26/05/2020

Jingxin Pharmaceutical (002020) Semi-annual Report Review: Performance of Various Business Segments Continues High Growth

Jingxin Pharmaceutical (002020) Semi-annual Report Review: Performance of Various Business Segments Continues High Growth

Event description The company released its semi-annual report for 2019 and achieved operating income for the first half of the year18.

59 ppm, an increase of 31 in ten years.

92%; net profit attributable to shareholders of the parent company3.

26 ppm, an increase of 52 in ten years.

89%.

Another company expects to realize net profit attributable to shareholders of the parent company from January to September4.

8-5.

100 million, a growth of 40% -50% in ten years.

The event commented on the expected growth in operating income and continued improvement in profitability.

In the first half of 2019, the company’s operating income, net profit attributable to mothers, and net profit attributable to mothers, respectively, increased by 31.

92%, 52.

89%, 29.

12%.

Affected by investment income factors, the growth rate of net profit attributable to mothers is higher than the operating income and net profit after deductions; due to the two-vote high-income base last year and the effect of price reductions with volume purchases, the growth rate of finished drug business revenues has declined, and the companyThe growth rate of operating income has a certain range in the short term; in addition, the gross profit of the main business, the net profit margin, and the net profit after deduction of non-return to mothers have been increased by 0.

31, 2.

44、2.

55 units, the company’s profitability continued to improve.

Product volume 南京桑拿网 continued to increase, and business segments performed well.

The company’s various business segments have shown good growth. In the first half of 2019: (1) the sales of finished drug business10.

890,000 yuan, an annual increase of 32%.

Sales of the three major pipelines and six core products have all achieved better growth.

The statin series Jingkexin (Pitavastatin Calcium Dispersible Tablets) has a significant volume and achieved sales1.

29 ppm, a year-on-year increase of 153%, Jingnuo (rosuvastatin calcium tablets) sales3.

95 ‰, an increase of 16% in ten years; the digestive segment grew steadily, and Jingxin Kangxinxin Liquid was sold1.

37 ppm, an increase of 8% in ten years, Jing Changle (live bacillus licheniformis capsules) sales 0.

7.3 billion, an annual increase of 56%; strong growth in the psychiatric and nerve sector, Jiyike (Levetiracetam tablets) 佛山桑拿网 sales of 0.

480,000 yuan, an increase of 253% in ten years, except for sales of sertraline hydrochloride tablets / dispersible tablets.

7.5 billion, a year-on-year increase of 24%.

(2) Realization of sales revenue for the drug substance business 5.

3.6 billion, an increase of 33% in ten years.

Among them, levofloxacin, ciprofloxacin, enrofloxacin and other traditional quinolones are sold.

98 ppm, an increase of 14% in ten years; Simvastatin, Rosuvastatin, Pitavastatin, Sertraline Hydrochloride, Levetiracetam and other specialty drug products are sold2.

4.3 billion, an annual increase of 71%.

(3) In terms of medical devices, Shenzhen Juyu realized sales revenue2.

$ 1.9 billion, an increase of 29% per year.

Among them, ODM customized business realizes sales1.

870,000 yuan, an annual increase of 34%.

R & D investment has continued to increase, and active transformation has taken place.In the first half of 2019, the company invested 1 in research and development.

40 ppm, an increase of 10 in ten years.

41%.

According to the research report, the company is actively transforming from generic generic drugs to high-barrier generic drugs, improved innovation, innovation combining medicine and machinery, and actively deploying innovative drugs and biotechnology drugs.

Rosuvastatin calcium dispersible tablets obtained production approval, which further enriched statin series products and dosage forms; memantine hydrochloride sustained-release capsules, pramipexole hydrochloride sustained-release tablets, pramipexole hydrochloride tablets, azithromycin tablets, and levetiracetam tablets(0.

5g), 6 drugs such as salmeterol and tikasone extract powder were submitted for registration of generic drugs or registration of generic drug consistency evaluation; EVT201, a new class 1 drug, obtained the Phase II clinical summary report.

The company has nearly 20 generic drug projects under development, over 10 improved innovative drug / device projects, and 4 innovative drugs, all of which are progressing normally as planned.

Investment suggestion The company’s business segments are growing well, the product line is becoming more and more abundant, and the volume of procurement will be nationally linked, the diversity of company consistency evaluations will continue to expand, the raw material drug preparations will be integrated, costs will be controlled, competitive advantages will be obvious, and future product scale effects willThe gradual development reflects that the company’s profitability will continue to improve.

The company’s EPS for 2019-2021 is expected to be 0.

70\0.90\1.10, corresponding to the company’s closing price of 12 on August 23.

99 yuan, PE is 18 in 2019-2021.

7\14.4\11.8. Maintain the “overweight” rating.

There are risks Drug safety risks; Industry policy risks; Product price reduction risks; R & D fails to meet expected risks.