Ke Feiping (870447): Nuoxinkang’s sales continued to grow and the company’s net profit in 2018 reached 2.

2.3 billion

Ke Feiping (870447): Nuoxinkang’s sales continued to grow and the company’s net profit in 2018 reached 2.

2.3 billion

The company released its 2018 annual report, and profits 武汉夜生活网 continued to grow: the company’s annual report showed that the company achieved operating income7.

48 ppm, a reduction of 32 per year.

21%, net profit 2.

23 ppm, an increase of 28 in ten years.

85%.

The decrease in revenue and the increase in net profit were mainly due to changes in the income settlement model. The sales volume of the product continued to increase in this period: Since 2017, the country has gradually promoted the “two-vote system”, which has led to a decline in the company’s operating income.”Xinkang” income settlement mode, through the use of patents to the producers of cooperative varieties, sales service fees and other means of settlement.

The total sales volume of the company’s main products in the country has continued to increase compared with the same period last year. Among them, the sales of “Nuoxinkang” increased by about 11.05 million pieces compared with the same period last year, and Naomaili granules increased by 6 compared with the same period last year.

490,000 boxes, which promoted the company’s overall profit growth.

(Company Announcement) Nuoxinkang and Naomaili Granules have entered the medical insurance catalogue to help product volume: the company’s existing main cooperative variety “nuoxinkang” (tanshinone IIA sodium sulfonate injection) has an income of 6.

2.7 billion yuan, accounting for 83% of the company’s current operating income.

73%.

After years of technology accumulation, in addition to “Nuoxinkang”, the company has formed a complete own intellectual property rights and product registration system, with independent varieties “Naomaili Granules”, and “Yendino”, “Ola”Xitan injection “and many other cooperative varieties.

“Nuoxinkang” and “Naomaili Granules” have entered the “National Medical Insurance Catalog (2017 Edition)”.

Due to the implementation of the new national medical insurance catalog, Nuoxin Kang’s competition in medical institutions below the second level sharply decreased.

(Company announcement) The company’s innovative drugs and high-end generic drugs projects continue to work hard to further enhance competition: the company has focused on R & D and technological research in innovative drugs and high-end generic drugs. The R & D and intellectual property expenditure in the past five years has exceeded US $ 200 millionIndependently declare 4 new drugs of class 1 and 20 high-end imitation products.

As of the end of 2018, the company has 9 innovative drugs under development, of which 6 have obtained clinical approvals, are conducting clinical research, 3 are in the preclinical research stage, and 68 clinical approvals for generic drugs have been obtained.

As of the end of 2018, the company has gradually applied for 162 patents and authorized 48 invention patents (including 1 Japanese patent).

As of the end of 2018, the company has accumulatively obtained 4 major national science and technology special projects, including: major new drug creation companies innovative drug incubation bases, major new drug creation antibiotic research and development, major new drug creation 2014 innovative drug clinical research and 2016 innovative drug clinical research.
In 2018, the company invested about 44.06 million yuan in research and development.

(Company annual report) The company’s overall operating conditions are still good, and the net cash flow from operating activities has improved significantly: The company’s overall gross profit margin has slightly shifted: from 68 in the same period last year.

01% were 66 for this issue.

60%, due to changes in the company’s revenue settlement model, the net profit margin increased significantly.

Net cash flow from operating activities for the period 3.

90,000 yuan, a year-on-year increase of 477% over the net cash flow from operating activities of 67.59 million yuan in the same period last year.

(Company annual report) Investment advice: Due to the impact of the “two-vote system” on the company’s revenue settlement model, is it expected that the company will be in 2019?
Income in 2021 is about 7.

48 billion, 8.

2.3 billion, 9.

0.6 billion, corresponding to a growth rate of about 0%, 10%, 10%.

It is estimated that the company’s net profit for 2019-2021 will be approximately: 2 respectively.

45 billion, 2.

70 billion, 2.

9.7 billion, corresponding to a growth rate of about 10%, 9.

8%, 10%.

The company currently corresponds to a total of 19?
The 21-year PE is 15 respectively.
6X, 14.

2X, 12.
9X.

Maintain the company’s buy-A investment rating.

Risk reminder: competition risk, R & D risk, single species dependence risk