Main points of investment
Next Monday (December 12), there will be an inquiry from Chuanning Biology, a listed company on gem.
Chuanning Biology (301301): the company is a pharmaceutical intermediate manufacturing enterprise, mainly engaged in the research and development and industrialization of biological fermentation technology. From 2019 to 2021, the company achieved operating income of 3.143 billion yuan / 3.649 billion yuan / 3.232 billion yuan, YOY of-6.15%, 16.10% and 11.44%, respectively, and the compound annual growth rate of operating income for three years was-1.18%. Realize the net profit of 91 million yuan / 229 million yuan / 111 million yuan, the YOY is-76.56%, 150.58% and 51.38%, respectively, and the annual compound growth rate of the net profit of three years is-34.15%. In the latest reporting period, the company achieved operating income of 2.94 billion yuan in the first three quarters of 2022, an increase of 15.83% over the same period last year, and a net profit of 332 million yuan, an increase of 93.31% over the same period last year. According to the preliminary forecast, the company's net profit will be 38191.50 to 411.0019 million yuan in 2022, an increase of 243% to 269% over the same period last year.
Investment highlights: 1. The company is one of the leading enterprises in the field of domestic antibiotic intermediates, with a leading domestic market share of a number of products. The company is split and listed by the parent company Koren Pharmaceutical Co., Ltd., which is one of the large pharmaceutical enterprises with relatively complete product system in China. The product types of the company's antibiotic intermediates include erythromycin thiocyanate, cephalosporins and penicillin intermediates, etc., and is one of the leading enterprises in the field of antibiotic intermediates in China with relatively complete product types; and the company is the first to create the largest 500 cubic meter biological fermentor in China, which is expected to have a strong scale effect in the field of antibiotic fermentation. At present, the company's production capacity of many antibiotic intermediates is at the leading level in China: 1) the company's annual production capacity of erythromycin thiocyanate is more than 3000 tons. According to the company's prospectus, the domestic market share has reached 43.86%, second only to Yichang Dongyang. The company and it are the two major suppliers in the product market. 2) the company is the leader in the cephalosporin intermediate industry, in which the market share of 7-ACA products reached 37% in 2018, ranking first in China; and the domestic production capacity of 7-ACA and its next product D-7ACA is close to 8200 tons in 2018, while the company 7-ACA, D-7ACA and 7-ADCA have a combined production capacity of more than 3000 tons / year; 3) the domestic production share of penicillin intermediate 6-APA reaches 18%, ranking second in the industry. 2. The company actively promotes the R & D and industrialization of ursodeoxycholic acid and other new products. Ursodeoxycholic acid is currently mainly used in the treatment of gallstones, fatty liver and other hepatobiliary diseases, as well as eye diseases. The company has launched ursodeoxycholic acid (crude product) since 2019, continuously promoting the production and sales of this product during the reporting period, and is currently in the stage of sending samples to downstream customers. According to the company's prospectus, the book balance of the company's construction project "ursodeoxycholic acid refining project" has dropped from 68.0456 million yuan in 2021 to 0 in the first half of 2022, and the construction of the project may be coming to an end. the orderly promotion of the industrialization of this product is expected to promote the further development of the company.
Comparison with listed companies in the same industry: the company belongs to pharmaceutical intermediate manufacturing enterprises; according to the similarity of business, Chinese medicine Hyundai, Health Yuan and Fuxiang Pharmaceutical are selected as comparable listed companies. From the above comparable companies, the average revenue in 2021 is 10.426 billion yuan, PE-TTM (excluding negative numbers, average) is 21.50X, sales gross profit margin is 46.09%; relatively speaking, the company's revenue scale is smaller, and the gross profit margin is lower than the industry average.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data selection may have interpretation deviation, specific listed company risk is displayed in the text content, and so on.
