Jianyou Co., Ltd. (603707) Company research: heavy product Enoxaparin approved in the US Global restructuring of heparin industry chain imminent

Jianyou Co., Ltd. (603707) Company research: heavy product Enoxaparin approved in the US Global restructuring of heparin industry chain imminent

Jianyou Co., Ltd. (603707) Company research: heavy product Enoxaparin approved in the US Global restructuring of heparin industry chain imminent

Jianyou Co., Ltd. obtained Enoxaparin injection from the United States.

淡水桑拿网 The company has recently obtained the USP ANDA approval notice of ANDA Heparin Sodium Injection (ANDA No. 206834) issued by the FDA.

On May 30, 2014, the company submitted its enoxaparin application to the FDA for the first time, and the company’s R & D project expenditure was about 12,296.

600,000 yuan.

At present, the company’s enoxaparin injections have been successively approved in Europe, Brazil, and the United States, and standard heparin injections have been approved in the United States. In the future, heparin will be reorganized in the global heparin industry chain through the integration of heparin raw material preparations and a large number of raw material strategic inventory.

The logic of internationalization of injections is gradually fulfilled, and the export of injections has entered an explosive period since 2019.

The company is an international leader in injectables. In 2019, exports from the United States and Europe will usher in an outbreak: Jianyou Co., Ltd., as one of the few high-end FDA-certified injectable manufacturers in China, has an early export of injectables (Nanjing Jianyou and Chengdu Jianjin respectively in 2010, 2006年 年开始推进注射剂出口美国项目),高管及核心业务人员能力超群(称为拥有海归背景,研发及生产负责人均在海外负责注射剂业务)。
At present, 12 injections of ANDA have been approved, and more than 30 ANDA injection products have been announced for research / declaration, and the core product Enoxaparin / Standard Heparin + Small-molecular antitumor injections + other heavy injections will be exported to the entire product chain.In the future, it will benefit from the high gross profit US sterile injection market, and the export of injections will enter an explosive period.

Heparin raw material + preparation integration, the properties of heparin resource products are prominent, Jianyou shares benefit from strategic crude stocks, and will continue to exert strength on heparin raw materials and low-molecular heparin preparations in the future: the heparin crude / raw material supply end has reached the upper limit in Europe and the United States, China has become the largestIncremental, due to the stable production of pigs in the main heparin raw material production areas (the number of pigs in the Chinese market will decline in 2019 due to the African swine fever epidemic), the unfavorable factors of the increase in the supply of crude heparin / raw materials, and the demand for downstream heparin preparationsStill strong, the inventory level of heparin preparation enterprises, the price of heparin raw materials will further increase in the future.

In the early stage, Jianyou Co., Ltd. has an accurate and accurate judgment on the supply of crude heparin upstream and the inventory of downstream preparation manufacturers / production of heparin injection. Since 2015, it has gradually established a crude heparin inventory.

After Enoxaparin injections are successively approved in Europe and the United States, the company will enjoy the bargaining power and raw material preparation integration advantages brought by its crude heparin inventory based on the advantages of raw materials and the European and American preparation market.

Profit forecast: We expect the company’s net profit attributable to its parent to be 5-20 in 2019-2021.

97, 7.

98, 10.

3.5 billion US dollars, an annual increase of 40.

6%, 33.

8%, 29.

6%, the current expected corresponding PE is 45x, 34x, 26x, given a “buy” rating.

Risk reminder: The overseas approval of injections is less than expected; the sales of heparin raw materials are less than expected; the pressure on medical insurance control costs continues to increase; the calculations may differ from the actual ones.

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