代理和胃整肠丸转为自有产品，沃丽汀稳健增长2023 年，公司代理产品和胃整肠丸销售收入超过2 亿元，并且毛利率提升至2023 年79.87%。和胃整肠丸品牌力优秀，公司与李万山药厂签署协议将其转为自有产品，或未来有望快速放量。公司代理产品沃丽汀为眼科用药，产品力优秀，2023 年销售收入达1.84 亿元，未来销售收入或有望稳健增长。Report summary
Guangdong Taiankang Pharmaceutical Co., Ltd., founded in 1999, is a comprehensive pharmaceutical innovation enterprise focusing on R&D, production, sales and agency operation of pharmaceutical products, medical devices, and provision of pharmaceutical technology services and transfer. The core products include gastrointestinal control pills, “Aitingjiu” dapoxetine hydrochloride tablets, and “voritine” lecithin complex iodine tablets. On March 29, 2022, Taienkang first issued A shares on the GEM of the Shenzhen Stock Exchange, and the company was successfully listed.
Key points of investment
Agents and gastroenterology pills switched to their own products. Voritine grew steadily in 2023. The company's sales revenue of agent products and gastroenterology pills exceeded 0.2 billion yuan, and gross margin increased to 79.87% in 2023. The brand of gastroenterology pills is excellent. The company signed an agreement with Li Wanshan Pharmaceutical Factory to convert them to their own products, or it is expected that they will be released quickly in the future. The company's agent product, Voritine, is an ophthalmic drug. The product has excellent product strength. The sales revenue in 2023 reached 0.184 billion yuan, and future sales revenue is expected to grow steadily.
The rapid release of its own gender health drugs, and the anti-PE and anti-ED indications collaborated to rapidly release the company's own gender health drugs. The revenue of gender health drugs in 2022 was 0.229 billion yuan, an increase of 48.48% over the previous year, of which Aitingjiu sold more than 0.2 billion yuan. Health drug sales revenue for both sexes in 2023 was 0.225 billion yuan. The company's self-developed “Aitingwei” tadalafil tablets were approved in June 2022. The main treatment for ED is expected to be linked with “Aitingjiu” dapoxetine hydrochloride tablets to enhance the brand's influence.
With increased innovation, vitiligo drug trials have entered phase 2 clinical stage with about 14 million domestic vitiligo patients, and the therapeutic drug market has broad prospects. In July 2023, the company was approved to conduct a phase II clinical trial of CKBA ointment for vitiligo indications. Research is progressing rapidly.
Mechanically, CKBA is different from other drugs under development (mainly Jak inhibitors) and has a unique mechanism advantage. We believe that if successfully marketed, this product could become a new profit growth point for the company.
Profit forecasting and valuation
We expect the company's total revenue for 2024-2026 to be 0.966/1.165/1.377 billion yuan, with year-on-year increases of 27%/21%/18%, respectively; net profit attributable to shareholders of listed companies will be 0.234/0.309/0.388 billion yuan, and EPS 0.55/0.73/0.91, respectively. Considering that the company is a high-quality health drug company for both sexes, the company's core products continue to be released, and the vitiligo drug CKBA pipeline continues to progress. We are optimistic about the company's future development. We are optimistic about the company's future development. We will give 2024 PE 30 times, a target price of 16.50 yuan/share, initial coverage, and a “buy” rating.
Risk warning: The risk of changes in industry policies, R&D risks, operating risks of agency operations, risk of re-registration of imported products when the registration certificate expires, and estimates are subjective risks.
