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Xinlitai (002294): Performance in line with expectations rapid growth of second-tier products

The core point of view performance was in line with expectations, and various expense ratios increased.

The company released its 2018 annual report, which reported a revenue of 46.

5.2 billion (+11.

99%) and net profit of 14.

580,000 yuan (+0.

44%), corresponding to EPS1.

39 yuan, in line with the market and our expectations.

It can be seen that the previous growth rate in the second quarter overlapped 武汉夜生活网slightly, but the preparation sector performed well.

In terms of segments, the preparation business has grown by 13 each year.

58%, the drug substance business is growing by 1 every year.


In terms of expenses, the sales expense ratio increased by 1.

11pp to 28.

93%, the management expense ratio (including research and development expenses) from 12.

22% increased to 13.


Obviously, the company’s R & D promotion keeps increasing rapidly (+83.

09%), the total scale reached 8.

04 billion.

  Clopidogrel performed well, and second-line breeds grew rapidly.

From the performance of the preparation sector (three years 13).

58%), the growth rate of clopidogrel concentration remained at about 10%; sales of second-line varieties (bivalirudin, alisartan) maintained rapid growth.

Among them, Alisartan’s work in the hospital is progressing smoothly. About 1,000 companies have been completed and the sales prospects are better. Bivalirudin has maintained a compound growth rate of more than 45% in the past three years, which is worth looking forward to.

In addition, the company has made the first imitation listing for Grelo, which will bring new points of performance growth.

Taken together, the impact of “4 + 7” belt purchase companies is limited, and we believe that the formulation sector will still achieve steady growth.

  ”Extension + Endogenous” brings rapid product line enrichment.

For implantation, the company arranges devices around the cardio-cerebral blood vessels: cerebrovascular drug implantation stent (Allen), left atrial appendage occluder (Coelton), electrophysiology (Jinjiang), valves (Jinshi Bio), implant microNeedle delivery system (Mercator), drug implantation balloon (MA), drug replacement coronary stent system (Suzhou Jiuchen); In addition, the company arranges in the field of medicine around cardiology, oncology and orthopedics.

Varieties that are currently undergoing rapid market review include: Citaxatin, Paroxetine, Olmesartan, Moxifloxacin, Imatinib, Erlotinib and PTH.

  Financial Forecast and Investment Recommendations According to the 2018 Annual Report, we re-forecast the company’s net profit attributable to its parent in 2019-2021 to 16.



69 ppm (previous forecast was 18 in 19-20).


8.6 billion yuan), the corresponding EPS is 1.



79 yuan.
Based on a comparable company’s estimate of 21 times in 2019, the corresponding target price is 32.
76 yuan, maintain “Buy” rating.

  Risk warning: If new product launch or innovative drug research and development progress is less than expected, it will affect the company’s competitiveness.