Tonghua Dongbao (600867): Operation quality continues to improve, Ganjing flour is expected to be approved soon

Tonghua Dongbao (600867): Operation quality continues to improve, Ganjing flour is expected to be approved soon
Revenue in the first half fell by 1.96%, performance fell 0.85% of the company announced the 2019 semi-annual report: revenue 14.3.4 billion, down 1 year.96%; net profit attributable to mother 5.32 ppm, a decrease of 0 per year.85%; net profit after deduction 526 ppm, an increase of 西安耍耍网 ten years.00%.The company’s overall performance is in line with market expectations.Reported that the core company’s operating net cash flow was 5.780,000 yuan, an increase of 27 in ten years.26%, reflecting the company’s good operating quality.Looking forward to the second half of the year, considering the base factors and the company’s continuous optimization of the operating quality, we judge that the company is expected to regain rapid growth and usher in a turning point in performance. Core insulin series grows 7.5%, continued to plow into the specific business of the grassroots market: the company’s core varieties of reconstituted human insulin APIs and injections revenue in the first half of the year11.66 ppm, a ten-year increase of 7.49%, still achieved good growth in the case of high base and high inventory last year, and the continuous improvement of cash flow also means the optimization of channel inventory.After years of hard work, the company’s restructuring company has occupied more than 25% of the market share, ranking second in the industry.The company continues to improve the specifications of grade hospitals, increase the coverage of incremental departments, and increase overall sales; the company continues to strengthen the development of the primary market, accelerate the development of township hospitals and community service centers, and explore diabetes grading that meets China’s national conditions through “road sign” research projectsThe diagnosis and treatment model uses departmental meetings, city meetings, regional annual meetings and other forms to educate grass-roots doctors, increase grass-roots doctors’ case discussions and typical case consultations, and continuously improve the level of diagnosis and treatment of doctors in the grass-roots market.The company’s continuous marketing development is expected to promote the steady growth of recombinant human insulin. The company’s real estate and plastic doors and windows business continued to shrink, and its revenue decreased.The company’s selling expenses are 3.41 ppm, a 10-year increase2.15%; management costs 0.76 ppm, a decrease of 2 per year.81%, all relatively stable. Immediate approval of insulin glargine. The research and development pipeline continues to advance the company’s focus on the research and development and production of diabetes drugs, and its product lineup is increasingly rich, forming a strong support for the company’s future development.The heavy-weight insulin glargine has completed the on-site inspection and on-site sampling. The samples taken are currently in the review stage of the Chinese Academy of Sciences. We expect to be approved in the third quarter.In other varieties, insulin aspart has been reported to be produced and supplemented; insulin aspart 30 injection, insulin aspart 50 injection, liraglutide are at different stages of phase III clinical research; therefore, recombinant lispro insulin has been approvedClinically, Sitagliptin dimethylbisphenol tablets (II) drug registration application was supplemented; meanwhile, the company also cooperated with French Adocia company to jointly promote the fourth-generation insulin — super fast-acting insulin lispro and glargineThe research with the super fast-acting insulin premix preparation has enhanced the company’s pipeline depth.With the continuous advancement of the company’s pipeline, the company is expected to usher in the product harvest period. We are optimistic about the company’s long-term development and maintain a “buy rating”. In view of the contraction of the company’s real estate business, we adjust the company’s profit forecast. It is expected that the EPS for 2019-2021 will be 0.48, 0.60, 0.75 yuan (-4 changes from last time).17% /-4.76% /-3.85%) corresponding PE is 30, 24, 19 times, we are optimistic about the gradual progress of the diabetes track and company card slots and Ganjing, R & D route continues to advance gradually to meet the product harvest period, and maintain a buy rating. Risk reminder: The progress of insulin glargine on the market and subsequent sales exceed expectations, the second-generation incremental growth rate is higher than expected, and the progress of R & D and product review is gradually expected

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