Kanghong Pharmaceutical (002773): Performance in line with expectations Compaq Rapid rapid volume

Kanghong Pharmaceutical (002773): Performance in line with expectations Compaq Rapid rapid volume

Kanghong Pharmaceutical (002773): Performance in line with expectations Compaq Rapid rapid volume

Core point of view: The company achieved net profit attributable to mothers in 18 years6.

95 ppm, a ten-year increase of 7.

88% of the companies released the 2018 annual report: preliminary realized revenue29.

17 ppm, a ten-year increase4.

7%; net profit attributable to mother 6.

95 ppm, a ten-year increase of 7.

88%; deduct non-net profit 6.

29 ppm, an increase of 0 in ten years.


Among them, the company achieved revenue 7 in the fourth 杭州桑拿网 quarter.

35 ppm, a six-year increase of 6.

98%, net profit attributable to mother 1.

8.8 billion yuan, a decrease of 17.


The company’s net cash flow from operating activities was 3.

51 ppm, a decrease of 54 per year.

24%, mainly due to the compensation for the relocation of the subsidiary Kang Hong Pharmaceutical in the same period of 17 years.

No difference, the company’s 18 profit distribution plan announced: It is planned to distribute cash dividends 2 for every 10 shares.

8 yuan (including tax) and increase 3 shares.

Compaqap quickly increased its volume after excluding medical insurance. During the year, DME indications tried to obtain approval for the company’s core product, Compaqup, for 8 years. 8

8.2 billion (+ 43%), net profit 2.

05 ppm (+ 130%), showing accelerated acceleration after being 苏州夜网论坛 divided into medical insurance.

The company made an accrual of expenses due to contingent expenses in the litigation case (reflected in the concession fee of about 79.4 million under management expenses in the consolidated income statement). If this effect is excluded, it is expected that Compaq’s net profit margin will reach 30The effect of scale is serious and obvious.

In addition, according to the annual report, Compaqap has been approved for wAMD, pmCNV indications, and the list of DME indications with the largest potential drug market space has been reported and prioritized. It is in the late stage of estimation, and RVO indications are in Phase 3 clinical trials.It is expected to be approved in the next 1-2 years, and the base of drug users will continue to increase, providing strong support for the continued high growth of Compaq’s future sales.

Affected by the reform of the marketing line and the adjustment of industry policies, the improvement of the Chinese medicine business was under pressure.
Influenced by industry policy factors such as marketing line reform and medical insurance control fees in 18 years, the company’s chemical and Chinese medicine business improved under pressure.

With the completion of marketing reforms, traditional businesses have gradually begun to try to stabilize, and the long-term company’s chemical business achieved revenue11.

7 ppm, a ten-year increase of 8.

02%, the parent company that is principally engaged in the chemical drug business realized revenue12.

5.4 billion (-12%), net profit2.

93% (-23%), the rapid growth of net profit, mainly due to increased research and development; Chinese medicine business realized income.

63 ppm, with a ten-year average of 20.


Earnings forecast and investment recommendations We estimate that the company’s net profit attributable to the parent in 2019-2021 will be 9 respectively.

5.9 billion, 12.

7.8 billion, 16.

USD 7.6 billion. Considering that the company is one of the domestic biopharmaceutical benchmarking companies, Compaq’s core product began to rapidly expand after replacing medical insurance. At the same time, Phase 3 clinical overseas began to accelerate the process of international innovation and breakthroughs in the future growth space, maintaining a reasonableGrowth value 45.

27 yuan / share, give a buy rating.
Risks suggest that the expansion of Compaq’s market and indications fails to meet expectations; Compaq’s overseas clinical phase 3 progress fails to meet expectations; traditional business risks; other products under development are not meeting expectations

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