Hualan Biological (002007): Major confirmation of tetravalent vaccine contributes to profit elasticity

Hualan Biological (002007): Major confirmation of tetravalent vaccine contributes to profit elasticity

Investment Highlights: Events: 2018 Annual Report Comments: The company achieved operating income in 2018 of 32.

170,000 yuan, an increase of 35 in ten years.

84%, net profit attributable to mother 11.

400,000 yuan, an increase of 38 in ten years.

83%, net profit after deducting 10.

20,000 yuan, an annual increase of 31.

74%, corresponding to EPS1.

23 yuan.

A dividend of 4 is paid for every 10 shares.

00 yuan (including tax), 5 bonus shares (including tax), do not use the reserve fund to increase 夜来香体验网 the share capital.

Opinion: Enterprises actively adjust product structure, vaccines, exemptions and other blood products to grow rapidly.

The company achieved operating income of 32 in 2018.

170,000 yuan, an increase of 35 in ten years.

84%, net profit attributable to mother 11.

400,000 yuan, an increase of 38 in ten years.

83%.

From a product perspective, human albumin and static polypropylene achieved operating income.

2.9 billion yuan, a growth rate of 2.

0%; revenue from other blood products was 4 in 2017.

810,000 yuan increased to 7 in 2018.

79 trillion, an increase of 61 in ten years.

91%.

Vaccine product revenues were 2 from 2017.

810,000 yuan increased to 7 in 2018.

980,000 yuan, an increase of 183 in ten years.

92%, mainly due to a large amount of quadrivalent influenza vaccine confirmed revenue in the fourth quarter.

Blood product adjustments, special exemptions, and significant increase in the number of coagulation products approved.

In 2018, the product structure of the company’s blood products has undergone significant adjustments.

From the perspective of income composition, in 2018, the proportion of human albumin and Jingbing’s revenue was 31.

88%, 18.

78%, a decline of 6 per year.

97, 9.

81 samples; revenue from other blood products reached 24.

21%, an increase of 3 per year.

9 units.

According to the batch issuing data, the varieties with significantly increased batch approval in other blood products were immunoglobulins from rabies patients, which approved a total of 148.

950,000 bottles (based on 200IU), an increase of 224 over.

42%, accounting for 17 of the total domestic approvals.6%; human immunoglobulin, a total of 47 were approved in advance.

760,000 bottles (based on 150mg), an increase of 119 over.

86%, accounting for 37 of the domestic approvals.

3%; Human coagulation factor Ⅷ was initially approved for a total of 64.

590,000 bottles (based on 200IU), an increase of 26.

11%, accounting for 41 of the total domestic approvals.

5%.

Exclusive supply of quadrivalent influenza virus split vaccine, performance in the fourth quarter focused on.

After the “black life” of vaccine black swan, we expect relevant departments to strengthen the supervision of vaccine production, the original vaccine production companies have withdrawn one after another, with the arrival of the high season of winter influenza, the 2018 influenza vaccine presents a situation of donor candidates.

There were 899 nationwide in 2018.

960,000 trivalent influenza vaccines were approved, a reduction of at least 61.

98%, the company as the exclusive supplier of quadrivalent influenza virus split vaccine, a total of 5.12 million quadrivalent vaccines were approved in 2018, and its contribution performance was concentrated in the fourth quarter of 2018.

Speed up research and development of monoclonal antibody products and cultivate new profit growth points.

Hualan Gene Engineering Co., Ltd., a joint stock company, has obtained clinical approvals for 3 monoclonal antibodies, such as Denizumab, Panitumumab, and Ipilimumab. As of the end of the reporting period, a total of 7 monoclonal antibody species have obtained clinical trial approvals, which are underway as planned.Clinical trials, of which adalimumab, trastuzumab, rituximab, and bevacizumab, are undergoing phase III clinical studies to cultivate new profit growth points for the company.

The level of three expense ratios is stable.

The company’s selling expenses increased by 100 per year in 2018.

91%, corresponding to a sales expense ratio of 16.

72%, mainly due to the increase in promotion consulting fees; management costs increase by 14 per year.

38%, corresponding to the management expense ratio of 10.

21%, maintaining stability; financial expenses increase by 107 every year.

48%, corresponding to a financial expense ratio of 2%, mainly due to an increase in discounted bill interest.

profit prediction.

The EPS for 2019-2021 is expected to be 1.

51, 1.

90, 2.

41 yuan.

Taking into account the high prosperity of the company’s subdivisions and the assessment of comparable companies, the PE of 35X-40X in 2019 is given, corresponding to a reasonable value range of 52.

85-60.

40 yuan, given “preliminary market” rating.

Risk warning: the risk of reform of blood product sales channels and the amount of pulp extraction does not meet expectations, and the risk of increased competition in the industry.