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Hengrui Pharmaceutical (600276) Quarterly Report Review: First Quarterly Report Stable and Fast Growth Potential Heavyweight Products Continue to Make New Progress in Research and Development

Hengrui Pharmaceutical (600276) Quarterly Report Review: First Quarterly Report Stable and Fast Growth Potential Heavyweight Products Continue to Make New Progress in Research and Development

The company reported quarterly revenue growth of 28 in ten years.

77%, net profit attributable to mothers grows 25 per year.

61% of the companies released the 2019 first quarter report, and the operating income in 2019Q1 was 49.

67 ppm, an increase of 28 in ten years.

77%; net profit attributable to mother 11.

930,000 yuan, an increase of 25 in ten years.

61%; Reject non-recurring gains and losses to mother’s net profit.

55 ppm, an increase of 27 in ten years.

76%.

The company’s R & D expenses in the first quarter6.

62 ppm, an increase of 56 in ten years.

67%, accounting for 13.

3%; non-operating expenses 0.

150,000 yuan, an increase of 190 in ten years.

34%.

High-speed growth such as research and development costs has brought about a slightly lower growth rate on the profit side than on the income side.

The company’s single-quarter revenue and deducted non-net profit have increased year-on-year at the level of recent quarters. From a single quarter perspective, the company’s revenue and non-net profit have increased at the same level in recent quarters.

We believe that it is mainly based on three reasons: (1) On the income side, the company’s three major tumor products in 2018: Thiofigrastim (19K), Pirlotinib, and Albumin Paclitaxel were approved for listing, resulting in performanceObvious pulling effect, since 2018深圳桑拿网Q3, revenue and net profit or return to motherhood have increased significantly.

(2) On the expense side, the impact of the distribution of incentive costs on net profit was mainly reflected in 2018, and then gradually declined.

The reduction of distribution incentive costs, the increase in the proportion of pre-tax additional scale of research and development costs, and the adjustment of anti-cancer drug substitution also have a significant positive effect on the company’s net profit.

(3) The low base of the company’s performance in the same period last year also had a positive effect on the results of the first quarter of 2019.

In addition, the company’s R & D expenses increased by 56 in a single quarter.

In 67% of cases, 25 can still be achieved.

The growth rate of return to net profit of 61% and 27%.

The non-net profit growth rate of 76% was deducted, and the company’s net profit was high in gold content.

The company’s potential heavy-duty products continue to make new developments. Due to the company’s clinical execution capabilities, many potential heavy-duty products in the research and development pipeline continue to make new developments.

CDK4 / 6 inhibitors for HR +, Her2-diabetes have entered phase III clinical trials, and progress is leading; small molecule Her2 + cancer drugs pirlotinib, trastuzumab, and docetaxel have been combined for phase IIIIt is expected to further expand the market space of pirlotinib.

DDO-3055, which is intended for use in anemia of chronic kidney disease, has been approved for clinical use. The benchmark drug is the world’s first drug Roche rosalastam, which has just been launched.

For PD-1 Carelizumab, which has a high degree of market attention, Insight shows that CDE’s clinical supplement has been reviewed on March 23. If there is no further supplement, it is expected to be approved, and it will be targeted at non-smallFirst-line indications for cell lung cancer and second-line indications for esophageal cancer are expected to be submitted within the year.

Overseas, PD-1 combined with Apatinib’s first-line international phase III clinical trial for liver cancer was approved by the US FDA. The FDA agreed to declare production in advance when the analysis results reached statistical standards in progression-free survival.An accelerated review will be obtained.

Leading domestic innovative drug companies enter the harvesting period, optimistic about the company’s long-term development and maintaining a buy rating company. As a domestic innovative drug leading company, independent research and development of innovative drug products has begun to enter the harvesting period.A number of blockbuster innovative drugs or high-end generic drugs, such as albumin paclitaxel, have received centralized approval for listing.

In the short term, the company’s performance of innovative drugs is expected to usher in a period of rapid growth; in the long term, the company’s R & D pipeline reserves have huge potential, the R & D progress is internally leading, and long-term performance promotes sustained and stable growth.

Based on the company’s first quarter report, and without considering the unapproved products, we maintain that the net profit attributable to mothers for 2019-2021 is 51.

400 million (+26.

47%), 65.

400 million (+27.

14%), 83.

10,000 yuan (+27.15%), corresponding to P / E of 56, 44, 35, respectively, maintain BUY rating.

Risk Warning: Uncertainty of New Drug Development; Drug Bidding Policy and Market Risk; Systemic Risk

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