On March 17th, 222, Huasen Pharmaceutical (297) announced that Wang Pei, Yang Hao, Wang Tianyang,, Yang Qu, Hunan Branch of Southwest Securities, investigated our company on March 17th, 222.
The main contents of this survey:
Q: Ms. You Xuedan is responsible for answering questions:
A: The cooperation mode between the company and Zhien Bio has been disclosed in the prospectus. See "IV. Main business of the issuer" for details. Since the epidemic in 22, the online e-commerce platform of orlistat capsules has shown a rapid growth trend, and the market scale of the entire orlistat category has been further expanded on the e-commerce platform. Although the growth rate of the whole category of orlistat slowed down in 221 due to various factors, such as the decline in the unit price of e-commerce platform orlistat capsules and the intensification of competition, the overall market scale of this category is still relatively large. At the end of last year, the company reached a further agreement with its partner Zhien Bio, and the company commercialized orlistat capsules with its own brand "Quchang". I believe that with the gradual implementation of the commercialization plan of orlistat capsules (Quchang), the sales revenue of this variety will be boosted, and the company's "Quchang" brand will gain a certain market share in orlistat categories.
q: what is the reason for the rapid growth of Chinese patent medicines of 2%?
a: first, the growth rate of the epidemic slowed down in 22, and 221 is a rapid recovery period after the epidemic; Second, the company's price system is stable; Third, the company builds its own marketing team to conduct sales management; Fourth, the company's proprietary Chinese medicines are recommended as guidelines or recommended products for clinical use, which are professional drugs for dominant diseases of traditional Chinese medicine and have been recognized by professional customers.
q: does the gross profit margin of products change before and after centralized purchasing?
a: according to the rules of centralized purchasing, most companies will generally reduce their prices by more than 5% to compete for market size, and centralized purchasing will have a greater impact on the gross profit margin of existing varieties.
q: what is the market share of weidimei (aluminum magnesium carbonate tablets/chewable tablets) in and out of the hospital at present? What is the change of Weidimei's income after centralized purchasing? What is the proportion of the company's products in and out of the hospital? How to improve the market share of Weidimei in the future? Is there a difference in prices inside and outside the hospital?
a: weidimei has already ranked first in the market share of domestic products, and the sales revenue of this product in and out of the hospital accounts for about 37%. Although affected by the price reduction of centralized mining, the company has managed to maintain the market scale before centralized mining, and the future growth space of this variety may come from the retail market business.
Q: What is the income change of Changsong (polyethylene glycol 4 powder) after centralized mining? What is the current progress of OTC promotion?
a: the overall market size of Changsong (polyethylene glycol 4) powder is not large. Centralized purchasing is selected by many companies, because the company has been the first in the domestic market share of this category before centralized purchasing, so many successful bidders divide the market, which has a great impact on the company's revenue scale of this category.
Q: What is the sales revenue of Ganju Bingmei tablets in 221? Is it affected by the purchase of drugs in COVID-19? What is the future growth rate?
A: Ganju Bingmei Tablet mainly treats acute and chronic pharyngolaryngitis, which is a common and frequently-occurring variety aiming at the dominant diseases of traditional Chinese medicine, accounting for more than 18% of the market of Chinese patent medicines for throat. Referring to the past, under normal circumstances, the annual revenue growth rate of Ganju Bingmei tablets is about 2%. After years of development, Ganju Bingmei tablets have been recognized by the market. As it is not a febrile drug, it has not been affected by the purchase of drugs from COVID-19 for the time being.
q: what is the market share of duliang soft capsules? What are the competitive advantages compared with other competing products?
a: duliang soft capsule has a market share of over 7% among Chinese patent medicines for primary headache, and it is the first Chinese patent medicine for headache with a large-scale evidence-based medical research evidence. At the same time, it is also the exclusive variety of the company and the national traditional Chinese medicine protection variety; It is the recommended drug in the medical insurance catalogue varieties and guidelines.
Q: How about the enhancement of the new products Liuwei Anshen Capsule and Bawei Qilong Granule?
A: Liuwei Anshen Capsule and Bawei Qilong Granule entered the National Medical Insurance Catalogue in 219, and the two varieties are currently in a rapid quantity increase period.
q: what kinds of special medical foods are currently available? What is the sales volume of two products: short peptide version of Shu Kang You plus liquid diet and crystal version of Shu Kang You plus liquid diet?
a: the two products were introduced to the market as nutritious foods from November to December last year, and they are in the new market introduction stage. At present, the first special medical food production line invested by the company in Sichuan and Chongqing will complete the renovation of factory facilities in March, complete the installation of production facilities at the end of April, and formally put into production before June after the establishment of production management system. At the same time, the product research and development of special medical food with corresponding formula is also in full swing. Before obtaining the registration of special medical food, the products with relevant formulas will be commercialized on the company's independent platform. In terms of pipeline layout of special medical foods, in addition to self-developed varieties, the company will also obtain approved or near-approved special medical foods for production and sales through cooperative research and development or outsourcing in the future.
q: what are the industry barriers and competition patterns of the special medical food track?
A: It takes about 2-3 years for the special medical food to pass the relevant production line certification from research and development to the successful approval of the special medical food registration. The whole research and development cycle is no less than the research and development of generic drugs, which leads to higher policy barriers, capital barriers and technical barriers in the industry. For example, the research and development of special medical food with full nutrition requires clinical trials, which takes a long time and costs too much for food enterprises.
q: what are the targets and research and development of four innovative drugs for tumor class 1 currently under research?
a: the company has laid out innovative drug tracks based on differentiated competitive advantages. among the four existing self-developed projects, there is a new global project, and the rest belong to the forefront of the world, that is, at most, only 1-2 foreign R&D projects with the same target have entered clinical phase I. At present, the company's advanced projects have shown good efficacy data in vivo and in vitro. It is expected that two projects will enter the IND-ENABLING stage in the second half of this year, and at least one or two projects will be approved by IND next year.
q: what are the varieties that are expected to be approved in 222-223?
a: in 222-223, at least two generic drug varieties will be approved for marketing every year. The research and development period of innovative drugs is long and the risk is high, mainly because of the steady investment in innovative drug research and development with controllable risks.
Q: What is the future investment plan for R&D expenses?
a: in the future, the company will continue to invest according to the project progress and new pipelines. At present, all the internal teams of the company are engaged in self-research projects, and it is possible to realize early commercial returns with the global rights and interests of the innovative drug license-out except Greater China. The cash flow obtained can further support the company's innovative drug research and development.
q: what is the proportion of in-hospital and out-of-hospital hospitals?
a: in the past, the company mainly focused on the public hospital market (including grade hospitals and primary medical institutions), and the sales ratio between the public hospital market and the non-hospital market was about 8:2. In recent years, the pharmaceutical industry has also undergone great changes. The company pays more attention to the development of the off-campus market, especially the development of retail chains and e-commerce platforms. At present, the proportion of the off-campus market has increased, about 3:7.
q: how to make the core products an off-campus market?
a: firstly, the company promotes the development of the off-campus market with the reputation of the public hospital market; Second, continue to increase in-depth cooperation with large retail chain pharmacies and large e-commerce platforms to further promote the development of the retail market.
Q: Southwest China accounts for 6%. Do you want to expand outside the province in the future?
a: the company's drug sales are nationwide, and the southwest region accounts for a relatively large proportion, mainly because the revenue of pharmaceutical distribution business comes from the southwest region.
main business of huasen pharmaceutical: the company is a comprehensive pharmaceutical enterprise integrating drug research and development, production and sales, covering pharmaceutical industry, pharmaceutical commerce and pharmaceutical retail.
The third quarterly report of Huasen Pharmaceutical in 221 shows that the company's main income is 645 million yuan, up 3.26% year-on-year; The net profit of returning to the mother was 89.4362 million yuan, a year-on-year decrease of 5.64%; Deducting non-net profit was 84,448,3 yuan, up 14.82% year-on-year; In the third quarter of 221, the company's main revenue in a single quarter was 21 million yuan, down 14.61% year-on-year; The net profit returned to the mother in a single quarter was 33.1679 million yuan, up 3.81% year-on-year; The non-net profit deducted in a single quarter was 31.42 million yuan, up 8.46% year-on-year; The debt ratio is 28.33%, the investment income is-2,583,2 yuan, the financial expenses are 1,467, yuan, and the gross profit margin is 53.86%.
this stock has no institutional rating in the last 9 days. Securities Star valuation analysis tool shows that Huasen Pharmaceutical (297) has a good company rating of 3 stars, a good price rating of 2 stars and a comprehensive valuation rating of 2.5 stars. (rating range: 1-5 stars, with a maximum of 5 stars)
The above contents are compiled by Securities Star according to public information. Please contact us if you have any questions.