HiSec (002653) 2019 Semi-annual Report Comment: Semi-annual results approaching the performance forecast ceiling marketing reforms boost rapid volume of key products
[Investment Highlights]Hisense Announces 2019 Interim Report.
2019H1 company achieved operating income18.
69 ppm, a 57-year increase of 57.
00%; net profit attributable to shareholders of the listed company.
350,000 yuan, an increase of 61 in ten years.
55%, which is close to the change in the net profit attributable to shareholders of listed companies (50% -65%) in the performance forecast for listing and issuance, of which non-recurring profit and loss items contribute 1 to net profit attributable to shareholders of listed companies.
26 ppm is mainly the government subsidies received in this report (government subsidies included in the current profit and loss).
$ 1.5 billion, net profit attributable to non-recurring gains and losses of shareholders of listed companies.
09 million yuan, an increase of 105 in ten years.
46%, with a budget benefit of zero.
The semi-annual performance is close to the upper limit of the performance forecast, and the marketing reform has promoted the rapid volume of key products.
Selling expenses for the first half of 2019 were 8.
200,000 yuan (+60 compared with the same period last year).
71%), accounting for 43% of revenue.
88%, mainly because the company continues to promote the overall transformation of its marketing strategy into academically-led marketing. It has successively established Beijing, Shanghai, and Sichuan branches. It has shifted from a single investment agency model to a partnership and self-employed marketing model by establishing a new marketing system.Accelerate the control of channels and terminals to achieve rapid growth of existing important products.
Among them, dorastron mesylate injection increased by 259.
At 4%, polyprixine pellets have grown by more than 142 in ten years.
9%, compound amino acid injection increased by 119.
At 7%, the content of fluorophenylthioxanthine and melitrexine tablets, nalmefene hydrochloride injection, arginine glutamic acid injection, and methylprednisolone increased by more than 50%.
In addition, the company also set up a self-operated sales department for innovative drugs to prepare for the subsequent marketing of the innovative drug HSK3486.
The annual R & D budget has increased by 67%, and the progress of imitated R & D projects has been continuously extended.
2019H1 company R & D investment 2.
290,000 yuan (+67 compared with the same period last year).
36%), of which costs are zero.
900,000 yuan (+37 compared with the same period last year).
92%), with the remaining capital exceeding 100 million yuan, with a high capitalization rate.
In the first half of the year, good progress has been made in the development of generic drugs and innovative drugs. Among the generic drugs, fluorophenylthioxanil and melitrazine tablets have passed the consistency evaluation. Tenofovir disoproxil fumarate tablets have won the new 4Batch, Palonosetron chloride injection, a small amount of milk amino acid (17) glucose (11%) injection, methylprednisolone sodium succinate for injection, sodium esmeprazole sodium and other varieties were evaluated for consistency,Propofol medium / long-chain fecal milk injection was approved for registration in the new 4 categories; the new drug application of the HSK3486 API and its milky injection, which has attracted much attention from the market, has been replaced by NMPA, indicating that it is an indicationFor the diagnosis and treatment of sedation and / or anesthesia for gastrointestinal endoscopy, at the same time as the phase III clinical trial of the Chinese adult surgical anesthesia induction indication, the replacement of HC-1119 soft capsules for castration-resistant prostate cancer is in phase IIIHSK7653 tablets suitable for diabetes are in clinical stage II, HSK16149 capsules suitable for postherpetic neuralgia, and diabetic neuralgia capsules are in clinical stage Ⅰ.
[Investment suggestion]The company’s marketing strategy has been comprehensively transformed into academic marketing. Through the adjustment of the new marketing system, the company’s control over channels and terminals has been improved to achieve the volume of existing important products.
At the same time, the company’s innovative drug HSK3486, as a new intravenous anesthetic drug with independent intellectual property rights, will be worth looking forward to in the future market space after approval of multiple indications.
We estimate the company’s operating income for 2019/2020/2021 to be 44.
6.5 billion, net profit attributable to mother is 4.
650,000 yuan, the budget income is 0.
71 yuan, corresponding to 37/29/23 times the market earnings growth rate, the 深圳spa会所 first coverage, given an “overweight” rating.
[Risk warning]The current product volume is less than expected risk; the price of generic drugs is reduced; the development of innovative drugs is less than expected.