1. Short-term price fluctuations are almost unpredictable. But driven by huge interests, the market will be full of God's predictions.
No matter how good the business is, there is a risk of failure if the basic conditions change greatly.
3. A good overvalued company may have a long-term correction if its profit growth fails to meet expectations under the condition of tight liquidity.
Risk warning:
Due to the epidemic, the demand for vaccine production equipment increased, and the orders and performance of both companies increased. If the vaccine production capacity exceeds demand in the future, the company's orders may decline and its performance may decline.
The basic situation of Dongfulong and Chutian Technology has been described in the last article: leading pharmaceutical equipment-Dongfulong and Chutian Technology.
Today, let's take a look at the interim reports of these two companies.
I. Financial Status of the Interim Report
Dongfulong:
Chutian technology:
Comparative analysis:
In terms of revenue scale, Chutian Science and Technology reported a revenue of 2.3 billion yuan, which was higher than that of Dongfulong's 654.38+08 billion yuan. In terms of revenue growth, Chutian Technology increased by 72.75% year-on-year, which was higher than that of Dongfulong (52.22%).
However, in terms of the scale of net profit, Dongfulong has created 340 million profits, including nearly 300 million non-profits; Chutian Technology only created a net profit of 236 million, including non-net profit of 235 million. Judging from the growth rate of net profit and non-net profit, Chutian Technology has a relatively fast growth rate due to its low base. The net profit and non-net profit of Chutian Technology increased by 13.2 times and 70.27 times respectively. Dongfulong also performed well, with net profit and non-net profit increased by 97.74% and 125.4438+0% respectively.
In terms of net operating cash flow, which can measure profit quality, Chutian Technology is better. The net operating cash flow in the first half of the year was 804 million, higher than that of Dongfulong's 595 million.
In the core investment index-weighted return on equity, Dongfulong continued to lead, reaching 9.02% in half a year, higher than 7.52% of Chutian Technology.
Second, the highlights of the interim report:
Dongfulong:
To build Dongfulong medical technology in the form of industrial investment, focusing on the research and development of front-end technology in the medical and medical industry. In the field of cell therapy, it provides overall solutions for the preparation and production of immune cells, stem cells, tumor cell vaccines and gene drugs. In the field of biopharmaceutical consumables, accelerate the strategic layout through self-research and mergers and acquisitions; In the field of biological sample bank, develop an automatic sample storage management system to provide an overall solution for cell and tissue sample bank;
The diversified distribution of pharmaceutical equipment products has achieved remarkable results. During the reporting period, products in many fields, such as injections, solid preparations, biological macromolecules and cell equipment, grew steadily. Thanks to the global development trend and capacity building of biomacromolecules such as antibodies and vaccines, the company's biomacromolecules-related equipment has gained more market opportunities at home and abroad, and the overall solution capability of biomacromolecules equipment has been improved. During the reporting period, the income of bioengineering single machine and system was 400,439,300 yuan, accounting for 2,265,450 of the company's operating income.
Chutian technology:
Business planning: focus on the development of biopharmaceutical technology products business. Especially biopharmaceutical front-end bioreactor and its disposable technology (SUT) products, consumables, packaging materials, accessories, etc.
Competing with Dolis in the front-end equipment of biopharmaceutical production. Its holding subsidiary, Chu Tian Si You Te (SUT) Biotechnology Co., Ltd. has been established. Specializing in the production and sale of biopharmaceutical disposable technology products. Such as bioreactor disposable bags, liquid preparation bags, liquid storage bags, breathing bags and their membrane materials. The technical team comes from technical talents who have worked in foreign similar enterprises for many years and production technology (MTS) and quality control personnel of domestic biopharmaceutical head enterprises.
The integration of the company's headquarters and ROMACO in Germany has been further strengthened, and the concept of "Made in Germany" has been deeply rooted in the hearts of the people. At the same time, the operation scale of Chutian Huaxing has been expanding, and it has undertaken important processing tasks of the company. The processing technology and level of core components have been steadily improved, which further promoted the improvement of the company's product quality.
In the first half of the year, the company's R&D investment reached 654.38+0.97 billion, and it is struggling to catch up with the front row players.
Three. Risk disclosure and countermeasures:
Chutian technology:
(1) Company has invested heavily in bioengineering related fields in recent years. In the future, biopharmaceutical related equipment, consumables and process systems will become an important part of the company's performance contribution. At present, the layout of disposable biological front-end reactors and consumables has been completed, and some products are expected to be listed this year. Filler, culture medium, etc. It is being laid out in order to become the overall solution provider in the future biological field. However, the customer acceptance and market development of products such as SUT may not meet expectations. At the same time,
Because fillers, culture media and other products are newly developed products, which are quite different from the company's existing products, if we rely on existing technicians, we may not be able to meet the expectations of new product development.
Countermeasures: The company continues to increase investment in R&D, and actively arranges related products of biological front-end. Introduce industry experts and set up an independent product development team. As of the disclosure date of this report, the core team members related to one-off have joined Chutian one after another, and promoted product implementation according to the company's strategy, striving to complete the landing of some products such as wave reactors and liquid storage bags within this year, and continuously promote the research and development and landing of products such as one-off reactors and membrane materials.
(2) In 2020, the COVID-19 epidemic will spread all over the world, and the demand for COVID-19 vaccine at home and abroad will greatly increase, which will bring an increase to the pharmaceutical equipment industry. At the same time, due to the long production cycle of foreign vaccine equipment manufacturers, it can not meet the needs of domestic vaccine manufacturers. As one of the leading pharmaceutical equipment companies in China, Chutian Technology has provided a large number of key equipment for vaccine production for vaccine companies such as Zhongsheng Group, Zhifeilong Coma and Kangxinuo from 2020 to this reporting period. The demand for vaccine equipment in COVID-19 is declining. If other products can't fill the growth space in time, it may cause the risk of declining performance.
Countermeasures: During the reporting period, the pace of new product development and old product upgrading was accelerated, and the product chain was further broadened. It has accelerated the product layout of biological product lines, disposable consumables and other related fields. At the same time, taking advantage of the COVID-19 epidemic, we strengthened the development of high-end customers such as the vaccine market, and the company's products were gradually pushed to the high-end vaccine market and innovative drug enterprises, further enhancing the company's market influence.
(3) According to the performance commitment compensation agreement signed between Chutian Investment and the company when Chutian Technology acquired ROMACO, the estimated net profit of ROMACO 2020, 202 1 year and 2022 is not less than 7 million euros, 865,438+million euros and 9 million euros respectively. Since the beginning of 2020, the COVID-19 epidemic has spread to many countries and regions around the world, affecting the global economy. The uncontrollable impact of the COVID-19 epidemic may adversely affect ROMACO's performance, leading to the risk that its performance commitment will not meet the standard.
Countermeasures: During the reporting period, ROMACO further strengthened its market development by developing online exhibition halls and other sales forms. At the same time, through the integration with the headquarters, the operating conditions have been continuously improved, and the order delivery capacity has been improved. The new plant in Bologna, Italy was put into use, which solved the group's capacity problem.
Four. The latest situation of shareholders:
Top ten shareholders and top ten tradable shareholders of Dongfulong:
Top Ten Shareholders and Top Ten Circulating Shareholders of Chutian Technology:
Key points of investigation and summary of verb (verb abbreviation)
Dongfulong
In the medical devices and consumables sector, the economic benefits of the company's provision of related equipment around the downstream cell therapy drug enterprises gradually emerged, with revenue of about 65.438+0.26 billion yuan, accounting for about 7% of the total revenue, with a year-on-year increase of about 654.38+0.38%.
Pharmaceutical equipment is divided into process equipment, preparation equipment and innovative equipment. Previously, the company mainly focused on preparation equipment, and in recent years, it has gradually developed process equipment and innovative equipment. In the past, domestic biopharmaceutical technology and equipment mainly relied on imports. In recent years, domestic innovative technologies and equipment have developed rapidly, such as complex injections (ADC drugs, etc. ), cell and gene therapy equipment.
The company included all the advance receipts of unconfirmed income into the contract liabilities. During the reporting period, the company's contractual liabilities were about 2.78 billion, an increase of 38% compared with the beginning of the year.
The company's bioengineering division made a profit of 400 million yuan in the first half of 2002/kloc-0. According to product classification: 25% of them are biological liquid preparation equipment, 30% are separation, purification and ultrafiltration equipment, and the remaining 45% are bioreactors and inactivation systems. By region: 60% are domestic sales and 40% are international export sales.
At present, complex preparations account for about 20% of the company's injection revenue. Compound injection mainly refers to new technologies such as liposomes and microspheres, and many products of the company are directly involved in the product development of customers.
Chutian technology
In the first half of the year, the domestic vaccine production capacity in COVID-19 was built rapidly, and some of them were under construction in the second half of the year, but the growth rate declined. Foreign demand is on the rise, such as the new capacity construction of Sinopharm Group and Kexing Zhongwei abroad, and the capacity construction demand of foreign local pharmaceutical companies is increasing.
Chu Tian Si You Te is registered in Ningxiang, and is now preparing to set up a wholly-owned subsidiary in Shanghai Lingang. The research, development, production and promotion of related products in the early stage will be placed in Chutian Siyoute's Shanghai subsidiary. Chu Tian Si You Te's technical team comes from technical talents who have worked in similar foreign enterprises for many years, as well as production technology (MTS) and quality control personnel of domestic biopharmaceutical head enterprises. Some products are scheduled to be completed by the end of this year, and can be mass-produced and promoted in the market after being verified by customers early next year.
In the semi-annual report, bioengineering and stand-alone products in the revenue splitting part specifically include products such as stock solution preparation, inactivation, ultrafiltration and chromatographic separation, but do not include products such as vaccine production water preparation, aseptic packaging and post-packaging.
Stainless steel bioreactors can be made into disposable reactors within 5000L50L, and those above 50L are expected to be launched early next year.
The company's new high-performance pre-filled injection robot detection system PIM40-DR, which uses four international advanced brand robots to work together, can realize the automatic demoulding-light inspection-canning of pre-filled syringes, and can be used for the detection of high value-added drugs such as vaccines, peptides and protein, which is the result of continuous improvement and upgrading of the company's product performance.
Excluding Romaco, the export revenue of this department accounts for about 10% of the total revenue. The planned export business will increase by 65,438+00%-20% every year. It is planned that by 2025, the company's export business income will account for 40%-50% of the total income. The company will realize this plan by improving the technology, quality and international service of its products. After the acquisition of Romano, the company can borrow Romano's marketing channels. At present, the company will continue to expand the international market and realize the localization of international sales and services by setting up overseas sales and service centers.
When the company sells customized products, it will quote one-on-one with customers according to their needs, which can shift the price increase factor of raw materials; Bulk raw materials, such as 3 16 stainless steel, the company has forecast reserves; The company has strong bargaining power with upstream suppliers, and can control the price in purchasing. To sum up, the rise of upstream raw materials has little impact on the company.
References of intransitive verbs: Dong Fulong and Chutian Science and Technology 202 1 Semi-annual Report.
Announcement on the summary of Dong Fulong and Chutian's scientific research work
# Dongfulong # # Chutian Technology #