Annual report performance in 2021: the company realized operating income of 4.299 billion yuan and net profit of 1.914 billion yuan in 2021, which is the first complete profit year since the establishment of the company.
Summary of the report
The company ushered in its first profit year, and its revenue increased nearly 172 times compared with the same period last year.
In 2021, the company achieved an operating income of 4.299 billion yuan, 172 times that of 2020, and a net profit of 1.914 billion yuan, while a loss in 2020, resulting in a substantial increase in performance, mainly due to the emergency use authorization / conditional listing of COVID-19 vaccine from many countries at home and abroad. rapidly seize the market, a substantial increase in sales. Benefiting from the sale of COVID-19 vaccine, the company's net profit rate in 2021 is more than 40%. We believe that under the guidance of the sequential strengthening of the immunization policy of COVID-19 vaccine in February this year, the COVID-19 vaccine developed by the company will still bring considerable income in the future.
Sequentially strengthen the policy to stimulate the demand for COVID-19 vaccine, and the research and development of inhaled new crown vaccine is progressing smoothly.
In February this year, the state announced for the first time the sequential enhanced immunization policy of COVID-19 vaccine, and CANSINOBIO's recombinant COVID-19 vaccine (adenovirus vector) was listed as one of the only two sequentially enhanced COVID-19 vaccines. it is also the first adenovirus vector COVID-19 vaccine approved for sequential enhanced immunization in China. At present, the company COVID-19 vaccine is applying for WHO's EUL. If it is successfully approved, it is expected to provide COVID-19 vaccine to COVAX in the future, further open overseas markets, and obtain international "vaccine passport" approval. In addition, another major product of the company, the COVID-19 vaccine for inhalation, has completed its II phase, which can provide triple protection of humoral immunity, cellular immunity and mucosal immunity, is painless and faster to inhibit virus replication and reduce virus transmission, and is expected to boost performance quickly after it is put on the market.
The layout of R & D pipeline is rich, and the listing of meningococcal products contributes to the increment of performance.
The company currently has 17 innovative vaccine products, 4 of which have been listed / conditionally listed. Ebola virus vaccine was approved for use in national reserves in 2017, COVID-19 vaccine, an injectable adenovirus vector, was conditionally listed in 2021, and MCV2 and MCV4 were approved for market in 2021. The clinical research of other products under study has made phased progress, such as the thirteen-valent pneumonia conjugate vaccine has entered the clinical III phase, and the tuberculosis enhanced vaccine TB has completed the Ib phase. It is worth noting that MCV4 is the first domestic meningococcal tetravalent conjugate vaccine product, which is expected to replace the existing polysaccharide conjugate vaccine and fill the gap of lack of high-end meningitis vaccine in China. In the future, the vaccine will be promoted by Pfizer Inc in Chinese mainland area.
Investment suggestion: according to the annual report, taking into account the uncertainty of the follow-up COVID-19 vaccine price and vaccination procedures, without taking into account the overseas orders and inhaled new crown vaccines brought about by the EUL of WHO, we estimate that the company's income from 2022 to 2024 will be 2.718 billion yuan, 3.356 billion yuan and 3.534 billion yuan respectively, and the net profit of returning mother will be 870 million yuan, 1.251 billion yuan and 1.393 billion yuan respectively. Maintain a "buy" rating.
Risk tips: policy risks; R & D progress is not as expected; product commercialization and sales are not as expected; capacity release is not as expected; safety and quality and other emergency risks.