[摘要]
事(shi)件(jian):公(gong)司發布2016年(nian)年(nian)報,2016年(nian)實現營業收入和歸(gui)母凈利潤分別為35億、7億元,同比增速分別為43.9%和95.5%。
醫(yi)藥(yao)(yao)(yao)產品(pin)(pin)(pin)與(yu)原(yuan)(yuan)料(liao)藥(yao)(yao)(yao)雙豐收,業(ye)績大幅(fu)增(zeng)長(chang)(chang)。公(gong)(gong)司2016年實現(xian)營業(ye)收入(ru)35億(yi)元(yuan),同比(bi)(bi)增(zeng)長(chang)(chang)43.9%,歸(gui)(gui)(gui)母凈(jing)(jing)利(li)(li)(li)潤(run)為(wei)(wei)7億(yi)元(yuan),同比(bi)(bi)增(zeng)長(chang)(chang)95.5%,收入(ru)與(yu)歸(gui)(gui)(gui)母凈(jing)(jing)利(li)(li)(li)潤(run)增(zeng)速均遠超2015年同期水(shui)平(ping);第4季度營收8.3億(yi)元(yuan),同比(bi)(bi)增(zeng)長(chang)(chang)36.4%,歸(gui)(gui)(gui)母凈(jing)(jing)利(li)(li)(li)潤(run)為(wei)(wei)1.7億(yi)元(yuan),同比(bi)(bi)增(zeng)長(chang)(chang)約150.8%。公(gong)(gong)司取得收入(ru)與(yu)凈(jing)(jing)利(li)(li)(li)潤(run)的高增(zeng)長(chang)(chang)的主要原(yuan)(yuan)因有:1)受泛酸鈣(gai)等(deng)原(yuan)(yuan)料(liao)藥(yao)(yao)(yao)大幅(fu)提(ti)(ti)價的影響,公(gong)(gong)司16年實現(xian)原(yuan)(yuan)料(liao)藥(yao)(yao)(yao)收入(ru)11.2億(yi)元(yuan),同比(bi)(bi)增(zeng)長(chang)(chang)98.9%,原(yuan)(yuan)料(liao)藥(yao)(yao)(yao)毛(mao)利(li)(li)(li)率高達(da)72.7%,同比(bi)(bi)提(ti)(ti)升了34.6個百(bai)(bai)分點(dian);2)公(gong)(gong)司憑借在醫(yi)院終端和藥(yao)(yao)(yao)品(pin)(pin)(pin)流通領(ling)域的優(you)勢(shi),藥(yao)(yao)(yao)品(pin)(pin)(pin)制劑(ji)板塊收入(ru)同比(bi)(bi)增(zeng)長(chang)(chang)31.5%,達(da)到21.8億(yi)元(yuan),毛(mao)利(li)(li)(li)率為(wei)(wei)40.4%,同比(bi)(bi)下降(jiang)2.2個百(bai)(bai)分點(dian)。由于原(yuan)(yuan)料(liao)藥(yao)(yao)(yao)收入(ru)占(zhan)比(bi)(bi)的提(ti)(ti)高,2016年銷售費用率為(wei)(wei)12.2%,同比(bi)(bi)下降(jiang)2.9個百(bai)(bai)分點(dian);隨著公(gong)(gong)司持續的并購而導致的合并范圍的增(zeng)加(jia),管(guan)理費用同比(bi)(bi)增(zeng)加(jia)了73.1%。
目前,泛(fan)酸鈣原料藥仍維持相(xiang)對高(gao)價位,為公司提供現金流和業績(ji)貢(gong)獻提供充足保(bao)障。
收(shou)購DHY公司,積(ji)極布(bu)局創新(xin)生(sheng)物(wu)(wu)藥(yao)(yao)(yao)領域(yu)。公司收(shou)購以致力于全球大分(fen)(fen)子(zi)生(sheng)物(wu)(wu)研發與生(sheng)產(chan)的(de)(de)(de)DHY公司53.8%股權,獲得健(jian)能隆(DHY全資子(zi)公司)兩個先進(jin)的(de)(de)(de)新(xin)藥(yao)(yao)(yao)研發平(ping)臺(tai)(DiKineTM雙分(fen)(fen)子(zi)平(ping)臺(tai),ITabTM免疫抗體平(ping)臺(tai)),成(cheng)功(gong)進(jin)入(ru)(ru)高(gao)(gao)端(duan)生(sheng)物(wu)(wu)藥(yao)(yao)(yao)研發領域(yu)。其(qi)雙分(fen)(fen)子(zi)平(ping)臺(tai)開發的(de)(de)(de)第三代長效(xiao)升白(bai)藥(yao)(yao)(yao)F-627(貝(bei)格司亭,長效(xiao)G-CSF-Fc)進(jin)入(ru)(ru)全球和國(guo)(guo)內III期(qi)(qi)臨(lin)(lin)床(chuang)(chuang),預(yu)計(ji)2019年(nian)能在美國(guo)(guo)獲批上市。自主首創新(xin)藥(yao)(yao)(yao)普(pu)羅(luo)納亭(F-652,白(bai)介素-22-Fc)已進(jin)入(ru)(ru)兩項國(guo)(guo)際II期(qi)(qi)臨(lin)(lin)床(chuang)(chuang)和中國(guo)(guo)I期(qi)(qi)臨(lin)(lin)床(chuang)(chuang),腫瘤(liu)免疫雙特異性抗體新(xin)藥(yao)(yao)(yao)A-337將進(jin)入(ru)(ru)國(guo)(guo)際I期(qi)(qi)臨(lin)(lin)床(chuang)(chuang),長效(xiao)生(sheng)長激(ji)素F-899將進(jin)入(ru)(ru)臨(lin)(lin)床(chuang)(chuang)申報。健(jian)能隆是(shi)國(guo)(guo)內目前(qian)第一家大分(fen)(fen)子(zi)創新(xin)生(sheng)物(wu)(wu)藥(yao)(yao)(yao)進(jin)入(ru)(ru)美國(guo)(guo)FDA(國(guo)(guo)際多臨(lin)(lin)床(chuang)(chuang)中心)臨(lin)(lin)床(chuang)(chuang)II期(qi)(qi)、III期(qi)(qi)的(de)(de)(de)企業(ye),收(shou)購健(jian)能隆使公司成(cheng)功(gong)布(bu)局高(gao)(gao)端(duan)生(sheng)物(wu)(wu)創新(xin)藥(yao)(yao)(yao)領域(yu),未來將實現向創新(xin)型企業(ye)轉型的(de)(de)(de)目標。
盈利(li)預(yu)(yu)測與投資建議(yi)。預(yu)(yu)計2017-2019年(nian)EPS分別(bie)為0.78元(yuan)(yuan)、0.97元(yuan)(yuan)、1.15元(yuan)(yuan),對(dui)應(ying)PE分別(bie)為21倍、17倍、15倍。我們認為,2017年(nian)公司醫藥產品(pin)和原料藥將(jiang)分別(bie)貢獻4.5億和4億元(yuan)(yuan)業績,按照行業平均估計分別(bie)給予(yu)30倍和20倍估值,對(dui)應(ying)目標(biao)價為19.54元(yuan)(yuan),維持“買入”評(ping)級。
風險提示:原料藥(yao)價格下跌(die)、醫保(bao)對(dui)接緩慢(man)、生物(wu)藥(yao)研發進展低于預期等風險。
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