Home 桑拿Changchun High-tech (000661) Interim Review 2019: Vaccination Industry Impacts Golden Race

Changchun High-tech (000661) Interim Review 2019: Vaccination Industry Impacts Golden Race

Changchun High-tech (000661) Interim Review 2019: Vaccination Industry Impacts Golden Race
Affected by the vaccine sector, performance growth slightly replaced Changchun Gaoxin’s revenue in the first half of 淡水桑拿网 201933.920,000 yuan (+23.36%), net profit attributable to mother 7.2.7 billion (+32.60%), deducting non-attributed net profit7.180,000 yuan (+39.47%), affected by the vaccine sector, the growth rate of performance declined slightly.From a single quarter point of view, the company achieved revenue of 16 in Q2 2019.1.7 billion (-5.9%), net profit attributable to mother 3.6.2 billion (+7.0%).The company’s selling expenses in the first half of the year34.6% (-1.2pct), the management expense rate is 10.8% (-1.3pct), always a certain degree of decline.The days of inventory turnover decreased significantly, and the net operating cash flow reached 8.500 million (+ 356%), a significant improvement. Changchun Golden Race: Expected 40% growth in advance?50% of the core subsidiaries of the Changchun Golden Race in the first half of revenue 杭州夜网 21.4 billion (+41.6%), net profit 8.200 million (+47.8%), growth hormone maintains a high growth rate, the expected growth rate of Kinsey is expected to grow at 40%?Between 50%.Growth hormone growth channel sinks, penetration increases, sales team expansion, and high-end alternatives to long-acting water jets.Long-acting water needle is the company’s exclusive product, the terminal price is higher, the company is expected to cooperate with the listing of electronic pens, and gradually expand the promotion of long-acting water needles.Kinsey has a variety of new growth hormone indications under study, which will help develop the space for growth hormones after approval. Changchun Baike: affected by industry events, contradictions are affected by industry events, Changchun Baike revenue in the first half of the year4.07 billion (-29.2%), net profit is 0.96 billion (-30.4%).In terms of batch approval, 2.13 million (-42%) batches of chickenpox vaccine were issued in 2019H1, and rabies vaccine batches were issued4.Ninety thousand people (-86%). Since April, the invention of varicella vaccine has been significantly restored, but rabies vaccine has not been issued since January.We expect the chickenpox vaccine to continue to recover in the second half of the year, while the rabies vaccine vaccine has a relatively long period of time.Changchun Baike’s nasal spray influenza vaccine has begun on-site inspection preparations. It is expected to be available at the end of this year or early next year, and will start to contribute profits in 2020. Risk Tips: Growth hormone sales growth spreads, risk of restructuring Jinsai failure. Investment suggestion: deep pipeline reserves, optimistic about long-term layout, maintaining the “overweight” rating of the core subsidiary Changchun Jinsai, the high-speed growth of the performance, Changchun 100 grams affected by the industry event during the recovery period, the share swap expenditure has been announced to straighten the company’s equitystructure.Assuming the completion of the share swap and the additional issue, is it expected that 2019?Net profit attributable to mothers in 2021 18.26/23.56/28.1.1 billion, a comparable caliber growth of 36.2%, 29.0%, 19.3%, corresponding to PE of 39.3/30.4/25.5x, maintaining the “overweight” rating.