A scarce pharmaceutical stock in the new registered system! Or Tibet stocks, the company's market share in the segment areas exceeds 90%, gross profit margin exceeds 94%...
Dolphin reads the new (the deepest interpretation of new stocks in the whole market is here, objective neutrality does not blow water)
<h1 class="pgc-h-arrow-right" data-track="72" > new oversold into the main line, the defensive sector rebounded</h1>
After several days of bloodbath after the holiday, today's disk finally rebounded, the main line gradually surfaced, oversold + sub-new + consumption, etc. were sought after by the market, Qianwei Central Kitchen, Plum Garden, Zuming Shares and many other large consumption sub-new were successfully put on the board, before the stock was too weak to do the Happy Home intraday even rose by more than 15%. The overall registered new shares are relatively stronger, Shuyu Civilian's strong two-in-a-row board has reached a new height of the registration system, and the pharmaceutical circulation stocks with similar businesses such as Jianjia and BAHEAL Pharmaceutical have also risen sharply.
In short, today's registered new stock sector rose in the top few, up 2.82%, the deep new stock index is also the bottom of the surge of 2.47%, this Zhongyang does not know whether to do a new family to come to a little reassurance, after all, in the market chaos when the probability of new demons is the largest.
At the same time, the medical sector as a whole is also going well, I have said many times that every purchase with volume is a good buying point for the medical sector, the medical leader Mindray Medical has quietly walked out of the small trend in these trading days, and the new pharmaceutical stocks in sunshine Novo, Shengnuo, etc. have also risen considerably, even the anti-tumor improvement new drug Shanghai Yizhong, which once broke, is gradually getting better at the bottom, and the current trend is that cheap is the hard truth.
<h1 class="pgc-h-arrow-right" data-track="73" > the hidden champion of Doree Pharmaceuticals - plasma substitutes</h1>
Today continue to talk about a registered new stock - Doree Pharmaceutical, to be honest now non-kechuangli pharmaceutical stocks are extremely rare, the number of companies listed this year is probably five or six, this pharmaceutical new stock looks as if it is not bad, the variety is single, or generic drugs, the product form is a large infusion, but a closer look at its products also has its own uniqueness, the hidden champion in plasma substitutes, the following and look at the dolphin for your in-depth analysis!
<h1 class="pgc-h-arrow-right" data-track="74" > plasma substitutes are in high demand! Sodium acetate Ringer is an ideal preparation for extracellular fluids</h1>
Large-volume injection, commonly known as large infusion, refers to a liquid sterilization preparation with a volume greater than 50ml and entered into the body by intravenous infusion, which is of great significance for correcting water and electrolyte disorders and regulating acid-base balance, and has the characteristics of quick effect and easy use.
According to the different clinical uses, it is divided into five categories:
Ordinary infusion (body fluid balance type): electrolyte infusion and acid-base balance infusion are two types, mainly sodium chloride infusion
Nutritional infusion: there are mainly glucose infusions, amino acid infusions, fat emulsion infusions, etc
Therapeutic infusion: anti-infection, anti-tumor, digestion, cardiovascular and cerebrovascular drugs, etc
Infusion for volume dilation (plasma substitute):
Infusion for dialysis imaging: there are mainly glaucoma glucosamine, iohexol injection, etc
At present, the domestic is still dominated by basic infusions, and the proportion of therapeutic infusions does not exceed 15%, while the proportion of foreign therapeutic infusions is generally more than 50%.
In recent years, due to the shortage of blood sources in the clinic and the potential risk of blood sources infecting bloodborne diseases, the demand for plasma substitutes is strong, and the surgical treatment of patients with a large number of blood losses or serious abnormalities in blood components, general blood loss, shock and so on is particularly important.
Crystal fluid: can freely pass through most of the capillaries, so that the capillaries inside and outside the same crystal osmolality, mainly saline, Ringer liquid, lactate Ringer liquid, acetic acid electrolytes
Colloidal fluid: can not freely pass through most of the capillaries, can produce a high colloidal osmolality in the blood vessels, mainly -
Natural colloids (human blood albumin): more expensive and used to treat hypovolemia and significant hypoproteinemia
Artificial colloids (gelatin, hydroxyethyl starch, and dextran)
Domestic crystal liquid is mainly divided into sodium chloride injection, sodium lactate Ringer injection, sodium acetate Ringer injection, sodium potassium magnesium calcium glucose injection, compound electrolyte injection. Among them, sodium acetate Ringer is the closest to the extracellular liquid component, and acetic acid metabolism does not depend on the liver, the metabolic rate is 2 times that of lactic acid, which can exert the maximum acid-base balance buffering capacity, which has more advantages in maintaining the stability of the body's internal environment, especially suitable for patients with acidosis, hypoxia, shock, liver and kidney dysfunction, and also for diabetic patients or patients with hyperglycemic status.
Sodium potassium magnesium calcium glucose injection is the largest crystal liquid sold, with a market size of 676 million, but it has shown a downward trend, with a compound growth rate of -4.54% in 2018-2020.
Sodium lactate Ringer injection is the only crystal liquid included in the medical insurance class A, but because it is not applicable in the liver resection, liver function is normal and the duration of surgery is long, diabetic patients, children's cardiopulmonary bypass heart surgery and other scenarios, the growth rate has slowed down in recent years, the market size in 2019 even fell by 30.9% year-on-year to 191 million, and sodium linger acetate injection, compound sodium acetate ringer injection and other crystalline liquid competitors on the replacement trend of sodium lactate ringer injection gradually emerged.
<h1 class="pgc-h-arrow-right" data-track="75" > the first domestic manufacturer of sodium acetate Ringer, with a market share of more than 90% and a gross profit margin of more than 94%.</h1>
Sodium acetate Ringer injection is the company's core products, 2018, 2019 revenue accounted for more than 99%, 2020 revenue accounted for more than 93%, 2019 revenue increased by 28.9% year-on-year to 449 million, in 2020 affected by the epidemic sales fell slightly, but also due to the winning bid for Wuhan area with volume procurement, the winning bid price was 87.99 yuan / bottle, down 32.66% from the hanging net price, making the company's sodium acetate injection revenue slightly increased by 2.15% year-on-year, and the growth rate decreased significantly.
Sodium Acetate Ringer Injection is the company's independent research and development of the first domestic generic drug, in September 2010 obtained the new drug certificate, belongs to a new generation of crystal liquid, mainly used for perioperative liquid therapy and fluid resuscitation of acute and critical patients, can effectively maintain hemodynamic stability and electrolyte balance, with rapid correction of acidosis, stabilization of the internal environment, reduce mortality of severe patients, improve patient prognosis and other advantages, suitable for anesthesiology, ICU, emergency department, major surgery, burn department and other departments, has been Hebei, Hubei, Jilin and so on 8 provinces are included in the medical insurance drug directory, which is a medical insurance class B product, but it has not yet entered the national medical insurance directory. Up to now, the company's product sales have covered more than 800 hospitals across the country, including more than 500 tertiary hospitals.
Before 2017, the company was the exclusive sales manufacturer of sodium acetate Ringer injection, and in 2018, the four manufacturers of Shijiazhuang Four Drugs, Kelun Pharmaceutical, CSPC Silver Lake, and Sharp Ace were listed successively, and the company's market share decreased slightly, with the market share of 99%, 94.9% and 90.4% in 2018-2020, respectively, and the market share of Shijiazhuang Four Drugs in 2019 and 2020 was 3.54% and 4%, respectively; the market share of Kelun Pharmaceutical in 2019 and 2020 was 4%, respectively. 5.6%。
Overall, as of now, there are only 5 approved manufacturers of sodium ringer injection, and the other four are priced higher and enter late, and the company has obvious advantages in this segment, with a gross profit margin of more than 94%, which is much higher than the gross profit margin of 75-80% of other injection companies.
<h1 class="pgc-h-arrow-right" data-track="76" > the company's core products have been transferred from the local directory, and the collection has the risk of not winning the bid</h1>
In the future, with the cleaning of the local medical insurance directory, the company's core product Sodium Acetate Ringer Injection will no longer enjoy the local medical insurance payment policy, and since 2021, the company's sodium acetate Ringer Injection products have been transferred from the local medical insurance directory of Henan Province, Shanxi Province and Gansu Province.
At the same time, because sodium acetate Ringer injection has not entered the national medical insurance directory, it does not belong to the variety with large clinical dosage at the national level, nor has it been included in the scope of national procurement with quantity procurement, and it is currently only included in the local procurement carried out by Wuhan City, Guangzhou City, and the 2+N Alliance (Xinjiang, Shaanxi, Gansu, Qinghai, Ningxia, Guangxi, etc.).
The company did not win the bid for Guangzhou (Guizhou Kelun won the bid) and the Xinjiang 2+N Alliance, but in January 2020, the company's sodium acetate Ringer injection won the bid in Wuhan, and from May 2020, the sales volume of the company's products increased by 67.5% year-on-year in the second half of 2020, which to a certain extent made up for the decline in sales of Guangzhou's unwinned bid (the sales decline in Guangzhou in 2019 and 2020 was 51.4% and 88.5%, respectively). In addition, the company's sales revenue from the 2+N alliance region accounted for more than 8.7% in 2020.
<h1 class="pgc-h-arrow-right" data-track="77" > actively develops featured APIs and other pipelines such as preparations and Tibetan medicines</h1>
In 2020, the company obtained the mainland general distribution right of cefotaxime sodium for injection under Zhengde Pharmaceutical, which belongs to the third generation of cephalosporin for injection, which is a class A product of medical insurance, and the application department of the company's core product sodium acetate Ringer injection has a certain degree of overlap, mainly for emergency, ICU, major surgery, obstetrics and gynecology, pediatrics, burns, has a certain synergy effect, and the main distribution area is concentrated in Hunan Province. At present, the market concentration of cefotaxime sodium for injection in China is relatively high, and Huamin Pharmaceutical, a subsidiary of North China Pharmaceutical, ranks first, which is authorized by the original pharmaceutical factory Sanofi-Aventis Company to produce and sell exclusively in China, with a market share of 64.4%, and Dons Pharmaceutical and Lijian Pharmaceutical rank second and third respectively, with a market share of 13% and 6.7% respectively.
In the future, the company will actively expand the product pipeline on the basis of the existing plasma substitutes, with plasma substitutes as the main line of development, expand the APIs and preparations in the characteristic fields of emergency rescue drugs, children's drugs, psychotropic drugs, etc. Sodium Lynger acetate injection (250ml) has obtained drug registration approval in January 2021, sodium bicarbonate ringer injection, sodium bicarbonate injection, hydroxyethyl starch sodium acetate Ringer injection, etc. are being registered for application. At the same time, the company will also make full use of tibet's geographical advantages to carry out research and development of Tibetan medicines such as cardiovascular and cerebrovascular drugs, nervous system, hepatobiliary system, aphrodisiac kidney supplementation, gynecology and so on.
Pan Comparable Companies:
epilogue:
The company's products are currently relatively single, short-term also face the competition of the late entrants, and the company's products are generic drugs, the technical content is low, this is much worse than the pharmaceutical stock Kangchen Pharmaceutical, which is also a lot worse than the original pharmaceutical stocks that also rely on a product, the company's peers are not very good, the performance has achieved a decline, fortunately, the company's core products The entire market growth space can still be expected, after all, ischemia is the trend, and the company's products are a new generation of crystal liquid, and the replacement space for traditional products can be expected, and the company's products in the hospital are just needed, regardless of whether they enter medical insurance or not. In the face of patients in emergency treatment, this should not be a thing, the short-term company stock price adjustment is still relatively sufficient, can be used as an emotional target of appropriate attention, at least better than the pharmaceutical circulation stocks.
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