Hualan Biology (002007) Interim Review: Jingbing pulls blood products to grow rapidly, vaccine enters peak sales season in the second half of the year

Event: Recently, Hualan Biological released the 19th half-year report, and the company achieved operating income in the first half of 201914.

30,000 yuan, an increase of 16 in ten years.

77%; net profit attributable to shareholders of the parent company5.

07 million yuan, an increase of 11 in ten years.

94%.

Opinion: The performance is in line with our expectations.

In the first half of 2019, the company realized operating income14.

30,000 yuan, an increase of 16 in ten years.

77%; realized net profit attributable to mother 5.

07 million yuan, an increase of 11 in ten years.

94%, performance is in line with our expectations.

In terms of quarters, the first and second quarters respectively achieved revenue6.

9.6 billion, 7.

07 million yuan, the annual growth rate was 23.

83%, 10.

57%, mainly due to the import of albumin supplements in the first quarter, which was added to the channels to replenish inventory, and the continuous rapid growth of the blood products business resulted.

During the first half of 2019, period expenses were 18.

86%, a reduction of 0 per year.

69 in total, of which 7 are sales expenses.

17%, a decrease of 1 per year.

45 units; administrative expenses 11.

85%, increasing by 0 every year.

78 units; R & D expenses 4.

85%.

Jing Bing pulls the rapid growth of blood products business.

In the first half of 2019, the company’s blood products business achieved revenue13.

830,000 yuan, an increase of 20 in ten years.

76%; gross margin is 58.

77%, a decrease of 0 per year.

68 units.

In terms of different varieties, human albumin income is 5.

10 ppm, a ten-year increase of 7.

94%, gross margin is 54.

53%, increasing by 0 every year.

91 units; Jing Cing income is 4.

720,000 yuan, an increase of 73 in ten years.

67%, gross margin is 60.

65%, a reduction of 0 per year.04 averages; income from other blood products was 4 trillion, a decrease of 0 a year.

06 averages, with a gross margin of 61.

98%, a decrease of 3 per year.

51 units.

On the whole, benefiting from the tight supply of imported albumin, albumin revenue has increased slightly; Jing Cing achieved a substantial increase; the gross 武汉夜生活网 profit margin of each product has increased and remained stable.

For the pulp station, only one pulp station in Chongqing Liangping was approved in the first half of 2019.

The number of approvals issued in the second quarter dropped significantly.

In the first quarter of 2019, the company’s human albumin approval was 81.

420,000 bottles, 35 batches of static C was issued.

70,000 bottles, 39 for the exemption.

710 thousand bottles, 18 were exempt.

07 thousand bottles, 3 for exemption.

730,000 bottles; in the second quarter of 2019, the volume of human albumin, static propyl, mad waived, broken waived, and waived waived were 28.

53, 18.

43, 17.

28, 0, 1.

460,000 bottles, the number of batches issued has dropped significantly compared with the first quarter of 2019.

For factor products, the number of batches issued for Factor VIII in the first two quarters was 23.

79, 2.

590,000 bottles; fibrinogen has been issued in batches only in the first quarter with a volume of 0.

240,000 bottles; the prothrombin complex was only issued in the second quarter with a volume of 15.

90,000 bottles.

The flu vaccine enters the peak sales season in the second half of the year, and revenue is about to recover.

In the first half of 2019, the company’s vaccine business achieved revenue of 1,197.

09 million yuan, a year of 76.

25%, mainly caused by influenza outbreaks in the same period last year for 18 years.

The second half of the year is the peak season for flu vaccine sales. Flu vaccine products are about to increase in volume and revenue is about to recover.

Profit forecast and rating: According to the company’s latest equity (1,403,059,020.

00) calculation, we estimate that the company’s 2019-2021 diluted budget revenue will be 0.

92 yuan, 1.

03 yuan, 1.

14 yuan; maintain the company’s “overweight” rating.

Risk factors: the risk of falling product prices; the R & D progress is less than expected; the policy risks in the blood products industry;