Jianyou shares (603707) 3 quarterly report comments: Heparin preparations exported to the United States to realize the development of multi-channel capacity

Jianyou shares (603707) 3 quarterly report comments: Heparin preparations exported to the United States to realize the development of multi-channel capacity

Brief comment on the performance of Jianyou shares in the third quarter of 2019 to achieve revenue, net profit attributable to mothers and deducted non-net profit were 6, respectively.

51 ppm, 1.

59 ppm and 1.

5.7 billion, an annual increase of 43%, 48% and 54%; revenue from January to September, net profit attributable to mothers and net profit after deductions were 18 respectively.

2.8 billion, 4.

4.9 billion, 4.

3.7 billion, a year-on-year growth of 40%, 34% and 38%; in line with expectations.

佛山桑拿网 Business analysis: The export of bulk drugs and domestic preparations have grown steadily and high.

(1) From January to September, the company’s revenue and net profit increased by about 40%, and the non-net profit growth rate in the third quarter was 54%.

(2) According to the company’s export share of about 70%, we estimate that the domestic sales of heparin preparations are nearly 400 million, so the sales volume exceeds 18 million.

Standard and low-molecular-weight heparin exports will be available soon. The United States, Western Europe, and South America will be fully rolled out.

(1) As of May 2019, all eight specifications of the company’s heparin sodium injections have been approved by the US FDA.

In March 2019, the company’s Enoxaparin Sodium released the British MHRA approval. According to the DCP process of the company’s application for marketing authorization in the European Union, Germany, Spain, and Sweden will also re-list.

In August 2019, the company’s Enoxaparin Sodium Injection USP obtained the Brazilian ANVISA certification.

(2) We estimate that the standard heparin exported by the United States in the third quarter has exceeded 5 million, and gradually exceeded 11 million.

A new production line is invested, and 500 million convertible bonds will be issued soon. The multi-channel production capacity such as heparin and antitumor is being consolidated.

(1) According to the response letter of the company’s convertible bond application, the company will invest in a high-end preparation pre-filling production line project. The main product is pre-filled enoxaparin preparation, and the maximum filling speed capacity will reach 1.

200 million pieces / year.

(2) Anti-tumor product technological transformation and expansion projects, including R & D and production line construction of water injection and powder injection; in specific products, gemcitabine hydrochloride injection, azacitidine lyophilized powder injection, bendamustine hydrochlorideDry powder injections, bortezomib lyophilized powder injections have been applied for generic drug registration in the United States and are in the process of approval; gemcitabine for injection and bendamustine for injection have been submitted for China Drug Registration and approved by NMPA;Chlorinated naphthol injection has been successfully developed and is in preparation for FDA application.

Investment suggestions and estimates We believe that the company has both the stability of the leading heparin industry and the high growth of the U.S. and European premium injection market; maintaining the company’s net profit in 2019/20205.


The 8.1 billion profit forecast gives the company an “overweight” rating.

Risk indicates the risk of high value inventory and expected inventory turnaround time.

Risks of overseas mergers and acquisitions failing to meet expectations or the expansion of preparation exports not meeting expectations.

The risk of rising raw material prices.

Risks of the impact of national medical reform policies on the market price of preparations.

Medical risks associated with APIs and preparations.

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