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Jingxin Pharmaceutical (002020) 2019 Semi-annual Report Review: Continuously High Growth Performance and Orderly Advancement of Research and Development

Jingxin Pharmaceutical (002020) 2019 Semi-annual Report Review: Continuously High Growth Performance and Orderly Advancement of Research and Development

Core point of view events On August 23, the company released its semi-annual report for 2019, achieving a total operating income of 18.

59 ppm, an increase of 31 in ten years.

92%; net profit attributable to mothers3.

26 ppm, an increase of 52 in ten years.

89%; net profit after deduction 2.

48 ppm, an increase of 29 in ten years.

12%; basic profit income is 0.

47 yuan.

Among them, Q2 achieved revenue of 9.

650,000 yuan, an increase of 26 in ten years.

13%, an increase of 8 from the previous month.

04%; net profit attributable to mother 1.

94 ppm, an increase of 55 in ten years.

46%, an increase of 47 from the previous month.

97%; net profit after deduction 1

530,000 yuan, an increase of 35 in ten years.

11%, an increase of 62 from the previous month.


  The performance was in line with expectations, and the gross profit margin and net profit margin supplemented by 2019Q2 achieved revenue 9

650,000 yuan, an increase of 26 in ten years.

13% (38 in the first quarter).

81%); realize net profit attributable to mother 1.

94 ppm, an increase of 55 in ten years.

46% (49 in the first quarter.

25%); net profit after deduction 1.

530,000 yuan, an increase of 35 in ten years.

11% (20 in the first quarter).

43%), we believe that the company’s second quarter was affected by the price cuts of volume purchases, and its revenue grew rapidly. At the same time, it was affected by the reduction in costs brought by volume purchases, and its profit growth rate was greater than revenue.

  Report the gross profit margin of the main business of the first-tier company 63.

13%, an increase of 0 compared with the same period last year.

The 37 single ones are mainly due to the scale effect brought by sales growth. In terms of products, the pharmaceutical manufacturing gross margin is 66.

05%, up 0.

25 units; gross margin of medical equipment 41.

56%, an increase of 0.

70 units.

  The number of reported major victims has increased by 43.

46%, the cost rate is about 35.

13%, an increase of 5.5 single; meanwhile, the company’s management expenses have remained basically stable, and R & D expenses have been ten years.

41%, the management expense ratio + R & D expense ratio totals about 11.

32%, a decrease of 2 per year.

58 units; coupled with the effects of investment income and other factors, the company’s overall net interest rate increased significantly in the first half of the year, reaching 17.

53%, an increase of 2.

4 units.

  Three horse-drawn carriages go hand in hand, and the performance continues to grow rapidly.

890,000 yuan, an annual increase of 32%.

Among them, the statin plate, the digestive plate and the mental nerve plate increased strongly, increasing by 55%, 34% and 71%, respectively.

The amount of pitavastatin calcium dispersible tablets is obvious, and sales are realized1.

29 trillion, an increase of 153% in ten years.

We believe that the three major pipelines of finished drugs and six core products go hand in hand. The company has established an OTC brand department and formulated a marketing guarantee system for terminal guidance, gradually improved the marketing system, and maintained high growth.

  API segment, sales in 2019H15.

US $ 3.6 billion, previously 33% longer, of which traditional traditional nornorone drug substances were sold2.

US $ 9.8 billion, a year-on-year increase of 14%; sales of specialty APIs such as simvastatin2.

430,000 yuan, an increase of 71% in ten years.

The company adheres to the policy of strong technology, broadening the high-end, adjusting the structure, cultivating and developing core varieties, and improving the technical level.

  After the acquisition of Shenzhen Giant, it successfully entered the medical device field, and the performance of Shenzhen Giant was steadily increasing.

Sales revenue in the first half of 20192.

19 ppm, an increase of 29% in ten 北京夜网 years, of which ODM custom business1.

870,000 yuan, an annual increase of 34%.

  Continue to expand R & D investment, consistent evaluation and innovation advance the company to continue to expand R & D investment, and actively deploy innovative drugs and biotechnology drugs. In the first half of 2019, the company’s R & D investment totaled 1.

40 ppm, an increase of 10 in ten years.


At present, five varieties of the company have passed the consistency evaluation of the quality and benefit of generic drugs, including rosuvastatin, levetiracetam, sertraline hydrochloride, amlodipine besylate, and cefurfur, which has just passed in August.Caprylic tablets.

Among them, levetiracetam and sertraline chloride were the first ones in China.

In addition, memantine hydrochloride sustained-release capsules, pramipexole hydrochloride sustained-release tablets, pramipexole hydrochloride tablets, azithromycin tablets, levetiracetam tablets (0.

5g), six drugs including salmeterol and tikasone extract powder have been submitted for registration of generic drugs or registration of generic drug consistency evaluation.

  The report summarizes that the company’s product research pipeline has nearly 20 generic drug projects, 10 improved innovative drugs / device projects, 4 innovative drugs, covering areas such as heart and brain health, digestion, and the class 1 innovative drug EVT201 for insomnia has been obtained.Phase II clinical summary report.

  Investment suggestion The company is a leading company in domestic consistency assessment. Its performance continues to grow rapidly. The company continues to expand R & D and expansion. Generic drugs and innovation must be promoted simultaneously. The pipeline for research products is rich. The innovative drug EVT201 has obtained Phase II clinical reports.

According to the Interim Report, we predict that the operating income for 2019-2021 will be 38.

4.9 billion, 49.

18 ppm and 62.

6.6 billion, a previous growth rate of 30.

8%, 27.

8% and 27.

4%, net profit attributable to mother 5.

5.1 billion yuan, 7.

3.9 billion and 9.

8.5 billion, a year-on-year growth rate of 48.9%, 34.

1% and 33.

3%, corresponding to the closing price on the 26th, EPS is 0.



36 yuan, corresponding to the price-earnings ratio of 17X, 13X, 10X, maintaining the “strongly recommended” level.

  Risks prompt the risk of price reduction in bidding, the risk of failure in research and development, and the risk of rising costs.