The annual performance growth is in line with expectations, and foreign investment is moving towards precision health care.
The company issued a forecast of its annual results in 2017. it is expected that the net profit for 17 years will be 57 million yuan to 68 million yuan, an increase of 0% Rich 20% over the same period last year (adjusted to 56.9558 million yuan in the same period last year). The impact of non-recurrent profit and loss on net profit is about 25.5 million yuan. At the same time, the company will use its own capital of 63.7088 million yuan to acquire 70% of Beihao Stem Cell and Regenerative Medicine Research Institute Co., Ltd., and Beijing Hongguan Regenerative Medicine Technology Co., Ltd., held by Guangdong Zhiguang Biotechnology Co., Ltd., respectively. To achieve a wholly-owned holding of Beihao Research Institute, as well as shares in Beijing Hongguan, the layout of accurate medical direction.
External distribution of cell therapy, immune cell therapy and stem cell therapy
Beihao Stem Cell and Regenerative Medicine Research Institute Co., Ltd. aims at "precision health" and is committed to the combination of stem cells and regenerative medicine, and involves many fields, including biological artificial liver, multi-target CAR-T drugs and antibody drugs, among which CD19-CD20 dual-target CAR-T in the treatment of relapsed refractory non-Hodgkin's lymphoma (NHL) has begun to recruit patients after preliminary clinical trials. Beijing Hongguan Regenerative Medicine Technology Co., Ltd. focuses on the development, consultation, service and promotion of cell and stem cell technology, and is committed to establishing a global patent pool for related technologies in the field of cell and stem cell research.
Beihao Research Institute has a complete structure, which helps Guanhao realize the rapid layout of new areas.
Beihao Research Institute has a mature operating system, with three subsidiaries: Guangzhou Benev Biotechnology Co., Ltd. (wholly-owned) engaged in the research and application of CAR-T drugs and CAR-NK technology; Beijing Junke Zhenghao Biotechnology Co., Ltd. (65%) set up a cell drug and genetic drug research and development platform; Shanghai Haoai Biotechnology Co., Ltd. (65%) is responsible for cell storage and external marketing. The field of cell therapy covers the chains of research and development, application and sales, and has a sound operation process, which will help Guan Hao to quickly lay out new areas.
The R & D team is highly qualified to consolidate the technical foundation in the field of cell therapy.
Beihao Research Institute has a number of research experts in the field of cell therapy: Mr. Shen Zheng is committed to developing and using mesenchymal stem cells (MSC) to treat mucosal disorders and other diseases and injuries, and has participated in many clinical trials of gene therapy and cell therapy. Mr. Deng Hongkui is the inventor of CiPS and EPS technology. He has made many innovative works with international influence in the treatment of major diseases with stem cell technology. His research results have opened up a new way to realize somatic cell reprogramming. Ms. Si Yiling, the backbone of the molecular biology research room and biotherapy ward of the former PLA General Hospital, led the CAR-T single-target and double-target drug development project team to apply for a number of patents (chimeric antigen receptor and its gene and recombinant expression vector, CAR133-NKT cell and its preparation method and application; chimeric antigen receptor and its gene and recombinant expression vector, CARHER2-NKT cell and its preparation method and application, etc.). The expert team of Beihao Research Institute has rich experience and lays a solid technical foundation in the field of cell therapy.
Maintain the "overweight" rating
The company deeply distributes the cutting-edge cell therapy field and joins hands with a team of senior experts. As the product is still in the early stage of R & D investment, it has not been able to contribute to the performance in the short term. In September 2017, the company announced that it had cancelled its original plan to acquire Whedison, thus adjusting its 17-19 profit forecast net profit from 1.22 to 0.74 million, corresponding to an EPS of 0.25, 0.28 and 0.30. Refer to 80 times PE of Sally Pharmaceutical, 72 times PE of Anke Biology, excellent R & D team of Beihao Research Institute, give 95 times PE,2018 annual adjustment target price to 26.6 yuan, maintain "overweight" rating.
Risk hints: poor progress in cell therapy product research and development, risks in clinical trials, excessive R & D funding affecting performance, intensified market competition, loss of expert resources, etc.