Hualan Biological products and vaccines business continued rapid growth
Institutions: States Securities
Researcher: Xu Hao
Rating: Short-term - recommended, long-term-A
:2010-12-year estimated earnings per share 1.37 yuan, 1.62 yuan, 1.93 yuan
main points:
1, the company announced 10 .2010 in the first half year report, the company achieved operating income of 615 million, an increase of 207.40 percent; operating profit of 414 million , an increase of 375.42 percent; to achieve net profit of 310 million attributable to the parent company, an increase of 300.02 percent, earnings per share were 0.54 yuan, in line with our expectations. blood product volume and price go, and the vaccine company's income and purchasing and storage substantial growth in net profit of the main driving force.
2, volume and price go to promote the continued growth of blood products .2010 in the first half, the company achieved operating income of blood products business 343 million yuan, an increase of 67.04%; margin 70.55% year on year increase of 8.96 percentage points; which human serum albumin income of 124 million, an increase of 12.95%; intravenous gammaglobulin income of 121 million, an increase of 70.84%. the amount of blood products, blood products and price go up the first half of substantial growth in business the main reason: to rid itself of plasma quarantine system, plasma collection capacity and the amount of investment gradually increased plasma; intravenous gammaglobulin, immunoglobulin and other blood products specific prices. expected future business will continue to grow blood products: 1) The company has 12 pulp plasma collection stations in the construction of pulp station 6, the future stability of the company voted to increase the coating; 2) Chongqing subsidiary has entered pre-production stage of drug evaluation, is expected to put into production; 3) blood products in short supply, IV gammaglobulin, albumin and other products are likely to raise prices.
3, the vaccine business grew rapidly. A vaccine purchasing and storage business to promote the rapid development of the vaccine, the first half of 2010, business revenue of 270 million vaccine yuan, an increase of 4827%; margin 88.98% year on year increase of 74.44 percentage points; which a flow of income of 242 million vaccine, the vaccine business accounted for about 90% of total revenue. the company from 2008 into the vaccine field, With its technology, brand, size, and marketing advantages, has become the industry's leading influenza vaccine companies. the expansion of domestic influenza vaccine in the same market share, are actively exploring overseas markets, speed up flu vaccine overseas registration. in the second half, Company revenue growth of influenza vaccines worth the wait; the same time, the company ACYW135 meningococcal polysaccharide vaccine has generated sales revenue, the hepatitis B vaccine (yeast) will be the second half of 2010, GMP certificate, are expected to become the future performance of the company's new growth point .
Hualan Biological semiannual Comments: A flow of thickening of the results, the vaccine wings off
institutions: the League of Nations Securities
Researcher: Zhao heart
Rating: Recommended
earnings are expected: the company expects 2010 , 2011 and 2012 EPS was 1.33 yuan, 1.49 yuan and 1.86 yuan
main points:
1.2010 in the first half year the company achieved total revenue of 615 million, an increase of 207.40%, operating profit and total profit 4.14 billion and 415 million, which attributable to ordinary shareholders Net profit was 3.10 billion yuan, an increase of 300.02 percent, earnings per share were 0.54 yuan. company performance slightly below our expectations.
2. influenza vaccines and human serum albumin .2010 lower than expected revenue growth of blood products to achieve the medium-term revenue 343 million yuan, an increase of 67.04%, compared with 61.34% in intravenous gammaglobulin rapid growth of human serum albumin increased by only 12.95%, increasing speed was slower. vaccine, the first half of 2010, revenue 272 million, an increase of 4827.46%, mainly due to 11,168,500 Influenza H1N1 influenza vaccine due to the balance sheet included in income, but since 2009 has more than 10,540,000 not settled income, so in 2010 the vaccine is expected to total annual revenues of 513 million yuan.
3. gross margin improvement and cost control during the performance of the company to further thickening of the overall gross profit margin in mid-.2010 78.70% year on year increased by nearly 12 percentage points, and gross margin significantly enhancing the influenza vaccine. In addition costs of the interim period in 2010 was 11.04%,UGG bailey button, down 8.75 percentage points, which is the main business of the company by the state purchasing and storage of vaccines and cost of sales less relevant. In addition Although the management fees and incentive fund research and development costs as extraction occurs 87.60% growth in absolute terms, but makes a substantial increase in the proportion of revenue was down 6 multisection points.
4. the amount of investment and the expansion of pulp and vaccine support new product performance continued to be listed growth. Zhongxian and Kai County in Chongqing branch of the grant approved and the new plasma collection station of the continuous production of plasma are the growth of blood products for the company to provide protection. vaccines, recombinant hepatitis B vaccine has been made in producing the text, in the second half is expected to market , ACWY135 meningitis vaccine batch release in 2010 1-5 months has been 1.29 million, the future will increase the role of performance improvement. And AC meningitis polysaccharide vaccine, AC meningitis conjugate vaccine, adsorbed tetanus vaccine has completed clinical. < br> Hualan Biological: blood products, long-term good, the new vaccine product growth can be
agencies: CIC Securities
Researcher: Zhou Rui
rating: highly recommended
profits are expected to: predict the company 10-12 EPS was 1.45,1.35,1.79 per
on the main points:
1. substantial revenue and profit growth. first half of 2010 the company achieved operating income of 615 million, an increase of 4% 207 ..; operating profit of 4.14 billion yuan, up 375.42 percent; profit after deducting non-recurring net profit of 308 million, an increase of 321.95%.
2. blood products industry long-term good, the company holds the dominant plasma source, future growth can be expected. < br> 3. long term bullish on the industry: blood products industry in China reflects the growing demand downstream, but upstream slurry feed is limited,UGGs, a situation of limited raw materials, industry demand trends,bailey UGG boots, long-term bullish.
4. the company will show the advantages of plasma source , gradually increased the amount of plasma collection: Zhong County, Chongqing, the company added in 2010, Kaixian two plasma plasma collection stations beginning, up to 12 plasma collection stations; expected during the year 2010, Guangxi and Henan Fengqiu Bobai plasma collection will begin. plasma collection the amount will gradually rise.
5. A vaccine is not sustainable income, but income can catch seasonal influenza vaccine. A decreased flow of the epidemic, the company is not a flow of the second quarter, lot release of vaccines 10, WHO announced .8 A flow near the end of a pandemic, a vaccine is not expected to be the second half of lot release; but the vaccine production line can be reversed production of seasonal influenza vaccine, influenza vaccine companies 6,7 month has approved 9.22 million copies. Seasonal seasonal fluctuations in influenza vaccine, the demand is still large.
6. mACYW135 meningitis vaccine to prevent vaccine products and recombinant hepatitis B vaccine will significantly increase revenue.
semi-annual report 2010, Hong Mei medicine Comments: industry leaders to accelerate the expansion of integrated
institutions: Essence Securities
Researcher: Hung Lu
Rating: Overweight A
profits are expected to: maintain the company's EPS was 0.42 years 2010,2011 yuan, 0.52 yuan forecast
main points:
1. Performance substantial growth, in line with expectations .2010 in the first half, the company achieved operating income of 1.473 billion yuan, an increase of 23.31%. net profit of 309 million, an increase of 40.61%. deducting non-recurring gains and losses Net profit after 3.13 billion yuan, up 43.29%, net profit after non-recurring earnings per share were 0.19 yuan.
2. substantial growth in trade in traditional Chinese medicine, the development of a bright future Xinkaihe. performance of high-speed growth The main reason is: the company achieved sales revenue of Chinese herbal medicine trade about 5.8 billion yuan, up about 33%, while gross margins improve significantly; and Chinese Herbal Medicine steady revenue growth. Xinkaihe the first half of income after the acquisition of approximately 4,100 million Xinkaihe increased ad spending during the first half of 2,000 million yuan, the estimated annual revenue is expected to reach 100 million yuan, becoming the company's new profit growth point.
3. new capacity put into operation, Chinese Herbal Medicine business will accelerate. Chinese Herbal Medicine 482 million in revenue, an increase of 10.58%, capacity bottlenecks to growth has slowed down. At the same time result in higher prices for Chinese Herbal Medicine Chinese herbal medicines fell by 1.14 percentage point gross profit margin. company in Beijing, Chengdu base is currently under construction Chinese Herbal Pieces ,cheap UGG boots, Puning three slices will start by building bases, as the company put into operation one after another of these bases, and Chinese Herbal Medicine to further optimize product structure, we expect growth Chinese Herbal Medicine company will gradually speed up.
4. The company will continue to be industry upstream and downstream integration, the industry leader. The company will continue upstream through the acquisition of traditional Chinese medicine base with rich resources, building the country's largest medicine market Bozhou; and strengthen the downstream end of the control of hospitals and pharmacies, construction, Hong Mei Chinese medicine hospital etc., complete industrial chain of Chinese Herbal Medicine on the integration of market share to continue to expand and consolidate its leading position in the industry.
Hualan Biological: substantial growth in net profit of 300%
by: SW
Researcher: Lou Shengrui
Rating: Overweight
profits are expected to: maintain the 2010-2012 earnings per share 1.44 yuan, 1.83 yuan, 2.32 yuan.
main points:
1. substantial growth in net profit 300%
2. blood products and vaccines operations are significant growth
3. Chongqing subsidiary put into production by the accelerated growth of blood products
4. follow-up of new vaccines to market is the engine of growth
5. have continued to leading biopharmaceutical surprise
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