The market value is less than 5 billion, and Yisheng Biotechnology is a "ten times share"

Looking at the entire ten-year ten-fold stock of Hong Kong stocks, the horizontal and vertical comparisons are very interesting: horizontally, the number of pharmaceutical stocks is higher than that of other industries, and it is easy to create “ten times stocks”; vertically, pharmaceutical stocks are weaker than Certain tickets for consumption and TMT are not top-notch, and most of them are small and medium-sized.

In this situation, Zhitong Finance APP analysis believes that on the one hand, it is a policy push. These 10 years can be described as the year of change in the pharmaceutical industry, whether it is industrial-related consistency evaluation, encouraging innovative drugs, precision medicine, etc., or public hospital reform, drug bidding, and two-vote system related to commercial circulation. Forced the industry to increase the concentration, let the powerful enterprises develop in the competition, and finally produced a number of "ten times shares."

On the other hand, the overall increase in pharmaceutical stocks is not strong enough, mainly due to industry factors, especially in 2010, after experiencing the highest point of income, pharmaceutical companies opened the hibernation mode, and the entire industry entered a deep adjustment until 2017. The growth rate of industry income, profit, etc. has returned to around 10%. In addition, the pharmaceutical industry needs strong professionalism, which also makes investors have concerns about it, making the overall valuation long-term lower than the consumption, TMT sector.

However, with the policy and industry upgrades, the current pharmaceutical sector of Hong Kong stocks has entered the valuation period.

Take the bio-genes pharmaceutical company Yisheng Biotechnology (01061) as an example. Driven by precision medicine, it has soared 47 times in 10 years. Among them, since 2017, the stock has risen more than 168%. The market value has increased from the initial HK$1.9 billion (the same unit) to the current nearly RMB5 billion, and the transaction activity has also begun to strengthen.

Source: Futu Securities

After exploring the growth of Yisheng Biotechnology, in addition to the improvement of the big environment, the horror has more advantages of “high-quality stocks”. Zhitong Finance APP observed that in 2017, the company's turnover during the period was 899.6 million yuan, a year-on-year increase of 16%. Gross profit was 737.6 million yuan, a year-on-year increase of 18.4%. Profit for the year was 167 million yuan, a year-on-year increase of 22.8%. The basic earnings per share was 29.75 HK cents and it is proposed to pay a final dividend of 0.025 yuan per share.

Bei Fushu and Bei Fuji are income growth points

The outstanding stocks Yisheng Biotech continued to maintain a “profitable” style in 2017, with revenue increasing by 16% year-on-year; net profit increased by 22.8% year-on-year. Among them, the company's own products Beifushu series, Beifuji series, and third-party ophthalmic products and surgical products increased by 10.5%, 27.8%, 23.7%, 12.6%.

Specifically, the income of the Beifushu series has increased steadily by 10.5%, which has enabled the entire ophthalmic product of Yisheng Biotech to reach 437 million yuan, an increase of 8.6% over the previous year. Although sales of third-party ophthalmic products recorded a 23.7% increase in revenue, the revenue from the provision of marketing services fell by more than 50%, or about 56.2%, due to the expiration of related products “licenses”.

Surgical products recorded a 27.8% increase in revenue from the Beifuji series and a 12.6% increase in sales of third-party surgical products, bringing the total revenue of the surgical products to more than 461 million yuan. However, the two-vote issue caused its marketing services revenue to fall by 35.2%.

In the further spin-off, the revenue from its own biopharmaceuticals accounted for 80.5% of the company's overall revenue, an increase of 20.0% over the previous year; the remaining 19.5% of the Group's revenue was contributed by the sale of third-party products, an increase of 1.9% over the previous year. In other words, Beifushu series and Beifuji series are the main sources of income from Yisheng Biotechnology.

Zhitong Finance APP has focused on the key to Beifushu, Beifuji and Yisheng Biotechnology. In 1996, Zhuhai Dongda Group wholly established Dongda Bio-Pharmaceutical Co., Ltd. With the deepening of operations and the emphasis on research and development, the company invested nearly 30 million RMB to study the two new drugs of Beifuji and Beifushu.

You should know that in 1996, in the case of a handful of "ten thousand households", take 30 million real money to do research and development of new drugs, but I think the company's top management is very optimistic about these two drugs.

However, after 30 million yuan, a small number, so Zhuhai Dongda Group introduced a $28 million investment from IPC (Private) Investment Co., Ltd., a Singapore-based businessman, Yan Mingchi, to hold IPC 50.42%. As a result, Zhuhai Dongda Group became a "Chinese-foreign joint venture."

After more than two years of development, Yan Mingchi family established Yisheng Bio-Pharma in Hong Kong and merged Zhuhai Dongda Group into Yisheng Bio-Pharma through step-by-step change of equity. Finally, it changed its Dongda to Zhuhai billion with a controlling stake of 70%. Shengmu, Beifuji and Beifushu have naturally become important assets of Yisheng Biopharmaceuticals.

After years of market promotion, Beifuji, a surgical wound repair product, has already entered a stage of rapid development. Similarly, Yisheng Biotech pioneered the concept of ophthalmic wound repair and successfully opened the domestic ophthalmology repair market, which made the Beifushu ophthalmology series develop rapidly in recent years. Currently, sales account for the top five sales of ophthalmic prescription drugs in the country. The market share of growth factor ophthalmic drugs is close to 70%. Simple data overlay, 100 patients who need to use ophthalmic repair products, 70 people will use Beifushu.

So from the past many years, Beifuji and Beifushu have been the company's most important revenue points.

At the same time, in order to "protect" existing products, Yisheng Biotechnology has also begun to promote academic. In 2017, there were 1,410 sales representatives, a year-on-year increase of 10%, including 630 ophthalmology, covering 4,000, 780 surgical operations, covering about 5,400 hospitals. In 2017, it participated in more than 600 academic lectures and 2,200 marketing activities.

If the grading diagnosis and treatment becomes more and more extensive, this will undoubtedly strengthen the layout in the primary hospitals, and ultimately increase per capita sales, and help the products continue to grow.

R&D reserve pipeline is about to enter the harvest period

Perhaps due to a single source of income, Yisheng Biotech has increased its R&D investment in recent years.

Zhitong Finance APP sees that in 2017, the company's research and development expenses increased to approximately 27.1 million Hong Kong dollars, of which about 20.7 million yuan has been capitalized, and the total expenditure in 2016 is about 30 million yuan, of which about 24.3 million yuan has been capitalized. . As a result, R&D expenditure as an administrative expense has increased from approximately $570,000 in 2016 to approximately $6.4 million.

During the period, the company obtained CFDA approval to commercialize single-dose tobramycin-free eye drops without preservatives; with the proprietary technology advantages of bFGF, the company plans to develop a series of quality products to establish its own market for wound repair biopharmaceuticals. Leadership (through research on novel vascular endothelial growth factor Nanobodies on nanobody platforms for the production of therapeutic products for cancer and age-related macular degeneration);

The company has established a “blowing and filling” platform, and is now able to develop a series of preservative-free single-dose drugs, such as treatment for eye damage, eye bacterial infections, eye fatigue, dry eye and respiratory diseases. The product will be approved within the next 3 years.

In addition to research and development, Yisheng Biotech has also launched the “enhancement plan” since 2015. Up to now, it has invested in seven companies including ACImmune, MeiraGTx and Abpro with a total investment of 27.8 million US dollars.

Among them, the cooperation and licensing agreement, the share subscription agreement and the warrants subscription agreement were entered into with the US biotechnology company Abpro. It will develop a series of new therapeutic products for ophthalmology and surgery with a number of candidate antibodies from Abpro, and develop new drugs for the company for cancer treatment business; and sign a cooperative research agreement with ACImmune to jointly develop innovative treatments for neurodegenerative diseases, and has now developed bFGF as Drug development plan. In the future, the company will strengthen the field of ophthalmic surgery and enter the field of neurology tumor orthopedics.

"Promotional Plan" section

While the world is looking for projects and increasing investment in research and development, Yisheng Biotech has also made several convertible bonds to protect its cash flow:

In 2015, the Shares entered into a convertible loan agreement with an independent third party, Wuhan Yudian Biotech, with a principal amount of RMB 10 million, bearing interest at 5% annual interest rate and expiring on December 13, 2019; In 2016, it entered into another convertible loan agreement with the independent third party Guangxi Wanshoutang Pharmaceutical. The principal amount is RMB 15 million, which bears interest at 6% annual interest rate and expires on January 8, 2019.

Combining the performance of Yisheng Biotechnology, the strong performance of its own products, Beifuji and Beifushu, and good product reserves, the company is expected to continue to play the role of “ten shares” under the theme of further “upgrade” in the pharmaceutical industry. . (Tian Yuxuan / Wen)

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