Southwest Securities: give Beida pharmaceutical overweight rating


Du Xiangyang of Southwest Securities Co., Ltd. conducted research on Beida Pharmaceutical and released a research report “Steady growth, innovative products have been launched”. This report gives an overweight rating on Beida Pharmaceutical, and the current share price is 51.38 yuan.Beida Pharmaceutical (300558) Investment Key Points Performance Summary:In 2021, the company will achieve operating income of 2.25 billion yuan (+20.1%), net profit of 380 million yuan (-36.8%) to return to the mother, and net profit of 350 million yuan (+3.5%) to deduct non-return to the mother, among which Q4 operating income of 520 million yuan (+43.8%) to achieve net profit of 0.4 million yuan (-60.9%) to return to the mother.The company’s main business contributed to a good profit growth rate, stable gross margin, research and development expense rate increased.Non-recurring profit and loss in 2020 mainly refers to the investment income generated by the company’s sale of Zhejiang Beida Pharmaceutical equity. Excluding such factors, the net profit attributable to shareholders of listed companies is expected to increase year-on-year in this reporting period.The company’s 2021 restricted stock incentive plan has an impact of about 0.64 to 0.66 billion yuan on expenses during the reporting period. If amortization is added back, the company’s non-net profit growth rate is more than 20%.Gross margin remained stable at 92.2%(-0.4pp) for the year.The administrative expense ratio is 14.6%(+ 0.5P), and the financial expense ratio is 0.1%(-2.2pp).The sales expense ratio was 36.3 percent (-0.3pp).R&d expense ratio was 25.2%(+5.8pp), mainly due to the increase in r&d investment of new drug projects.Ectinib maintained a good growth trend, and enxatinib first-line treatment was approved for the market, poised for development.Ectinib is the main source of the company’s revenue and profit. In 2021, it was newly approved for postoperative adjuvant therapy and included in the national medical insurance catalog. It is the only generation of EGFR-TKI used for postoperative assistance of early-stage lung cancer patients in the world.The second-line treatment of ensaitinib for locally advanced or metastatic NSCLC was included in the national Medical insurance catalog by the end of 2021, and the first-line treatment of ALK mutated NSCLC was approved for market in March 2022, indicating sufficient potential for subsequent growth.Ectinib and Ensaitinib contributed a combined revenue of 2.25 billion yuan in 2021, up 20.1% year on year, reaching the equity incentive target.Increased r&d investment, smooth pipeline development, bevacizumab biosimilar approved for the market.In November 2021 and March 2022, the biosimilar bevacizumab was approved for multiple oncology indications.The company is currently developing 17 varieties, including 2 BLA/NDA items, 2 STAGE ⅲ items, 1 stage ⅱ / ⅲ item and 5 stage ⅱ items.The company has marketed and is developing varieties that cover all major NSCLC mutation types, including EGFR, ALK, KRAS and others.In addition, the company has laid the foundation for long-term development of the company by deploying several hot targets in the tumor field, including CDK4/6, PD-1, CTLA-4, AND FGFR.According to the approved listing schedule, beforitinib, the third-generation EGFR inhibitor, is expected to be approved in 2022, and Voronib in 2023.Profit forecast and investment advice.EPS is expected to be 1.11 yuan, 1.56 yuan, 2.41 yuan in 2022-2024, and corresponding PE is 49, 35, 22 times.The company’s core product Ectinib has been steadily increased in volume, while the new product ensatinib has made incremental contribution and its sales revenue has steadily increased.The company is developing pipeline smoothly, and there will be new drugs listed in the future.Maintain a “hold” rating.Risk note: the development progress of products is lower than expected, the sales of products on the market is lower than expected, and other risks.Securities star data center according to the research data released in the past three years, Guosheng Securities Zhang Jinyang research team on the stock is more in-depth, the average accuracy of the forecast in the past three years is 58.55%, its forecast of 2022 net profit of 507 million, according to the current price conversion forecast PE is 42.13.The latest earnings forecast details are as follows: the stock in the last 90 days a total of 7 institutions to give ratings, buy rating 5, overweight rating 2.The securities star valuation analysis tool shows that Beida Pharmaceutical (300558) good company rating of 2.5 stars, good price rating of 2 stars, valuation composite rating of 2.5 stars.(Rating range: 1 ~ 5 stars, maximum 5 stars) The above content is collated by Securities Star according to public information, if you have any questions, please contact us.

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