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1. Main products and services: The core products are nucleotide series drugs!
The company is a collection of chemical synthesis, biological fermentation nucleoside (acid) API and pharmaceutical intermediates research and development, production and sales as one of the enterprises, in the domestic nucleoside (acid) API and pharmaceutical intermediates products development, production and other aspects of strong strength. The company has formed APIs and pharmaceutical intermediates including citicoline sodium, ribavirin, inosine, acyclovir, cytosine, 5-fluorocytosine, cytidine and other APIs and pharmaceutical intermediates, mainly covering the fields of antiviral, antitumor and nervous system drugs.
The company's revenue in 2020 mainly comes from nucleotide series products accounting for 43.68%, since 2018 the proportion has continued to grow, compared with 2018 revenue growth of more than 60%! Other products are mainly pyrimidine series and purine series but compared with 2018 revenue have declined, nucleoside series is another revenue growth point of the company, 2020 compared with 2018 increased by more than 4 times!
2. Market and industry situation: steady growth of the industry!
As the API manufacturing industry is included in the directory of key polluting units in the water environment, environmental protection regulatory policies continue to become stricter, and the domestic chemical API production has dropped sharply in 2018!
According to Frost & Sullivan data, the size of China's oncology drug market grew from 2013 to 2017 with a compound annual growth rate of 13.7%! It is expected that from 2017-2030, sales of anti-tumor drugs will grow at a compound annual growth rate of 12.6%!
3. Benchmarking and valuation of the same industry: the scale gap is large! A sign of profit of 0.2 million yuan!
We selected the listed companies similar to the company's business, Hepalink and Tianyu shares for benchmarking, Hepalink market value of 22.2 billion yuan (circulating market value of 18.9 billion yuan), 2020 revenue of 5.332 billion yuan, net profit of 1.022 billion yuan; Tianyu shares market value of 13.8 billion yuan (circulating market value of 8.4 billion yuan), 2020 revenue of 2.587 billion yuan, net profit of 667 million yuan; the company's revenue is 10%, 11%, net profit is 20%, 17% respectively! From the perspective of benchmarking, the reasonable market value of the company is 2.9 billion yuan! The company is listed on the Gem Board, a sign of 500 shares, a sign of profit of 0.2 million yuan!
4. Focus: the top five customers account for 44.34%, customers are more dispersed, and the largest customers account for 12.86%! Gross margin is higher but has declined!
1), the main customer situation: the company's top five customers in 2020 revenue accounted for 44.34% of revenue, customers are more scattered, the first major customer China Resources Shuanghe accounted for 12.86%!
2), the gross profit margin is higher but has declined: the company's comprehensive gross profit margin in 2020 is 43.37%! It has declined since 2018! From the product point of view, the company's fast-growing gross profit margin of nucleotide series was 47.28% year-on-year, while the gross profit margin of the nucleoside series exceeded 56%, which also continued to grow, but the gross profit margin of the pyrimidine series fell sharply!
5. Use of raised funds: The raised funds are mainly invested in the construction of characteristic APIs and pharmaceutical intermediates, the construction of Tuoxin Pharmaceutical Research Institute and the supplement of working capital!
6. Recent performance and forecasts: In the first half of 2021, revenue increased by 16.6% year-on-year, and net profit increased by 2.12% year-on-year! In the first three quarters of 2021, revenue is expected to decline by 0.94% year-on-year and non-net profit by 12.01% year-on-year!
7. Summary: Just understand!
Tuoxin Pharmaceutical, the company is from Xinxiang, Henan, this year's Henan rainstorm has little impact on the company, but there are also waterlogging and equipment damage in the factory area, but the overall impact is not large. The company mainly does chemical drugs APIs and intermediates, from 2020 point of view of the main growth since the growth of nucleotide series and nucleoside series products, while the gross profit margin of both are higher at about 50% and continuous growth, supporting the company's development. However, the company's performance in 2021 was flat, and the expected revenue and non-net profit in the first three quarters were declining. The downstream application of the company's APIs is mainly anti-tumor and other product drugs, from the perspective of future growth, it is still good, but the pharmaceutical collection has a greater impact on the company's gross profit margin, the company has been adjusting the product structure, but the production of chemical APIs is gradually like industrial production, no longer a high gross profit margin industry, the company's future development is not pessimistic, but also not optimistic, after all, it is difficult to have sustainable high gross margin growth varieties! The company is listed today, from the company's valuation point of view, will not break, but the increase should not be large, after all, the API and intermediate enterprises are squeezed by the upstream and downstream of the industry, and they themselves rely on the development of the industry! Comprehensively give the company an understanding to evaluate! (The overall evaluation of the summary is divided into five grades: highly recommended, recommended, cautiously concerned, worthy of attention, and understood!) ）。
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Special Notice: The information in this article is derived from the company's prospectus, announcement and related professional databases. This article is not a stock recommendation, rational analysis can better guide the operation.