Recently, Changchun Hi-Tech issued an announcement. The holding subsidiary Jinsai Pharmaceutical received the “Drug Supplement Application Approval Notice” approved and issued by the State Drug Administration, which approved the addition of polyethylene glycol recombinant human growth hormone injections to Jilin Province Jinpaige Pharmaceutical Co., Ltd. as a supplier of methoxy-polyethylene glycol derivatives (PEG), the raw material used in the production of this product's stock solution.

Profit prediction and ratings: Jinsai Pharmaceutical is expected to achieve steady growth driven by the continuous increase in the penetration rate of growth hormone and the gradual release of long-acting growth hormone and recombinant follicle-stimulating hormone. The 100g biological nasal spray influenza vaccine has great potential for growth. The shingles vaccine became the first domestically produced vaccine of its kind. In addition, the company is also researching a number of major products, forming a good product gradient, which is worth paying attention to. The 2023-2025 EPS is expected to be 12.99 yuan, 16.32 yuan, and 19.78 yuan; corresponding to the closing price on April 13, PE will be 12.9 times, 10.3 times, and 8.5 times respectively, maintaining the “increase in holdings” rating.

Risk warning: sales of core varieties fell short of expectations, risk of price reduction in core variety collection, risk of policy changes, increased competition pattern, R&D pipeline progress fell short of expectations, etc.