Key points of investment
Leader of photodynamic therapeutics: Fudan Zhangjiang is engaged in the dermatological drug and oncology drug business. The main products are the photodynamic platform Ayla and Formeida, and the nanotechnology platform Libaoduo. The company takes the research and development of photodynamic drugs, ADC drug research and development, and the research and development of molecularly targeted oral solid pharmaceutical drugs as the main R&D direction, building photodynamic technology platforms, nanotechnology platforms, genetic engineering technology platforms and oral solid drug technology platforms to lay the foundation for innovative drug development.
The revenue for 2017-2019 was 511 million yuan, 742 million yuan and 1,029 million yuan respectively, with a compound annual growth rate of 41.98%. The net profit attributable to the company in 2017-2019 was 75 million yuan, 112 million yuan and 227 million yuan respectively, with a compound annual growth rate of 73.78%.
Profit forecast: As demand for the company's three main products continues to expand and various research projects fill gaps, it is predicted that the company's sales of pharmaceutical and diagnostic products are expected to continue to expand as the industry grows. Currently, there are plenty of research projects on the company's four major platforms, mainly including Heimpofen phase IV clinical trials, preclinical research on paclitaxel albumin nanoparticles, anti-CD30 antibody crosslinked drugs, Trop2 antibody conjugated drugs, obercholic acid, and JAK1 inhibitors. The company focuses on innovative research and development, and has great potential for future growth. The company's EPS for 2020E-202E is expected to be 1.64 yuan, 2.24 yuan, and 2.93 yuan respectively. Corresponding to the closing price on June 19, 2020, the price-earnings ratio is 22.5 times, 16.5 times, and 12.6 times, respectively.
Risk warning: changes in industry policies, repeated domestic and foreign epidemics, and R&D progress slower than expected.
