Xinlitai (002294) 2018 financial report review: R & D expansion continues to grow and product line is increasingly rich
[Key points of investment]Xinlitai released the 2018 annual report, and the company realized operating income of 46.
52 ppm, an increase of 11 years.
99%; net profit attributable to mother 14.
580,000 yuan, an increase of 0 in ten years.
44%; net profit attributable to non-mothers was realized14.
500,000 yuan, an increase of 0 in ten years.
The EPS is 1.
The performance was in line with market expectations, and sales of core products helped the income side maintain rapid growth.
Revenue of the company’s APIs in 20187.
4.5 billion (+ 1% year-on-year.
55%), preparation income 38.
8 billion (+13 year-on-year.
58%), the gross profit margin of the two sectors is about 2pct.
The rapid growth of the preparations sector is mainly due to the three major products of Xinlitan, Taijia and Taiganing.
Among them, Lilitam entered the medical insurance category B in 2017 and the number of hospitals increased rapidly, and sales continued to increase; Taiganing has entered the local medical insurance catalogs of 5 provinces and cities, and sales have continued to increase; Taijia 75mg and 25mg have been in December 2017.And the first company to maintain stable growth after passing the consistency assessment in April 2018, and is expected to contribute over 3 billion in revenue.
In addition to Xinlitam and Taiganin’s continued growth in this year’s performance growth, Taiyi (Tigrelor) 90mg and 60mg have been approved for listing for the first time in August and December 2018.Promoting hospital access will work with Taijia and Taiganing to strengthen the company’s competitive advantage in the field of anticoagulation.
In addition, Taijia successfully won the bid for “4 + 7 Urban Drugs Centralized Purchasing”, and exchanged price for quantity to promote and increase market share.
The sales expense ratio in Q4 dropped significantly compared to Q3, and the three-fee indicator was stable.
Q4 selling expenses are 3.
1.2 billion (+0 year-on-year.
50%), from 2018Q1, 2018Q2, 2018Q3, 2018Q4 sales expense ratios were 29.
Looking at 95%, Q4’s sales expense ratio dropped significantly compared to Q3, and the annual sales expense in 2018 was 13.
4.6 billion (+16 year-on-year.
43%), administrative expenses 2.
300,000 yuan (+27 compared with the same period last year).
38%). The increase in financial expenses by 80% per year is mainly due to the decrease in index revenue. Overall, the three fee indicators are relatively stable.
R & D expansion has continued to grow, and the product echelon has become increasingly rich.
Company R & D funding in 20188.
04 billion (YOY + 83.
(09%), accounting for 17% of 北京夜网 revenue, of which expenses4.
07 million yuan (+24 compared with the same period last year).
46%).The company has continuously expanded its research and development and rich R & D pipeline, anti-heart failure innovative drug S086, biological drug “recombinant plasma glucagon-like peptide-1-Fc fusion protein injection”, and the first generic drug of assisted reproduction “regenerating human follicle stimulating hormone-“CTP fusion protein injection” has begun phase I clinical trials; recombinant human parathyroid hormone (1-34) for injection is undergoing phase I clinical trials; and hypoglycemic drug glipritin benzoate is undergoing phase II and III clinical research; boneThe clinical treatment of teloporpeptide for injection, teriparatide for injection (recombinant human parathyroid hormone 1-34 (rhPTH1-34) lyophilized powder injection) has been completed and submitted to CDE for review.
In addition, there are the first imitation releases of levetiracetam sustained release tablets, which are deemed to have passed the consistency evaluation. Deloratadine tablets have passed the consistency evaluation and lercanidipine hydrochloride has been given priority review yesterday.
Suzhou Chenchen consolidated the instruments and the equipment segment began to contribute revenue.
The instrument plates include the products of Corioton’s left atrial appendage occluder, vena cava filter and Aaron’s cerebral artery drug stent, lower limb arterial drug stent and other products under development, and Suzhou Yichen’s Alpha stent drug replacement coronary stent systemIt is entering the hospital’s heavy-duty phase. Since July 31, 2018, Suzhou Chenchen has consolidated its accounts and contributed 0 income in 2018.
2.1 billion yuan.
As the company continues to expand the device layout through the introduction of projects at home and abroad, transforming the company’s years of academic platform advantages and brand accumulation in the cardiovascular field, it is worth looking forward to the company’s integration of medicine and machinery in the cardiovascular field.
[Investment suggestion]Due to the impact of Taijia’s contribution on the company’s revenue, and starting from the end of March 2019, the “4 + 7 volume purchase” winning bid price will be implemented. In the short term, Taijia’s price and gross profit margin will have a certain downward trend, soDowngrade the company’s profit forecast and estimated rating. It is estimated that the company’s operating income for 19/20/21 will be RMB 48 respectively.
5 billion (19/20 original forecast was 53).
670,000 yuan), net profit attributable to mothers was RMB13.
8.1 billion (19/20 was originally predicted to be 18.
75 ppm, EPS is RMB1.
The corresponding price-earnings ratios are 20/19/18 times.
The company has simultaneously promoted the dual-line layout of medicines and instruments around the cardiovascular field. The product echelon has become increasingly rich, but its short-term performance has been under pressure and it has been downgraded to increase its holdings.
[Risk reminder]Taikaning, Xinlitan volume exceeded expectations; Taiyi Hospital’s access was lower than expected; Taijia’s price for volume exceeded expectations.