Yifan Pharmaceutical (002019): The growth of the preparation sector accelerates the pressure of calcium pantothenate and the performance under pressure is basically in line with expectations

Yifan Pharmaceutical (002019): The growth of the preparation sector accelerates the pressure of calcium pantothenate and the performance under pressure is basically in line with expectations

Investment Highlights Event: On February 28, 2019, the company released the 2018 performance report, and the company’s 2018 revenue was 46.

1.5 billion, an annual increase of 5.

53%, net profit attributable to mother 8.

03 billion, a year-on-year decrease of 38.


2018Q4 company revenue 11.

81 ‰, a decrease of 9 per year.

71%, net profit attributable to mother 0.

92 ‰, 78 years ago.


Basically in line with expectations.

The performance of core pharmaceutical products in the preparations segment has grown steadily, mergers and acquisitions have been integrated to 佛山桑拿网 advance the internationalization strategy, and new varieties in the base medicines catalogue are expected to help fly the preparations segment.

In 2018, the pharmaceutical preparations segment achieved an increase in operating income of nearly 40% in the previous year. Among its own products, five varieties such as compound Huangdai tablets and dehumidification and itching ointment have been added to the basic medicine catalogue, and the future volume can be expected.

Through market development and vigorous promotion, the growth is obvious. The company’s more than 14 own varieties have revenues exceeding one million. We estimate the total revenue of over one million varieties to be 600 million, an increase of more than 80%. The total number of compound Huangdai tablets exceeds 40 million.Gongsu nasal spray, vinpocetine and other varieties performed well.

In terms of agent varieties, the company uses its resource advantages in academic promotion and marketing networks, intensive cultivation, and constantly explores the market, so that the performance of cooperative (agent) products has steadily increased, ceftazidime has remained stable, and the contribution profit is expected to be 1.

500 million.

The company made an offer to acquire Singapore pharmaceutical company Saizhen, and successfully built a drug sales network in the Asia-Pacific region, centered on Singapore.

The price of calcium pantothenate declined somewhat, affecting overall profits.

The performance indicators of the company’s raw materials are mainly the start of new production, prices have improved, and the raw materials sector is under pressure. The price of calcium pantothenate started to rise again in November, and the current price remains at 170 yuan / kg. The revenue of calcium pantothenate is basically delayedAround quarter, we expect that the performance of the API sector in 2019 is expected to rebound.

The company produces more than 7,000 tons.

Intensify efforts to promote project research and development, 2.

500 million shares of third-generation insulin technology-rich business lines.

The company transferred the target technology and developed the project products (insulin aspart, insulin lispro and insulin glargine). After obtaining relevant FDA, EMA and CFDA related policy approvals, the company will realize the marketing of project product preparations.

In 2018, we estimated that R & D expenses of Genergy are about 100 million, including about 60 million in the statement. The conversion of F627 is progressing clinically. Genergy is expected to become an important area for the company’s future development.

Profit forecast and investment grade: We expect the company’s sales revenue to be 46 in 2018-2020.

1.5 billion, 54.

2.9 billion, 65.

1.4 billion, net profit attributable to parent company is 8.

03 billion, 9.

08 ppm and 11.

5.6 billion.

We believe that the benefit categories of the company’s medical insurance catalog are gradually increasing, and the potential for bio-innovative drugs is large in the future. Therefore, we maintain a “Buy” rating.

Risk warning: The price of APIs exceeds expectations, the company’s merger progress exceeds expectations, the volume of medical insurance products is lower than expected, and the company’s R & D progress exceeds expectations.