After 20 years of transformation and upgrading, Pharmaceutical University Health steadily moved forward in Beijing Zhongguancun Science and Technology Development (Holdings) Co., Ltd. was established in 1999 and listed on the Shenzhen Stock Exchange. The company takes pharmaceutical health as the core of development, and has more than ten high-quality enterprises with advanced ideas and industry competitiveness in the four sectors of medicine, health, pension and investment. At present, the company has "Huasu tablets", "Feisele", "Bosu" and "Yuanzhi" and other well-known products, in the field of oral cavity, motion sickness and cardiovascular field has a strong brand recognition. In 2021, the company adjusts its development strategy and focuses further on its positioning, and plans to establish an innovative pharmaceutical industry group focusing on the pharmaceutical field.
Core cardiovascular products help the company's revenue, the future sales are expected to climb another high-rise hypertension as the main risk factor for cardiovascular disease, its prevalence rate is on the rise in recent years, the demand for related drugs continues to grow. Bisoprolol fumarate tablets (trade name: Bosu), the company's main product, is the first generic drug in China, with a stable market share in the field of β-blockers. The sales volume of "Bosu" increased by nearly 17.50% in 2021 and nearly 25% in 2022.
The company's strategic product Benidipine Hydrochloride tablets (registered trademark: Yuanzhi) has good antihypertensive and organ protection effects in clinic, and its safety is good. "Yuanzhi" terminal sales growth performance is very outstanding, highly recognized by the market. In August 2022, Yuanzhi (specification: 8mg) passed the consistency evaluation of the quality and efficacy of generic drugs, and the application for conformance evaluation of 2mg and 4mg of the other two specifications of Yuanzhi was also accepted by the State Drug Administration and is now in the stage of examination and approval.
The oral health plate is rich in categories, and the brand promotion of "Huasu" leads the new growth relying on the national well-known trademark "Huasu" brand. Xidi iodine buccal tablets (trade name: Huasu tablets) have independent intellectual property rights and high brand awareness. At the same time, the company has launched a series of health toothpaste and oral antibacterial solution and other products. In 2021, the company's big health product "Huasu Yuchuang" mouthwash aquatic products won the "most popular Star single Award" of China Great Health Industry (West Lake) Forum. The company will actively explore the innovative marketing model of large health products and continue to promote and promote the brand with the help of the "Huasu" brand.
Deeply ploughing medical innovation to seek new driving force for the development of the company
The company will further focus its development strategy on pharmaceutical innovation in 2021. At present, it has set up three R & D centers in Beijing, Weihai City, Shandong Province and Jiamusi City, Heilongjiang Province. It has achieved remarkable results in the research and development of new varieties, in-depth development of old varieties, process optimization, patent application and registration, etc. Among them, the company obtained the invention patent of "Recombinant novel coronavirus S protein trimer and its preparation method and application" on February 21, 2023.
The company's old-age service system is sound, and the brand influence is gradually expanding. The company gradually improves the full-life-cycle pension service system based on basic old-age care, with the combination of medical care and health care as its two wings, and remote health care as its expansion. By the end of 2021, the company's pension beds have reached more than 2000, the scale of business is among the best in Beijing, and has a strong brand influence. The company's Jiujiutaihe pension business won the title of "2021 Beijing credible pension chain organization" and "2022 top ten influential health care products brand". At present, the Taihe Hospital of traditional Chinese Medicine, which belongs to the company, has been included in the designated institutions of basic medical insurance in Beijing, which is conducive to the in-depth development of the business model of the combination of medical care and care, and improve the strategic layout of health care.
Investment suggestion
We estimate that the company's revenue for 2023 to 2025 will be 23.2 million yuan, 25.59 million yuan, 2.877 billion yuan respectively, an increase of 12.6 percent, 10.3 percent, 12.4 percent, and a year-on-year net profit of-0.33 million, 0.45 million yuan, respectively, and a year-on-year increase of 22.8 percent, 236.2 percent, 144.6 percent, and 2024 dollars, respectively, corresponding to a valuation of 102X/42X. Cover for the first time, give "overweight" investment rating.
Risk hint
Drug price reduction risk, production management risk, product risk and so on.