Performance is expected to improve significantly. Continue to increase research grants:
The company's annual income in 2020 was 22.491 million yuan, down 50.4% from the same period last year; the net loss was about 288 million yuan, down 3.6% from the same period last year; and R & D expenditure was 235 million yuan, up 23% from the same period last year. The commission income of the original research agent product Smuri 1 is now the company's core area, with revenue falling 50.7 per cent year-on-year to 14.703 million yuan in 2020, accounting for 65.4 per cent of total revenue. The company's CDMO/CMO business revenue reached 6.423 million yuan in 2020, down 55.9% from the same period last year, accounting for 28.6% of the company's total revenue. The revenue of other business sectors reached 1.365 million yuan in 2020, an increase of 48.4% over the same period last year. The reason for the year-on-year decline in revenue in 2020 was due to the decline in commission income caused by the sales volume of the original research agent product Smuri 1 due to the impact of state-led procurement, and the CDMO business was in line with the customer's planned schedule. With the approval of the three products and the rapid development of CDMO/CMO business, as well as the biosimilar drug collection implemented in the second half of 2021, the company's sufficient and efficient production capacity will promote the rapid release of VEGF McAb, and the rapid growth is expected.
Garde is in the research project and the promotion of education:
The company focuses on the R & D and commercialization of innovative cancer drugs and therapies, and has a rich product line, with 8 biological drugs under development and 5 chemical drugs under development. It is expected that the core products TAB008, small molecule drug TOZ309 and a Taiwan imported drug TOM218 will be approved and put on the market in 2021. Up to now, in the field of biomedicine, 1) TAB008 has submitted an application for listing and has been accepted by the State Drug Administration. Xian is the first bevacizumab bioanalogue accepted by NDA in accordance with the new Drug Registration Administration measures. 2) TAB013 is the first ADC product in the Chinese market to enter the phase I Ⅲ I clinical phase with the common name of T-DM1. It is expected to complete the phase Ⅲ clinical trial by the end of 2p22 and launch in 2023. 3) TAB014 is an ophthalmic preparation of bevacizumab. Phase Ⅲ clinical IND has been approved by FDA in January 2021. In the field of chemical drugs, the generic drug TOz309 has submitted an application for listing and completed the pre-market drug registration verification. In addition to mainly researching products, the current company collects commission by providing Smur1 sales services, and actively carries out CDMO and CMO services with the help of production technology and advantages to expand enterprise business revenue. At present, the company has built an ADC commercial production workshop, chemical drug production workshop to complete GMP compliance verification, R & D and production accumulation, CDMO business is expected to continue to grow rapidly.
≥ once again covers the buy review boat. Target price 7.56 latent yuan
The company continues to increase R & D investment and has a rich product line under research. With the approval of the listing of the three products this year and the rapid development of CDMO business, the performance and liquidity will be greatly improved. We estimate that the company's income from 2021 to 2023 will be 198 million yuan, 514 million yuan and 677 million yuan respectively, and the EPS will be-0.32 yuan, 0.15 yuan and 0.21 yuan respectively. Based on the cash discount method and EV/ income valuation, the target price of the company will be 7.56 Hong Kong dollars. Corresponding to 2022 EV/ income is 8 times, corresponding to 2022 PE is 45 times, compared with the current price has 69.9% room to rise, given a "5 buy" rating.