Hualan Biological (002007) Annual Report Commentary: Blood Product Business Recovers, Rapid Growth of Vaccine Business

Hualan Biological (002007) Annual Report Commentary: Blood Product Business Recovers, Rapid Growth of Vaccine Business

Event: On March 29, 2019, Hualan Biological released the 2018 annual financial report, and the company achieved operating income of 32 in 2018.

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

84%; realized net profit attributable to shareholders of listed companies.

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

83%.

Opinion: The performance exceeded expectations.

The company achieved operating income of 32 in 2018.

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

84%, performance exceeded expectations; net profit attributable to owners of the parent company was 11.

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

83%.

Revenue from blood products business was 24.

08 million yuan, accounting for 74 operating income.

85%; Revenue from vaccine business is 7.

9.8 billion yuan, accounting for 24 of operating income.

81%, mainly the exclusive species of tetravalent influenza vaccine achieved about 6.

400 million sales income.

The company built its own sales team to strengthen the academic promotion of third-tier hospitals in second- and third-tier cities, and the company’s sales expenses increased by 100 per year.

91%.

Blood products business is picking up.

In 2018, the company’s blood products business revenue was 24.

08 million yuan, an increase of 15 in ten years.

89%; gross margin is 58.

84%, 2 less than last year.

7 units; from the price point of view, human blood albumin and static C terminal prices have improved, and other small varieties have increased prices.

The company currently has 25 pulp stations, including 4 in Guangxi, 1 in Guizhou, 15 in Chongqing (including 6 branch stations), and 5 in Henan. Recently, a new pulp station was approved in Liangping District, Chongqing.In terms of speed, it is flat with the industry as a whole.

From the perspective of product structure, sales of human albumin and succinyl chloride accounted for 67% of the revenue of the blood products business.

65%, the proportion has improved; the proportion of other immunoglobulins and factor products has increased, and the company’s blood product product structure has been further optimized.

Judging from the batch issuance data of various blood products, the company’s batches of human albumin accounted for 13% of domestic batches.

4% of the total number of static C batches issued.

5%, Renbai and Jingbing approvals are among the highest in the industry; factor VIII approvals account for 41 of the total approvals.

5%苏州桑拿网 of the total issued PCC batch accounted for 46.

2%, person exemption, broken exemption, B exemption issued each accounted for 37% of the total issued.

3%, 26.

8%, 18.

9%, ranking first in the industry; the number of wild grants is 17% of the total.

6%, ranking second in the industry.

Benefiting from the exclusive quadrivalent influenza vaccine, the company’s vaccine business has grown rapidly.At present, the company is the only domestic supplier of quadrivalent influenza vaccine; benefiting from the company’s exclusive quadrivalent influenza vaccine market, the company’s vaccine business income in 2018 was 7.

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

92%; gross margin is 83.

66%, an increase of 14 from last year.

13 advantages; achieve 2.

700 million net profit, an increase of 451 in ten years.

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38%.

In 2018, the company approved and issued a total of 852.

260,000 influenza vaccines, accounting for 52 of the total number of influenza vaccines issued nationwide.

85%, the market share ranks first in the industry.

Beijing Kexing has completed the clinical trial of the quadrivalent influenza vaccine, and the Wuhan Institute of the quadrivalent influenza vaccine is in the third phase of clinical trials. It is expected to be launched this year, and the market competition for the quadrivalent influenza vaccine will become fierce.

In addition, the company’s freeze-dried human rabies vaccine (Vero cells) has completed clinical trials and is expected to be available this year.

The development of monoclonal antibodies has been progressing steadily.

As of now, the company has approved 7 monoclonal antibodies, including trastuzumab, rituximab, bevacizumab, adalimumab, denizumab, ipilimumab, and paclitaxel.Mitimab, of which adalimumab, trastuzumab, rituximab, and bevacizumab are in phase III clinical trials.

Earnings forecast and rating: We expect the company’s diluted expected earnings for 2019-2021 to be 1.

38 yuan, 1.

54 yuan, 1.

71 yuan, maintaining the company’s “overweight” rating.

Risk factors: the risk of falling product prices; the R & D progress is less than expected; the policy risks in the blood products industry;