Yifan Pharmaceutical (002019): Interim Report Profit Improves, Significant Overseas Sales Start
Report Summary: Events: The company released its semi-annual report for 2019, reporting a series of realized revenue25.
18 ppm, a ten-year increase of 8.
27%; net profit attributable to mothers4.
8.5 billion, a 10-year decline.
04%; 4 after deduction.
32 ppm, a decrease of 16 per year.
Benefiting from the rebound in the price of calcium pantothenate, the company’s 2019Q2 profit increased, and the chain increased significantly. The price increase profit is expected to be realized until the fourth quarter.
The improvement in the profit in the interim report was mainly due to the rebound in the price of calcium pantothenate. In 2018, stimulated by fierce competition from manufacturers and new capacity expectations, the price of calcium pantothenate increased from 350 yuan / kg in the beginning to 65 yuan / kg in 5 months.Warm up.
Therefore, the company’s profit in Q1 2019 will be 1.
470,000 yuan, Q2 attributed to the mother’s net profit3.
38 trillion, converted to 0.
After 5.3 billion non-recurring gains and losses (mainly government subsidies), endogenous net profit is returned to the mother.
850,000 yuan, an increase of 32 over the same period of the same year.
6%, an increase of 93 from the previous month.
8%, a significant increase in profits.
Affected by major manufacturers’ production restrictions and new capacity not meeting expectations earlier this year, the price of calcium pantothenate continued to strengthen. The current offer is 360 yuan / kg, and the transaction price has been continuously consolidated. The current price is more than 350 yuan / kg, which will be affected by the restocking of dealers.Prices may rise further.
Due to the quarterly delay between signing and shipping, we expect that the profit of high-priced orders in the current round of price 深圳桑拿网 increases is expected to be realized until the fourth quarter, and the company’s profit growth in the second half of the year may be further improved.
The growth of domestic preparation business is better, and overseas preparation sales have achieved a good start. Domestic preparations have achieved revenue15.
800 million US dollars, the overall growth is good, the company uses “531” products as its core to promote market sales, dehumidification and antipruritic ointment, pediatric Qingqiao granules, Fuyinkang lotion, Piminxiao capsules, ginkgo leaf pills, compound Yinhua detoxificationRecent products such as granules have more than doubled, and the trend of concentrated volume has begun to appear.
In addition, the overseas sales of pharmaceutical preparations have achieved a good start for the first time, and the overall operating income2.
The exclusive product compound Huangdai film was successfully exported to Chile and other countries, achieving zero breakthroughs in overseas sales of the company’s products; Sai Zhen, Turk and Fizeau actively expanded the sales network in Asia Pacific, Europe and the Middle East, and also achieved better performance, providing the company newPoints of profit growth.
The innovation business was steadily advancing, and the commercialization of long-acting whitening drug F-627 was reported immediately. The innovation business of many companies was steadily advancing.
(1) All F-627 domestic phase III clinical trials have been completed. In order to improve the certainty of Sino-US synchronous notification, the company decided to conduct screening and analysis of F-627 antibody testing, testing and statistical methods after communicating with the US FDA.It is expected that a domestic phase III report will be issued by the end of this year; (2) The second phase III clinical trial of F-627 International was completed in June this year. The preclinical safety evaluation test report required for the BLA is currently completed, and the relevant clinicalThe production consolidation summary report is also in progress.
(3) F-652 clinical trials for GVHD indication IIa in the United States have been basically completed, relevant application materials have been submitted and feedback is expected to be received within 9 months.
(4) The Phase III clinical trial of Fufang Huangdai Tablets supplementary indications for the treatment of chronic myelogenous leukemia has been enrolled in 171 patients, and preparations for FDA registration have been initiated at the same time.
Commercialization of company F-627 is imminent.
In the first half of the year, Genergy has completed five batches of F-627 stock solution process verification production and passed the EU GMP review. The company has also accelerated the construction of a domestic preparation plant, which is expected to be completed in the second quarter of next year, and complete the US CMO plant production process verification work.The preparation process verification is completed by the end of this year.
Earnings forecast and investment rating: We expect the company to achieve operating income of 56 from 2019 to 2021.
5.1 billion, 66.
6.8 billion, 78.
68 ppm; net profit attributable to mothers is 10.
1.6 billion, 12.
21 ppm and 15.
10 ppm; EPS is 0.
84 yuan, 1.
01 yuan and 1.25 yuan, the current expected PE is 14X, 12X and 10X respectively, maintaining the “strongly recommended” level.
Risk reminders: pressure on price reduction of calcium pantothenate; the preparation business fails to meet expectations; the development of innovative drugs fails to meet expectations; other risks.