Anti-tumor field: Relying on the core variety “cannalin”, a thyroid health management platform, was built using canalin (nano-carbon suspension injection) as a diagnostic drug and lymphocyte tracking. Currently, it is mainly used for lymphatic cleaning in various indications such as thyroid cancer, breast cancer, stomach cancer, bowel cancer, and gynecological tumors. Currently, cannalin has become a routine first-line drug for thyroid surgery in China. In 2019, sample hospitals achieved sales of 246 million yuan, an increase of 35.72% over the previous year. In addition, the thyroid disease health management platform built by the company provides management services for thyroid patients and develops related product groups around thyroid disease with cannalin as the core. It has now achieved sales of major health products such as strontium-rich water and complex peptide nutritional oral liquid. In the future, the company will also introduce 1-2 core products to the platform every year, including thyroid drugs, devices, nutritional enhancers, medical beauty products, etc., to gradually improve the thyroid health management platform
In the field of ophthalmology: Continuously strengthen the layout of ophthalmology medication for myopia, dry eye, retinal diseases, etc. In 2019, the company used its own capital of 9.8 million yuan to jointly invest with Air Ophthalmology to establish a joint venture with Aier Ophthalmology (the company holds 49% of shares) to develop a series of ophthalmology drugs for young people such as myopia and dry eye diseases using Aier Eye Hospital's in-hospital system, sharing the profit of the joint investment according to Aier Ophthalmology's share of 60% and Laimei Pharmaceutical's share of 40%. Among them, in the field of myopia medication, the number of myopic primary and secondary school students in China reached 89.7743 million in 2018. The domestic youth myopia population base is large, and the future sales and promotion of myopic ophthalmic drugs provides a good patient base; in the field of dry eye, the incidence of dry eye in China is 21%-30%, and the incidence of dry eye is higher than the global average. In 2018, the number of domestic dry eye patients reached 349 million, and the dry eye medication market potential is huge. In addition, Laimei Pharmaceutical signed a “Strategic Cooperation Agreement”. After investing in Youzhiyou Biotech through a new equity investment fund, Laimei Pharmaceutical obtained priority sales agency rights for Y400 wet macular degeneration (NaMD) bispecific antibody drug developed by Youzhiyou Ophthalmology in China to strengthen the drug distribution for retinal diseases
AglaEaPharma: Building a leading domestic technology R&D platform based on proteomics. Through its wholly-owned subsidiary Laimei (Hong Kong), the wholly-owned subsidiary LaePharma (Hong Kong) holds 18% of AglaEaPharma (Aglia Pharmaceuticals) to lay out drug development and commercial development. Agria Pharmaceuticals has the world's leading proteomics technology. It is expected to cooperate deeply with major domestic hospitals, scientific research institutions, and investment platforms and introduce this technology to create a leading domestic technology research and development platform based on proteomics
Investment recommendations: Revenue is expected to reach 1,717 billion yuan, 1,657 million yuan, and 1,927 million yuan respectively in 2020-2022, up -7.6%, -3.5%, and 16.3%, respectively; to achieve net profit of 50 million yuan, 134 million yuan, and 183 million yuan, up 132.3%, respectively; the investment rating for Buy-A was given for the first time
Risk warning: risk of drug price reduction, risk of new drug research and development progress falling short of expectations, risk of asset disposal falling short of expectations