Hualan Biological (002007): Two flowering vaccines are expected to continue to improve in the future

Hualan Biological (002007): Two flowering vaccines are expected to continue to improve in the future

A Brief Comment on the Performance of the 2018 Annual Report The company achieved operating income of 32.

170,000 yuan, an increase of 35 over the previous year.

84%; operating profit 13.

910,000 佛山桑拿网 yuan, an increase of 51.

90%; Net profit attributable to shareholders of the listed company.

400,000 yuan, an increase of 38 over the previous year.


Performance is in line with expectations.

It is planned to distribute cash dividends to all shareholders for every 10 shares4.

00 yuan, bonus shares 5 shares of the operating analysis company’s outstanding performance in 2018, to achieve blood products revenue24.

08 million yuan, an increase of 16% in ten years; vaccine income 7.

980,000 yuan, an increase of 184%.

Chongqing subsidiary revenue 9.

920 thousand yuan, net profit 3.

29 trillion; vaccine companies realized revenue8.

3.0 billion, net profit 2.

7 billion.

As a result of receiving government subsidies, Gene Corporation achieved a net profit of 5,924 million.

With the rebound of the industry’s prosperity, the company’s asset quality has continued to improve. Against the background of increasing revenue and profit growth, the company’s accounts receivable9.

09 billion, accounting for 14 of total assets.

0%, a decrease of 0 per year.

9%; inventory 12.

0 million yuan, not a decrease in the proportion of total assets4.

66%, the absolute size has also started to decrease.

Due to changes in the blood product industry and the expansion of the company’s vaccine sales scale, the company’s selling expenses during the reporting period5.

3.8 billion, an increase of 101% over the same period, and the sales expense ratio is 17%, which is still at a reset level.

Company management expenses1.

820,000 yuan, an increase of 14% in ten years.

Company R & D funding1.

550,000 yuan, research and development costs1.

460,000 yuan, an increase of 18% and 13% each year.

Profit adjustment and investment recommendations We pointed out in the previous report “Evolution of the Investment Framework of the Blood Product Industry and Analysis of Future Trends” that the domestic blood product industry has undergone adjustments and recovery from 2017-2018, and has seen overall sales and turnover improvements. The industry is expected to improveThe scarcity of supply will be further restored in the future; the company’s blood product business is comprehensively and comprehensively leading in the country, and the blood product business is expected to be ready for repair in the future.

We believe that the value of the monoclonal antibody business of gene companies has been fully reflected in the past neutralization, and it has been transformed into the advancement of research and development and the expansion of the variety sequence (seven varieties have obtained clinical approval, and four varieties have entered clinical phase III).Expect more full value confirmation.

Considering the company’s recovery of blood products and the potential for vaccine volume, we estimate the company’s net profit attributable to mothers to be 14 in 2019-2020.

47, 19.

06, 23.

690,000 yuan, an increase of 27%, 32%, 24% in ten years.

Maintain “Buy” rating. Risks prompt regulatory and quality risks in the vaccine industry; other companies with influenza vaccines have been approved for quadrivalent influenza vaccines, and competition appears in the market; medical insurance control fees and price adjustment risks