Changchun High-tech (000661): Performance exceeded expectations growth growth hormone remains strong
Event: The company announced the third quarter report of 2019, and the company achieved operating income of 54 in the third quarter of 2019.44 ppm, an increase of 31 in ten years.5%; net profit attributable to mother 12.410,000 yuan, an increase of 47 in ten years.93%; operating cash flow 15.76 ppm, an increase of 423 in ten years.twenty one%.Among them, Q3 achieved revenue of 20 in a single quarter.52 ppm, a 47-year increase of 47.59%; net profit attributable to mother 5.140,000 yuan, an increase of 76 in ten years.82%. The performance exceeded expectations and growth hormone continued to be strong: The company ‘s third-quarter performance exceeded the expectations and the rapid growth was mainly due to the increase in income of holding pharmaceutical companies and the growth of settlement income of its subsidiary real estate companies, among which the revenue of pharmaceutical companies increased by 30.99%, net profit increased by 49.58%.Among them, growth hormone sales remain strong, per capita yield and doctor penetration continue to increase. It is expected that Kinsey revenue will increase by more than 45% in the first three quarters and net profit by more than 50% in the single quarter.According to the growth rate of pure sales and new patients, the long-term growth hormone is expected to maintain high growth.At the same time, Jinsai Jinsai share exchange supplementary information has been submitted, and it is expected to complete the share exchange within the year. The batch of vaccines issued is recovering, and the performance of 100 grams is high. The batch of Q3 vaccines returned to normal, and the number of chickenpox vaccines was 272 in the third quarter.60,000 sticks, exceeding the overall level in the first half of the year (2.13 million sticks), an increase of 17 per year.67%.It is estimated that the first three quarters will achieve revenue of more than 800 million yuan and net profit of nearly 200 million yuan; Q3 single quarter revenue growth rate of more than 35%, net profit growth rate of more than 55%.In the fourth quarter of last year, the issuance of vaccines was tightened. It is expected that Q4 performance is expected to maintain high growth and gradually achieve the level of the same period last year or a slight increase.At present, the company’s nasal spray vaccine has entered the CDE 夜来香体验网 priority approval process, and the approval process has been advanced in an orderly manner. It is expected to contribute to the performance in 2020. Actively lay out emerging areas, and the R & D pipeline is becoming increasingly rich: The company has formed a rich R & D layout in the field of biopharmaceuticals and vaccines, with a rich R & D product echelon.In terms of vaccines, the MMR vaccine was actively introduced, and the respiratory syncytial virus vaccine was developed in cooperation with CyanVac in the United States. The second phase of the shingles vaccine has completed domestic progress.In biopharmaceuticals, the company actively invests in dual-antibody platforms and biosimilar R & D platforms, while independent research and development of toximab and kinacumab advance steadily.In addition, the company also 武汉夜网论坛 actively promotes 5% lidocaine transdermal patches and other products to provide continuous potential momentum for the company’s future development. Investment suggestion: Without considering the reorganization, we forecast the company’s net profit from 2019 to 2021 to be 13 respectively.8.9 billion, 18.6.3 billion 24.1.8 billion, with growth rates of 38.1%, 34%, 29.8%, corresponding to the company’s EPS for 2019-2021 is 8 respectively.17, 10.95, 14.21 yuan, give the recommendation to increase -A. Risk warning: product sales are less than expected, vaccine batches are issued less than expected, restructuring progress is less than expected