Event: on August 12, 2020, the company announced that its wholly-owned subsidiary had received an administrative license for the production of medical devices, and Shanghai Jingfeng Pharmaceutical, a wholly-owned subsidiary of the company, had received an administrative license for the production of medical devices with sodium hyaluronate gel (0.5ml, 1.0ml).
Medical sodium hyaluronate gel is widely used in various eye surgeries, with a market size of 1.451 billion yuan in 2016.
Medical sodium hyaluronate gel is a high concentration gel made of sodium hyaluronate, which is a biodegradable macromolecular polysaccharide biomaterial, aseptic, non-teratogenic and inflammatory, and has good biocompatibility and biological activity. it can assist instruments to gently separate, move and locate the tissue during the operation. at present, it is mainly used as a surgical pad in cataract surgery, playing a temporary role in supporting the surgical space. The injury of eye tissue by surgical instruments is avoided. According to data from Zhiyan Consulting, the domestic sales of ophthalmic sodium hyaluronate gel in 2016 was about 1.451 billion yuan.
Medical sodium hyaluronate gel (0.5ml, 1.0ml) obtains the administrative license for the production of medical devices, which is conducive to the optimization of the company's product structure and the gradual marketing of R & D varieties.
The research and development of crosslinked sodium hyaluronate injection and JZB01 are progressing smoothly, and the company's innovative pipeline can be harvested continuously.
The company's current research and development pipeline includes cross-linked sodium hyaluronate injection, recombinant human B-type natriuretic peptide (JZB01) for injection and other major varieties. Among them, the crosslinked sodium hyaluronate injection is mainly used in the treatment of osteoarthritis. According to data from Zhiyan Consulting, sales of sodium hyaluronate injection in orthopedics continued to grow, with sales revenue rising from 1.241 billion yuan in 2012 to 5.038 billion yuan in 2018. Compared with the traditional non-crosslinked sodium hyaluronate injection, the crosslinked sodium hyaluronate injection has a longer half-life and longer retention time in vivo, which can effectively reduce the drug frequency and improve the drug quality. after listing, it is expected to gradually replace the short-acting preparation on the market; JZB01 is an effective drug for the treatment of acute heart failure. Compared with traditional diuretics, nitrates and sodium nitroprusside, recombinant human natriuretic peptide significantly improves the related symptoms of hemodynamics and dyspnea, and has higher safety, so it has become a widely recognized common drug in the field of heart failure. In the future, the sales space of JZB01 is expected to match the freeze-dried recombinant human brain natriuretic peptide (rhBNP) of Tibet Pharmaceutical Co., Ltd. in 2019, the sales of freeze-dried Recombinant Human brain natriuretic Peptide in sample hospitals reached 452 million yuan, an increase of 54.05% over the same period last year.
Investment suggestion: from 2020 to 2022, the revenue is expected to be 1.983 billion yuan, 2.485 billion yuan and 3.014 billion yuan respectively, up 47.51%, 25.33% and 21.30% respectively over the same period last year; and the net profit of returning to the mother is 68 million yuan, 144 million yuan and 214 million yuan respectively, up 107.67%, 112.52% and 48.92% respectively.
Give a Buy-An investment rating.
Risk hints: the risk of failure in drug research and development; the risk of drug price reduction greater than expected; and the negative impact of COVID-19 's epidemic situation on the economy.