Recently, Hualan Biological Vaccine Co., Ltd. (hereinafter referred to as "Hualan Vaccine") $ Hualan Vaccine (SZ301207) $ disclosed the announcement that the company opened offline and online subscription on February 8, 2022, the issue price is 56.88 yuan / share, the initial public offering of 40.01 million shares, the issue price is 56.88 yuan / share, the net amount of funds is expected to be about 2.244 billion yuan.
According to Bedo Finance, the parent company of Hualan Vaccine is Hualan Biologics (SZ:002007), an A-share listed company. In the equity structure before the listing, Hualan Bio held 75% of the equity of Hualan Vaccine, which is the controlling shareholder of the company, and Ankang is the actual controller.
Hualan Biology said that its main business mainly involves blood products and vaccine products, of which the vaccine products business is all operated by its holding subsidiary, Hualan Vaccine. After the spin-off and listing, Hualan Bio and Hualan Vaccine will focus on blood products and vaccine products respectively, and the main business structure will be clearer, which will help each respond to the market environment more quickly and reduce the negative impact of diversified operations.
At the same time, Hualan Vaccine will take this opportunity to achieve direct docking with the capital market, give full play to the functions and advantages of direct financing in the capital market, broaden financing channels, improve financing flexibility, and improve financing efficiency, so as to effectively reduce the cost of funds and provide sufficient funds for the development of Hualan Vaccine.
According to reports, the main business of Hualan Vaccine is the research and development, production and sales of human vaccines. During the reporting period, its main business products include influenza virus lysis vaccine, quadrivalent influenza virus lysis vaccine, influenza A(H1N1) virus lysis vaccine, ACYW135 meningococcal polysaccharide vaccine and recombinant hepatitis B vaccine (Hanson yeast).
According to wisdom bud data, Hualan vaccine has nearly 30 patent applications, of which 12 are effective patents. In terms of patent types, about 90% of the company is an invention patent. Through the analysis, it can be seen that the company's current patent layout mainly focuses on conjugate vaccines, immunogenicity, expression systems and biotechnology and other related professional and technical fields.
In terms of finance, in 2018, 2019 and 2020, Hualan Vaccine achieved operating income of 803 million yuan, 1.049 billion yuan and 2.426 billion yuan respectively, with a compound growth rate of 73.86%, and net profit of 270 million yuan, 375 million yuan and 925 million yuan, respectively, with a good profitability.
Hualan Vaccine said in the prospectus that operating income and net profit have shown a rapid growth trend, mainly due to the listing of quadrivalent influenza virus lysis vaccine. Since its inception, the company has been focusing on the research and development of vaccines and the improvement of production processes, especially in the influenza vaccine, the company's research and development, technical advantages in the domestic leading position.
In 2018-2020, the operating income of Hualan Vaccine mainly came from the production and sales of influenza vaccine, ACYW135 meningococcal polysaccharide vaccine and recombinant hepatitis B vaccine (Henson yeast); among them, the sales revenue of influenza vaccine accounted for 86.87%, 99.42% and 99.81% of the operating income, respectively, accounting for a relatively high proportion and showing an upward trend year by year.
In 2018, the quadrivalent influenza virus lysis vaccine of Hualan Vaccine was exclusively listed in China, and the revenue of the quadrivalent influenza virus lysis vaccine accounted for 74.73% of the operating income of the year, accounted for 92.59% and 96.68% in 2019 and 2020, respectively, and the sales revenue increased by 371 million yuan and 1.375 billion yuan, respectively.
From 2018 to 2020, the sales volume of Hualan vaccine influenza vaccine was 8.583 million bottles, 10.639 million bottles and 21.748 million bottles, respectively, with a compound growth rate of 59.2%. According to the data of the biological product batch issuance information platform under the China Institute of Food and Drug Control, from 2018 to 2020, the market share of Hualan vaccine influenza vaccine was 52.8%, 42% and 40% respectively.
During the same period, the batch issuance of Hualan Vaccine Quadrivalent Influenza Virus Lysis Vaccine was 5.122 million bottles,000 bottles, 8,361,000 bottles, and 20,624,000 bottles/bottle, respectively. However, its market share fell from 100.00% in 2018 to 86.10% in 2019 and further decreased to 61.41% in 2020.
From January to September 2021 (the first three quarters), The revenue of Hualan Vaccine was 1.393 billion yuan, an increase of 25.71% from 1.108 billion yuan in the same period of 2020, and the net profit was 528 million yuan, an increase of 28.27% from 412 million yuan in the same period of 2020. According to reports, the seasonality of Hualan vaccine is more obvious, mainly concentrated in the third and fourth quarters of each year.
From January to June 2020 and from January to June 2021, the operating income of Hualan Vaccine was -3.7289 million yuan and 10.9058 million yuan, respectively, and the net profit attributable to the owners of the parent company was -26.379 million yuan and -290 million yuan, respectively. Hualan Vaccine said that its operating income and net profit from January to September 2021 were almost all from the third quarter.
According to the data, in the third quarter of 2021, the operating income of Hualan Vaccine was 1.382 billion yuan, an increase of 24.30% year-on-year; the net profit was 557 million yuan, an increase of 27.16% year-on-year; and the net profit after deducting non-profit was 551 million yuan, an increase of 29.02% year-on-year. Hualan Vaccine believes that this is mainly due to the growth of the company's sales of quadrivalent influenza virus lysis vaccines.
For the whole of 2021, Hualan Vaccine expects its revenue for the full year of 2021 to be 1.941 billion yuan to 2.669 billion yuan, a year-on-year change of -20%-10%; the net profit attributable to the mother is expected to be 740 million yuan to 1.017 billion yuan, a year-on-year change of -20%-10%; Net profit is expected to be $710 million to $980 million, a year-on-year change of -21%-9%.
Source: Bedo Finance