Health Yuan (600380) Annual Report Review Report: 2018 Steady Advance Respiratory Preparation Business Sets Off

Health Yuan (600380) Annual Report Review Report: 2018 Steady Advance Respiratory Preparation Business Sets Off

2018 results achieve rapid growth The company announced the 2018 annual report: to achieve revenue 112.

40,000 yuan, an increase of 3 in ten years.

94%; net profit attributable to mother 6.

99 ‰, a decrease of 67 per year.

21%; net profit after deduction to non-supplied 6.

31 ppm, an increase of 26 in ten years.

35%; overall performance basically meets market expectations.

The company’s performance was mainly due to the impact of the distribution transfer transaction of Zhuhai Weixing Industrial Co., Ltd. in the same period last year, which affected the company’s net profit attributable to mothers in 201714.

8.5 billion.

Looking forward to 2019, the company’s main business strives to maintain rapid growth, and the approval of the compound to replace the inhalation solution of tolyl ammonium bromide marks a key step for the company, which is expected to become a leader in respiratory preparations.

Chemical preparations grew steadily, APIs and intermediate profits increased. Looking at the pressure-separated segments of proprietary Chinese medicines: 1. The company’s chemical preparations revenue was 52.

55 ppm, an increase of 10 in ten years.

93%, gross margin blood pressure 1.

3% to 80.


Among the preparation products, the key varieties of ilaprazole (tablets + injections) received income 5.

880,000 yuan, a big increase of 37 in ten years.

35%; sales of leuprolide microspheres 7.

610,000 yuan, a big increase of 40 in ten years.

34%; Urine follicle stimulating hormone income 5.

93 ppm, a ten-year increase of 7.

80%, mouse nerve growth factor income4.

44 ppm, a 14-year average of 14.

09%, mainly due to the large environmental impact of medical insurance control costs, accounting for the company’s revenue ratio replaced 3.


The company continues to deepen marketing reforms, fully promote channel sinking, speed up the construction of sales specialist fields, increase the size of unit hospitals, and is expected to help the overall preparation business achieve steady growth.

2. Revenue of the company’s chemical drugs and intermediates34.

470,000 yuan, an increase of 12 in ten years.

37%, gross margin increased by 4.

55% to 29.

90%, the company achieved continuous and stable growth of key high-margin products through resource integration, product structure adjustment, and increased international certification.

The market prices of important APIs and intermediates rebounded, and the profit contribution of key products 7-ACA increased significantly.

3. The company’s income from traditional Chinese medicine is 15.

47 ‰, 24 years ago.

64%, gross margin blood pressure 2.

79% to 76.


The core variety Shenqi Fuzheng Injection has an income of 10%.20,000 yuan, 36 years average.

31%, mainly affected by policies such as medical insurance control fees, bidding price reduction, etc., which has replaced 9.

21%, the subsequent impact on the company is already small.

The FDA has approved Phase I clinical trials and is currently in clinical research.

4, health products are relatively stable, income 2.

0.5 billion, a slight decrease of 3.

57%; Revenue from diagnostic reagents and equipment 6.

97 ppm, a ten-year increase of 9.

68%, achieving steady growth; the company continues to explore overseas markets.

Reported that emerging companies realized overseas operating income of approximately 17.

6.4 billion yuan, an increase of 16 over the same period last year.


Reported selling expenses were relatively stable at 39.

79 trillion, an increase of 0 in ten years.

38%; administrative expenses 7.

13 ppm, an increase of 9 in ten years.


The R & D investment continued to be expanded, the pipeline continued to advance, and the respiratory preparations business started to expand the R & D investment, and the R & D expenses reached 7.

08 million yuan, an increase of 34 in ten years.


Respiratory diseases have become the only second largest diseases in China after the cardiovascular and cerebrovascular diseases. Chronic diseases mainly include compression and COPD. The patient population is large, and absorption preparations 成都桑拿网 are the mainstream medication.

Compared with generalized pharmaceutical preparations, the replacement medicines and replacement devices usually need to be matched. Many factors need to be considered in terms of the characteristics of the recovered product and the design of the corresponding device. The replacement dosage form has high requirements for the particle size of the product.Greatly improved the disadvantages of generic drugs.

The company has an elite R & D team of rehabilitation formulations centered on Chief Scientist Jin Fang, and has accumulated rich experience in ingestion formulation technology.

In terms of pipelines, the compound solution to replace toluene bromide solution was approved and became the company’s first respiratory preparation product. A key step was taken at the end of the continuous reporting period. Otherwise, tobronide aerosol and budesonide aerosol have been completedIssuing supplementary materials to study and apply for production is expected to be approved within the year.

Clinical trial study of tobramycin rehabilitation solution.

Salmeterol fluticasone inhalation powder, ammonium chloride bromide extraction solution, formoterol fumarate absorption solution, budesonide suspension for absorption and other projects were approved for clinical use.

A registration announcement has been submitted for the Levosalbutamol Absorption Solution Project.

The company is leading in the layout of injection preparations and is expected to become a leader in the industry in the future.

In front of Livizumab: Recombinant human chorionic gonadotropin has completed Phase III clinical application and declared production; HER2 monoclonal antibody has completed Phase I clinical trial research and is ready for Phase II clinical research; IL-6R monoclonal antibody project has obtained clinical approval and completed Phase IPreparation of clinical research; Phase I clinical trial of PD-1 monoclonal antibody in the United States and China entered the final stage of research and started the clinical research work of chemotherapy in China; recombinant humanized anti-human tumor necrosis factor alpha recombinant antibody for injection IIPhase 20 clinical trials completed; CD20 monoclonal antibody phase Ⅰ clinical; RANKL monoclonal antibody located in phase I clinical; CAR-T project team completed the establishment of the technology platform and has completed the development of multiple targets, and is actively promoting clinical research and clinical application.

Be optimistic about the company’s long-term development and maintain a “buy rating”. In addition to the main layout of the alternative preparation platform, the company also strives to create a world-leading global first-class monoclonal antibody, slow-release microspheres, lipid microemulsion and other biopharmaceuticals, using a carrier technology platformA sustainable foundation for long-term development potential.

We are optimistic about the development potential of the company’s injection preparations. It is expected that the company’s EPS for 2019-2021 will be 0.

46, 0.

55 and 0.

64 yuan (with a slight change of -1 in 19/20).

54% /-0.

55%), corresponding estimates are 19, 16 and 14 times, respectively, maintain “Buy” rating.

Risk reminder: progress in research and development of respiratory preparations and sales expectations, growth expectations of chemical agents such as ilaprazole, progress in innovative research and development pipelines such as monoclonal antibodies, and replacement of TCM business beyond expectations