Events:
On August 23, the company released its mid-2023 report that the operating income in the first half of 2023 was 1.785 billion yuan, an increase of 1.13% over the same period last year. The net profit returned to the home was 184 million yuan, an increase of 9.23% over the same period last year. The net profit from non-return was 173 million yuan, an increase of 6.21% over the same period last year. In the second quarter, the single-quarter income was 935 million yuan, an increase of 5.56% over the same period last year, and the net profit was 134 million yuan, an increase of 17.91% over the same period last year. The non-return net profit was 131 million yuan, an increase of 19.54% over the same period last year.
Comments:
Increase investment in the construction of nuclear drug production centers and establish a leading position in nuclear drug racing. In the first half of 2023, the company's gross profit margin was 44.60%, an increase of 4.68 percentage points over the same period last year. During the period, the expense rate was 28.61%, an increase of 4.23 percentage points over the same period last year. Two new positron nuclear drug production centers were put into operation in the first half of 2023. At present, eight positron nuclear drug production centers are under construction. It is expected that more than 30 nuclear drug production centers will be put into operation by the end of 2023. The further improvement of the networked production layout of nuclear drug production centers will enhance the company's core competitiveness.
The proportion of nuclear drugs business continues to increase, and the performance is outstanding.
In the first half of 2023, the sales income of the company's nuclear drug business was 502 million yuan (+ 19.18% compared with the same period last year), accounting for 28.14% of the main business income. Among them, the income of the key product 18F-FDG reached 215 million yuan, an increase of 18.48% over the same period last year; Yunke injection realized income of 124 million yuan, an increase of 22.66% over the same period last year; and the business income of iodine [125i] sealed seed source reached 83.2687 million yuan, an increase of 51.28% over the same period last year. The operating income of the API business reached 953 million yuan (- 11.85% compared with the same period last year). The operating income of the preparation business was 263 million yuan (+ 18.44% compared with the same period last year), accounting for 14.76% of the main business income. The income of the key product hydrocortisone sodium succinate for injection reached 73.65 million yuan, an increase of 325% over the same period last year; nadroparin calcium injection won the bid for the eighth batch of national drug centralized procurement in March 2023, will begin to carry out the bid, and is expected to be further expanded; 2023H1's enoxaparin sodium injection has been approved to be listed on the market, helping the company to build the brand of anticoagulants.
Product line layout is increasingly rich, R & D and innovation drive business sustainable development 2023H1 Lannancheng product fluorine [18F] Siritide injection has completed phase I clinical trial, fluorine [18F]
Phase I clinical trial of fibrstatin injection is about to be completed. Clinical cases are included in the group; 177Lu-LNC1003 injection is approved to conduct clinical trials in the United States; and overseas phase I clinical trials of 177Lu-LNC1004 injection have begun. At the same time, LNC-1007, LNC-1008 and other innovative nuclear drugs will enter the registration application stage. The company strengthens outside cooperation, arranges ahead of time the diagnostic and therapeutic nuclear drugs at the forefront of the industry, and the products under research cover the diagnosis and treatment of myocardial ischemia / infarction, tumor and neurodegenerative diseases. The formation of "screening-diagnosis-treatment" radiopharmaceuticals full coverage, with strong market competitiveness.
Profit forecast: we expect the company's operating income from 2023 to 2025 to be 350,000,000 RMB 37.46 / 4.034 billion, respectively, and the net profit to return to the mother is 3.98cm 4.94max 583 million respectively (the previous value of 2023x2024max is 4.30max 4.99max 5.99). The reason for the downgrade is that the company increases the investment in the construction of nuclear drug production center, which has a certain impact on short-term net profit and maintains the "buy" rating.
Risk tips: raw material procurement risk, product quality risk, product sales price fluctuation risk, production safety risk, talent shortage risk.