Event: the company signed an order for antidepressant intermediates with Taiyao Chemical. The company's subsidiary Odyssey Chemical and Taiyao Chemical have signed a "letter of intent". Taiyao plans to entrust Odyssey to manufacture the GMP grade intermediate of the antidepressant "Dailixin", with sales of about 500 million yuan within three years, and the cooperation is valid for five years.
Deanxit is a high value-added antidepressant, and its core components are difficult to synthesize. Depression is known as "blue worry" in the West. the global incidence of depression is about 3.1%, compared with nearly 6% in developed countries. Among adults over the age of 20, the number of people with depression is increasing at an annual rate of 11.3%. Denmark Lingbei (H.LUNDBECK) developed "Dailixin". Its two components flupenthixol and melitracine have good synergistic effect in treatment and obvious antagonistic effect in side effects, so that Dailixin can effectively resist depression, anti-anxiety and improve somatic symptoms. At the same time, the two core components of Dailexin have high technical barriers: 1) the synthesis of haloperixol is very difficult, involving a three-step format reaction. Among them, the proportion of isomers should be strictly controlled in the narrow range of 42-52%; 2) the key technology of meretroxine synthesis process is to simplify the reaction steps, shorten the reaction process and greatly reduce the cost. High difficulty and high cost greatly restrict its large-scale production.
The company has won the order through the core technology, and strives to reach 500 million yuan in sales within three years. At present, there are rare enterprises at home and abroad that can realize the large-scale production of haloperidol and meretroxine at the same time. Odyssey Chemical has broken through and optimized the large-scale production process of the two intermediates and become a competitive supplier. The company announced that it signed an intermediate order with Taiyao Chemical, the world's leading CDMO manufacturer. The new Daili order will bring considerable sales and profit margins for the company. Consolidate the company's position as a pharmaceutical intermediate research and development platform in the industry. The company is involved in GMP intermediates, laying the foundation for its future involvement in Daili new APIs, as well as high value-added intermediates downstream of COVID-19 's industrial chain.
The company's heavyweight pharmaceutical intermediates business is very flexible. The company has great competitiveness in COVID-19 industrial chain.
Pfizer Inc COVID-19 specific drug industry chain has five core intermediates: carbonic anhydride, Aza bicyclic, SM1, SM2 and SM3. At present, the company already has nitrogen heterocyclic production capacity. And relying on the cost advantage, it is expected to become an intermediate manufacturer with long industrial chain, complete categories and competitive technology in the short term, with great flexibility. Relying on the first-mover advantages in COVID-19 's industrial chain and antidepressant drugs, we judge that the company also has room for imagination in terms of new customer development.
Profit forecast and investment advice. We estimate that the operating income of Huarun Technology in 2021-2023 will be 3.0250.42.27 billion yuan respectively, and the estimated return net profit will be-1.73 million 584 million PE respectively, corresponding to-109.4 32.3 pounds respectively (adjusted for 2021 results according to impairment). Huarou Technology is based on years of technical precipitation and customer resources in the field of organic synthesis, pharmaceutical intermediates business ushered in volume opportunities. At the same time, the lithium materials business opened a new chapter of growth, maintaining the "buy" rating.
Risk hint: lithium demand is lower than expected; this agreement belongs to the cooperation framework intention agreement, pay attention to the risk.