and other new drug projects are also in the process of smooth progress.

Be optimistic about the expansion of the company's sales scale and the increase of foreign income, and maintain the "buy" rating.

The revenue of the company's preparation series in the first half of the year fell short of expectations, and we slightly lowered our profit forecast, adjusting the net profit forecast for 2019 / 2020 from 358,447 million yuan to 240,268 million yuan, and the current price corresponds to 27,24,22 times of PE in 2019-2021. With the optimization of the company's sales model and the increase in the proportion of foreign business, the company is expected to accelerate the strategic goal of product transformation and upgrading and maintain "buy".

Rating.

Risk tips: new drug research and development is not as expected; the impact of drug price bidding policy; exchange rate fluctuations affect export product income

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千红制药(002550)半年报点评：半年报业绩喜人 公司体量稳步扩张

Comments on Qianhong Pharmaceutical (002550) semi-annual report: half-yearly report results gratifying company's steady expansion

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千红制药(002550)半年报点评：半年报业绩喜人公司体量稳步扩张