Hualan Biological (002007): Jingpi pulls blood products to grow steadily, waiting for tetravalent influenza vaccine to contribute elasticity

Hualan Biological (002007): Jingpi pulls blood products to grow steadily, waiting for tetravalent influenza vaccine to contribute elasticity

Event: The company released its 2019 Interim Report, H1 achieved operating income14.

03 trillion, +16 a year.

77%; net profit attributable to mother 5.

070000 yuan, ten years +11.

94%; deducted non-attributed net profit4.

62 trillion, ten years +14.

06%; operating net cash flow 5.

400,000 yuan, +41 for ten years.

47%; EPS 0.

36 yuan.

Performance was slightly lower than market expectations.

Opinion: Jingbingla stimulates the steady growth of blood products, and the vaccine slows down the overall growth rate.

The company’s Q1 / Q2 revenue is 6.


07 trillion US dollars, an annual increase of 24% / 11%; net profit attributable to mother 2.


470,000 yuan, an increase of 25% / 1% in ten years.

H1 blood products revenue 13.

8.3 billion, previously + 21%, of which albumin income was 5.

1 billion (+ 8%), Jing Cing income 4.

7.2 billion (+ 74%), income from other blood 南京桑拿网 products4.

00% (-0%), the high growth rate of static C is mainly due to the reduction in bases due to destocking last year. In addition, from the perspective of the sample hospital terminals, the company’s growth rate is higher than the overall market growth rate.Increase academic promotion to drive the growth of static C.

Vaccine revenue is only 0.

1.2 billion, the previous -76%, mainly because the tetravalent influenza vaccine is no longer launched on a large scale.

The quadrivalent influenza vaccine contributed flexibility in performance in the second half of the year, and monoclonal antibodies clinically advanced steadily.

In the first half of the year, the transformation of No. 1 line of the tetravalent influenza virus split vaccine was completed and passed GMP certification, and the production capacity was further increased.

On January 8, 2019, the company completed the issue of 1.12 million quadrivalent influenza vaccines. Qualified vaccines have begun to be shipped to all parts of the country for market expansion and sales. It is expected to contribute to the flexibility of performance in the second half of the year.

Bevacizumab, rituximab, and trastuzumab are similar to Phase III clinical trials.
Approved to be listed in turn within 3 years, becoming the company’s long-term new performance growth point.

Profit forecast and investment grade: The company is a domestic leader in blood products, with a rich product line layout, redundant pulp stations, and steady growth in blood products business; meanwhile, the volume of tetravalent influenza vaccine is expected to grow thicker and thicker; antibody layout has both speed and differentiation.

Taking into account that the H1 performance is slightly lower than expected, the EPS for 19-21 is reduced to 0.



38 yuan (was 1).



39 yuan), a year-on-year increase of 22% / 19% / 16%, the current price corresponding to the PE of 19-21 is 33/28/24 times, maintaining the “Buy” rating.

Risk warning: the volume of blood products and vaccines issued exceeds expectations; the progress of antibody drug development approval is gradually expected