Guide: at the initial stage of the development of Sihuan Pharmaceutical, create sound volume with large single products of Letibao, lay out the medical beauty market; self-research + Becton Dickinson & Co introduction + investment mergers and acquisitions and other ways to launch a variety of product improvement matrix, deepen the channel layout, verify self-research and self-production capacity; collect mergers and acquisitions and cooperate in the integration of medical technology and products at home and abroad to achieve the strategy of "China Eljian".
For Standard Erjian, the fourth Ring Road expanded from a single botulinum toxin product to a medical and beauty industry platform. (1) in the initial stage-Letibao large single product to create sound volume, layout of the medical beauty market: Erjian's Botox VS fourth ring, through Botox large single to establish marketing network and channel coverage of the marketing version 1.0, Letibao relies on the Hugel brand strength to position light extravagant Botox, make up for the price gap between Hengli and Botox, and realize misplaced competition. It is expected that the medical channel structure and sales team will be adjusted in 23. The large single product of Botox will achieve rapid growth and consolidate the layout of medicine and beauty.
(2) High-speed development period-deepening channel layout, rich product matrix: self-research at home and abroad, introduction of Becton Dickinson & Co + investment mergers and acquisitions to launch Tong Yan Ning, LipiVage, collagen dressings and other products, product matrix is gradually enriched and the establishment of R & D and production base, marketing 2.0 version, become a medical platform enterprise with the integration of research, production and marketing.
(3) Rapid expansion period-build the leading enterprise of international medical beauty: cooperate with blue crystal microorganism to extend PHA materials from the end of medical beauty industry to the upstream raw material end, and enter the blue ocean of synthetic biology industry with new materials. In the future, innovative medical beauty technologies and products from Europe, the United States, South Korea and other overseas countries may be integrated into the beauty space platform in a variety of ways, so as to quickly enhance production capacity and sales scale. To achieve the strategic goal of building a leading medical beauty platform.
Innovation-driven upgrading and the development of biopharmaceutical business, rich innovative drug pipelines rise abruptly based on accumulated strength. (1) innovative drugs:
1) Xuan Bamboo Biology has more than 25 products under research, focusing on oncology, metabolism and other fields. Breast cancer track has the most complete domestic layout, and has global IP protection rights and Out-licensing opportunities. 2) Huisheng Biology is a rare enterprise in China that carries out multi-mechanism and multi-variety product line layout in the field of diabetes and complication treatment, and achieves full product pipeline coverage. (2) API and CDMO: Jilin Kangtong: "API + CDMO" integration strategy, leading in the industry of cooperative customers. (3) generic drugs: after the introduction of the key monitoring catalogue in 2019, the company focused on developing other products, developed dozens of items in the research pipeline, became the company's "cash cow" project, and spun off some substandard generic drug business and non-core health business in 2022. At the same time, Klinao, a large single product, was removed from the collection catalogue in 23 years, and will gradually contribute to its performance in the future.
Investment suggestions: (1) Medical and beauty business: the Botox products represented by the company are highly scarce. In the future, with the market volume and channel expansion, Letibao is expected to grow rapidly, and the contribution of medical and beauty products such as hyaluronic acid and Tong Yan Water Coagulation will increase; (2) Pharmaceutical business: the impact of collection policies will gradually fade, and the business of innovative drugs and CDMO is expected to expand steadily. We are optimistic about the restorative growth of the medical and American market in 23 years, and the business of Sihuan Medical and Beauty will basically be adjusted in 2022, and it is expected that explosive growth will be achieved in 23 years. In the future, we will reserve a variety of medical and beauty products, and comprehensively judge that Sihuan Pharmaceutical has entered the strategic allocation area. for the first time, the coverage was given the rating of "overweight".
Risk tips: the sales and promotion of medical and beauty products is not as expected; the risk of safety and health events in the medical and beauty industry; the impact of medical policy; pharmaceutical research and development and approval is not as expected.