Zhifei Bio quadrupled its net profit last year, exceeding market expectations.

Zhifei Bio quadrupled its net profit last year, exceeding market expectations.

Zhifei Bio quadrupled its net profit last year, exceeding market expectations. Zhifei Bio released the 20021annual report and the first quarterly report in 2022. Last year, the company achieved revenue of 30.652 billion yuan and net profit of 65.438+0.0209 billion yuan. Zhifei Bio quadrupled its net profit last year, exceeding market expectations.

Zhifei Bio quadrupled its net profit last year, exceeding the market expectation of 1. As the exclusive agent of Merck in China, the fact that "one dose of nine-valent HPV vaccine is hard to find" continues to promote the performance of zhifei Bio (300 122). SZ)。 The annual report shows that the company's net profit in 20021year increased by 209.28 year-on-year, with the continuous increase of self-developed products and agent HPV vaccine.

Of course, the performance of the company's self-developed products can not be ignored, and the proportion of revenue has greatly increased from 7% last year to 365,438+0.64%, with a considerable growth rate. In other words, as a result, many Public Offering of Fund chose to increase their positions in the first quarter, including the shares of CEIBS Healthcare Plus zhifei Bio 15004200 managed by "Top Stream" Glen.

Nine-valent HPV vaccine batch issuance doubled

On the evening of April 27th, zhifei Bio-Disclosure 20021Financial Report showed that the revenue last year was 30.652 billion yuan, up by10/.79% year-on-year. The net profit of returning to the mother was 65.438+0.0209 billion yuan, a year-on-year increase of 209.23%; The non-net profit attributable to the mother was RMB 65,438+0,065,438+0.84 billion, a year-on-year increase of 206.48%.

Among them, the nine-valent HPV vaccine of biological agents in zhifei increased by 10 1.45%, and the batch issuance exceeded10 million, reaching 1020.438+0.68 million; 23-valent pneumonia vaccine increased by 208.4% year-on-year, and the batch was 1, 475,653.

Source: zhifei Biological Annual Report.

Moreover, the high growth momentum in the first quarterly report continued, among which 2 1 10000 tetravalent human papillomavirus vaccines were distributed, an increase of nearly 70%; Nine-valent human papillomavirus vaccines were distributed in batches of 4.83 million, an increase of nearly 280%; 3.24 million pentavalent rotavirus vaccines were distributed in batches, an increase of nearly 220%; 23 pneumonia vaccine distributed 480,000 pieces in batches, with an increase of over 100%.

Overall, the income of agency products reached 2093 1 100 million yuan, which continued to strongly support the company's performance. This year, the company purchased11700 million yuan from Merck.

According to the Agreement on Supply, Distribution and Promotion signed by the company and Merck at the end of 2020, it is planned to adjust and update the basic purchase quantity of HPV vaccine, pentavalent rotavirus vaccine, trivalent pneumonia vaccine and inactivated hepatitis A vaccine. Among them, the purchase amount of HPV vaccine in 200212023 was102.89 million yuan,15.57 million yuan and 6.26 billion yuan respectively, and the purchase amount of other three vaccine products in 2022 was11respectively.

Of course, this is also related to the growing sales network of zhifei Bio. The annual report shows that zhifei Bio currently has nearly 3,000 professional marketing teams and 28 17 sales staff in 20021year, up 48% year-on-year. Its marketing network covers 3/kloc-0 provinces, autonomous regions and municipalities directly under the central government, more than 300 cities, more than 2,600 districts and counties, and more than 30,000 primary health service points (township inoculation points).

The revenue of independent products increased by 706%, and Public Offering of Fund increased its holdings by over 8.5 billion yuan in the first quarter.

In addition to the popularity of agency products, zhifei Bio's independent products also achieved remarkable results, contributing 9.697 billion yuan, up 706% year-on-year, accounting for 3 1.64% of the total revenue. In 2020, the revenue of independent products will only reach 65.438+0.2 billion yuan, accounting for 7.9 1%.

Income proportion of biological independent products in zhifei

Among them, the batch of AC polysaccharide vaccine increased from zero to 223,098, and the number of ACYW 135 polysaccharide vaccine reached 6.95 million.

As for the COVID-19 vaccine, which is more concerned by the market, in March 2002 1, the company's recombinant novel coronavirus protein vaccine (CHO cells) (Zhikeweide) was put into emergency use to serve the implementation of the national large-scale immunization program, and it was approved for emergency use in many countries, which has provided protection for more than1100 million people. This year, the company's recombinant COVID-19 vaccine was approved for conditional marketing and used as a sequential booster. Recently, it has been listed in the "List of Vaccine Products Exported to novel coronavirus", which will be used for export to support international anti-epidemic.

The annual report also shows that the company's tuberculosis product matrix is welcoming commercialization. The previously approved Mycobacterium tuberculosis fusion protein (EC) (Yika) and Mycobacterium bovis for injection are progressing smoothly. Microcard has won the bid in 25 provincial units, and the bidding and product promotion in other regions are also actively promoted.

At present, there are 29 research projects in zhifei Biology * *, and a number of self-developed products have made progress in stages. Among them, freeze-dried human rabies vaccine (Vero cells), Sonnet's dysentery bivalent conjugate vaccine and ACYW 135 group meningococcal conjugate vaccine entered the third phase of clinical trials; Two products under research, DTP vaccine and inactivated rotavirus vaccine, entered the first phase of clinical trial.

This also benefits from the company's continuous investment in research and development. In 20021year, the R&D investment in zhifei reached 8140,000 yuan, up 69.38% year-on-year, and the number of R&D personnel increased from 4 14 in 2020 to 566, up 36.75438+0% year-on-year.

In addition, as a number of Public Offering of Fund's heavyweight stocks, in the first quarter of this year, zhifei Bio gained a number of Public Offering of Fund holdings, including "Touliu" Gulen. According to the calculation of titanium media APP, the total market value of this increase exceeds 8.5 billion yuan.

China-EU medical and health status in the first quarter Source: China-EU quarterly report on medical and health.

According to a quarterly report, 65,438+05,004,200 shares of zhifei Bio in China-Europe Healthcare are managed by Glen. She said: "excellent companies will still return to the growth trend from fluctuations." "The policy has generally continued the trend of stability and improvement, and the orientation of guiding the industry to transform into truly innovative, clinically valuable and cost-effective products and services has not changed."

At the same time, some industry-wide active equity funds are also increasing zhifei Bio. For example, Dongfanghong Qiheng, managed by the general manager of Dongfanghong Asset Management, Jingshun Great Wall, managed by Li Jin, and the innovation trend of Li Management are all biological holdings of more than 6.5438+00,000 shares.

As of the first quarter of 2022, the China-Europe Medical and Health Hybrid Fund managed by Gulen and the China Merchants Zhengguo Biomedical Index Fund were the fifth and seventh largest shareholders respectively. China Merchants Zhengguo Biomedical A managed by China Merchants Fund Hou Hao holds1180,000 shares of zhifei Bio, an increase of 4170,000 shares compared with the same period last year.

Zhifei Bio quadrupled its net profit last year, exceeding market expectations. 2 zhifei Biology (300 122. SZ), headed by "vaccine king" Jiang Rensheng, handed over two transcripts that exceeded market expectations.

On the evening of April 27th, zhifei Bio released the annual report of 20021and the first quarterly report of 2022. Last year, the company achieved revenue of 30.652 billion yuan, net profit of 65.438+0.0209 billion yuan, and non-net profit of 65.438+00184 billion yuan, up by 654.38+00 1.79%, 209.23% and 206.48% respectively.

In the first quarter of 2022, zhifei Bio-realized revenue, net profit and non-net profit deduction were 884 1 100 million yuan,192.3 million yuan and1896 million yuan, respectively, increasing by 125. 16% and/kl. In the first quarter, the company's average daily income was nearly 1 100 million yuan.

At the end of 20021,the actual controller of the company, Jiang Rensheng and his concerted actions held 899 million shares, accounting for 56,438+0% of the total share capital. In the first quarter of 2022, Jiang Rensheng reduced his holdings by 29 million shares, and the family shareholding ratio fell to 54.42%. /kloc-The 2022 Hurun Global Rich List released in March/July shows that Jiang Rensheng's family became the richest man in Chongqing with a wealth of/kloc-0.05 billion yuan.

The reporter of Time Weekly noted that CEIBS Healthcare managed by Julun reduced its position by 839,900 shares in the fourth quarter of last year and increased its position by 458,700 shares in the first quarter to150.42 million shares. China Merchants Zhengguo Biomedical also increased its position by 80 1.5 million shares to11.91.00 shares. It is worth mentioning that private equity funds No.9 and 13 were both bought for the first time in the first quarter, holding11717,000 shares and 9.966 million shares respectively, and their total shareholding has surpassed that of CEIBS Medical Health and become the largest institutional shareholder.

The bright performance did not make the secondary market boil. On April 28th, zhifei Bio closed at 93.72 yuan/share, down 3.84%.

Independent product income exceeds 30%

Zhifei Bio was founded on 1995, and landed on GEM on 20 10. Mainly engaged in research and development, production, sales, distribution and import and export of vaccines and biological products. Company products include independent products and agent products. 202 1, the revenue of independent products accounted for over 30%, reaching 3 1.64%.

In addition, zhifei Bio has 26 independent R&D projects. Soochow securities said that the promotion and access of EC (Recombinant Mycobacterium tuberculosis Fusion Protein) and micro-card in zhifei is expected to win the bid in more than 90% provinces in China in the first half of 2022. Freeze-dried rabies vaccine for human use will be reported soon, and tetravalent influenza vaccine and freeze-dried triple vaccine are expected to be reported in 2022.

In 20021year, the revenue of the company's independent products reached 9.697 billion yuan, up 707.6 1% year-on-year, and the gross profit margin reached 90. 12%. It is worth mentioning that, except for ACYW/KOOC-0/35 polysaccharide vaccine, the batch issuance of independent products in the market increased by/KOOC-0/4.68% year-on-year, while the batch issuance of AC conjugate vaccine and Hib vaccine decreased by/KOOC-0/2./KOOC-0/9% and/KOOC-0/6.03% year-on-year, respectively.

On the morning of April 28th, the reporter of Time Weekly called zhifei Bio, but the relevant personnel did not give a clear reply.

The performance growth of zhifei Bio-202 1 also comes from the expansion of sales team. During the reporting period, its sales expenses were 65.438+83.4 million yuan, a year-on-year increase of 53.22%; There are 28 17 salespeople, up 48% year-on-year. Straight flush data shows that the 1 1 vaccine concept enterprises that have disclosed the 20021performance report have an average sales expense of 600 million yuan, with zhifei's biological sales expense ranking first.

During the reporting period, zhifei Bio-R&D invested 8,654,380,400 yuan, accounting for only 2.66% of the revenue. According to the above statistics, the average R&D investment of vaccine concept enterprises is 400 million yuan, accounting for 65,438+02.5% of the revenue.

Over-reliance on proxy products

Zhifei Bio's continuous delivery exceeded the expected performance of the market, which was related to the agency products. In 20021year, the income of agency products reached 2093. 1 billion yuan, up 68.28% year-on-year, accounting for 68.29% of the total income. The gross profit margin of this business is 29.98%.

At present, the company mainly acts as an agent for Merck vaccines, including HPV vaccine, pentavalent rotavirus vaccine, trivalent pneumonia vaccine vaccine and inactivated hepatitis A vaccine. 202 1, the number of proxy vaccine batches has increased to varying degrees.

In the first quarter of 2022, the number of batch distribution of consignment products continued to increase. The tetravalent human papillomavirus vaccine was distributed in batches of 2 1 1 10,000, an increase of nearly 70%; Nine-valent human papillomavirus vaccines were distributed in batches of 4.83 million, an increase of nearly 280%; 3.24 million pentavalent rotavirus vaccines were distributed in batches, an increase of nearly 220%; 23 pneumonia vaccine distributed 480,000 pieces in batches, with an increase of over 100%.

Thanks to the exclusive agent of Merck vaccine, the revenue and net profit of zhifei Bio 20 18 increased rapidly, which was the highest in the last decade, both exceeding 200%. From 20 18 to 2020, the proportion of zhifei's biological preparation products increased from 74.37% to 9 1.87%, which is the main source of income for the company.

According to the announcement, in the cooperation agreement between zhifei Bio and Merck from 2002/kloc-0 to the first half of 2023, the basic purchase amount of Merck was 1 16 1 billion yuan,1294 million yuan and 6.98 billion yuan respectively, among which the purchase amount of HPV vaccine was the highest.

However, Xiao He succeeded and I failed. On April 14, the World Health Organization (WHO) indicated that a single dose of HPV vaccine was equivalent to two or three doses. This news triggered a market shock. On that day, zhifei Bio-Disk crashed, and its market value shrank by 14.2% to185.6 billion yuan in one day.

The research report of Southwest Securities shows that the accelerated volume of HPV vaccine has driven the rapid growth of traditional biological vaccine business in zhifei. According to the batch data and survey data published by the Central Inspection Institute, it is estimated that in the first quarter of 2022, the company's tetravalent HPV vaccine will be approved for distribution 12 batches, with an estimated batch number of 2.3 million to 2.5 million; Nine-valent HPV vaccine has been approved for distribution in 20 batches, and the estimated distribution batch is 4.2 million-4.5 million.

At present, the domestic HPV vaccine is still in short supply, and the penetration rate is still low. According to the research report of Southwest Securities, zhifei's biological vaccine has obvious advantages over domestic bivalent HPV vaccine in first-and second-tier cities, and the overall sales volume is expected to be more than 25 million in 2022. At present, the domestic tetravalent/nonavalent HPV vaccine is still in the clinical stage, and it is expected to be listed one after another after 2025, which has little impact on the company's competitive landscape.

Zhifei Bio quadrupled its net profit last year, exceeding market expectations. On April 28th, Chongqing zhifei Biological Products Co., Ltd. (hereinafter referred to as "zhifei Bio") disclosed its financial report. 202 1, greatly benefiting from the self-developed product COVID-19 vaccine and the agent product HPV vaccine, the biological revenue of zhifei exceeded 30 billion yuan, up10/.79% year-on-year. However, on March 3 1, the company's accounts receivable reached 167438+0 billion yuan.

Vaccine was used urgently in COVID-19, and the income of independent products increased by 707.6438+0% year-on-year.

The financial report shows that in 20021year, zhifei Bio achieved revenue of 30.652 billion yuan, up10/.79% year-on-year; The net profit attributable to shareholders of listed companies was 65.438+0.0209 billion yuan, a year-on-year increase of 209.23%. From the perspective of revenue composition, the company's agent products achieved revenue of 209.438 billion yuan, a year-on-year increase of 49.99%, which is still its "ballast stone". In 20021year, due to the emergency use of vaccines in COVID-19, the income of self-owned products reached 9.697 billion yuan, up 707.338+0% year-on-year.

In terms of independent products, the recombinant novel coronavirus protein vaccine (CHO cell) jointly developed by zhifei Institute of Biology and Institute of Microbiology, Chinese Academy of Sciences was put into emergency use in March 20021. According to the financial report, as of the disclosure date of the report, the recombinant COVID-19 vaccine has been approved for marketing in 2022, and it has provided protection for more than 654.38 billion people as a sequential enhancer. In the financial report, zhifei Bio admitted that COVID-19 vaccine was one of the driving factors of its performance.

It is understood that Anhui Zhifeilong Kyle Bio-pharmaceutical Co., Ltd. is a declaration enterprise of recombinant novel coronavirus protein vaccine and a wholly-owned subsidiary of zhifei Bio. In the financial report, Anhui Zhifeilong Kyle Bio-pharmaceutical Co., Ltd. achieved an annual income of 8.41.90 billion yuan in 2002/kloc-0 due to the introduction of "major subsidiaries and shareholding companies that have affected the company's net profit by more than 10%". In this part of the introduction in 2020, Beijing zhifei Luzhu Biopharmaceutical Co., Ltd. is a shareholding company that has more than 65,438+00% impact on zhifei's biological net profit, and only achieved revenue of 65,438+065,438+099 million yuan in that year. Obviously, a large number of vaccines in COVID-19 have become the income pillar of bio-independent products in zhifei.

The quantity of HPV vaccine is heavy, and the largest supplier purchases nearly 90%.

As far as agent products are concerned, Merck is the main supplier of zhifei Bio. In 20021year, zhifei's Merck products mainly included nine-valent HPV vaccine, five-valent rotavirus vaccine, 23-valent pneumonia vaccine vaccine and inactivated hepatitis A vaccine.

Among them, the tetravalent human papillomavirus vaccine was distributed in batches throughout the year, with an increase of 21.93%; The number of nine-valent human papillomavirus vaccines distributed in batches throughout the year was 10206 168, with an increase of101.45%; 7308624 pentavalent rotavirus vaccines were distributed in batches throughout the year, with an increase of 83.02%; 23-price pneumonia vaccine issued 1475653, an increase of 208.40%; Inactivated hepatitis A vaccine was distributed in batches throughout the year, with an increase of 67.44%.

The financial report shows that the total purchase amount of the top five suppliers is17.202 billion yuan, of which the purchase amount of the first supplier is16.562 billion yuan, accounting for 88.04% of the total annual purchase amount. Industry speculation, the supplier is Merck.

Brokers suggested that the risk of COVID-19 vaccine was less than expected, and the company's accounts receivable amounted to167438+0 million yuan.

According to the analysis of Southwest Securities, regardless of the increase of vaccine sales in COVID-19, it is estimated that the net profit of zhifei Bio in 2022-2024 will be 7.3 billion yuan,1126 billion yuan respectively, and the corresponding PE will be 2 1, 14 and 65438+ respectively. However, the risk warning of Southwest Securities suggests that there may be risks that the number of vaccines in COVID-19 is less than expected, research and development fails, and product prices are lowered.

The reporter noted that in the first quarter, zhifei Bio achieved a revenue of 8,845,438 million yuan, a year-on-year increase of 125. 16%. But by the end of the reporting period, its accounts receivable had reached167438+0 million yuan.