Tiantan Biological (600161): The batch of major blood-based products issued in line with expectations has increased significantly in ten years
Matters: The company expects to realize a net profit attributable to shareholders of listed companies of 614.23 million yuan in 2019, a year-on-year increase of about 21%; after deducting non-recurring gains and losses, the net profit attributable to shareholders of listed companies is 612,766,000 yuan,The ratio for the same period last year increased by about 21%.
In 2018 and 2019, the company’s plasma collection volume 淡水桑拿网 continued to increase. In 2019, the company achieved 1,706 tons of plasma collection, with a growth rate of 11 in two years.
Comment: The 19-year performance is in line with expectations, and the annual growth rate of pulp production is slightly lower. The company’s net profit attributable to its mother in the first three quarters.
670,000 yuan, net profit attributable to mothers in ten years 19 years.
1.4 billion, 19Q4 single quarter net profit attributable to mother is 1.
47 ppm; The net profit attributable to the parent in Q1 to Q4 of 2019 was 1.
73 and 1.
47 ppm; The company’s 19-year profit is attributable to the parent’s net profit by about 5% from our previous profit forecast, which is basically in line with our expectations.
In 2019, the company collected 1,706 tons of plasma, an increase of 8 year-on-year.
8%, but below the growth rate in 2018 (11.
86%); The company has the largest number of newly approved pulp stations in the industry. At the end of 2018, the number of plasma collection stations was 57, of which 49 were in the camp.Gang Pu Station, Lansheng Yunxi Substation, Rongsheng Yibin Bin Pu Station have obtained pulp permission to transfer and operate. There are still 6 pulp stations waiting for Pulp permission to be put into operation; the new pulp station officially put into operation at a low speedAs expected, based on the calculation of 51 pulp stations in Yingying (excluding the Rongsheng Yibinbin Station’s pulp extraction license on December 31), the company’s average annual pulp volume per unit of pulp stations in Yingying Station is 33.
About 5 tons, 32 tons per year in the past, continued to increase by 4.
About 5%, the new pulp station will be put into operation and mature in the future, supplementing the old pulp station to increase energy efficiency, and the company’s overall pulp production will be steadily and rapidly increased.
In the second half of the year, the increase in slurry production basically increased the number of batches of major blood products to at least a large increase. According to the last December 29th batch of data issued by the China Institute of Inspection and Quarantine, the company’s annual approval of blood products in 2019 was about 1083.
60,000 bottles (after standardization), 693 passes each year.
50,000 bottles increase cracks (at least 56.
2%), there are usually 8 batches of blood products issued, of which 7 are immunoglobulins, and there are still no batches of coagulation products.
Regarding the segmented blood products, albumin approval increased by 38.
0%, static immunoglobulins (pH 4).
0) Annual growth of 20.
8%, the other three exempt rabies immunoglobulins, tetanus immunoglobulins and hepatitis B immunoglobulins were approved to increase by 53.
6% and 227.
The batch is signed in the first half of the year. The 19H1 batch issuance and the chain speed up, which shows that after the plasma transfer between the subsidiaries in the second half of the year, the overall scale of slurry is increased and the capacity utilization rate is improved.The company’s increased production approval will help release the first half of this year.
Performance Forecast and Investment Rating We slightly revise the performance forecast for 2019-2021 and expect the company’s operating income to be 35.
800 million, an increase of 19 per second.
4% / 22.
6% / 18.
4%; net profit attributable to mothers is 6.
28/9.9.5 billion, an increase of 20 in ten years.
6% / 34.
9% / 20.
1%; corresponding EPS is 0.
95 yuan (refer to the share capital of 10.
4.5 billion shares), closing price yesterday (28.
19 yuan / share) corresponding to the PE of 2019-2021 is estimated to be 48.
6 times; the company operates stably and 杭州桑拿网 has a blood system of central SOEs. PE estimates are reasonably low in 2020, maintaining a “Buy” rating.
Risks suggest that integration is less than expected; imported albumin hits prices; pulp extraction is less than expected; quality risks of blood products.