Hualan Biological (002007): Blood products remain robust, vaccine boosts growth beyond expectations

Hualan Biological (002007): Blood products remain robust, vaccine boosts growth beyond expectations

Event: The company announced the third quarter report of 2019, and the company achieved operating income in the first three quarters of 26.

38 ppm, an increase of 29 in ten years.

60%; net profit attributable to mother 9.

64 ppm, an increase of 26 in ten years.

89%; net profit after deduction to mother 8.

92 ppm, an increase of 31 in ten years.


The third-quarter performance grew faster than expected, and blood products remained stable: the company achieved operating income in the third quarter.

36 ppm, an increase of 48 in ten years.

05%; net profit attributable to mother 4.

570,000 yuan, an annual increase of 48.

96%; net profit after deduction to mother 4.

300,000 yuan, an annual increase of 56.

twenty two%.

Among them, the blood products business maintained a steady growth. From the data of batch issuance, the company’s Q1-Q3 albumin achieved batch issue of 186.

09 million bottles (converted to 10g specifications), an increase of 3 per year.

75%; Jing Cing achieved 92 issued.

30,000 bottles (to 2.

5g specifications), an increase of 13.

42%; batch of eight factors issued 43.

640 thousand bottles (converted to 200IU specifications), a decrease of 25 per year.

05; PCC issued batch 26.

420,000 bottles (converted to 200IU specifications), a decrease of 32 per year.

6%; human fibrin was issued in batches 6.

200,000 bottles (take 0.

5g specifications), a decrease of 62 per year.


As a leader in the blood products industry, the company ranks among the top in the industry in terms of single blood collection stations, pulp collection volume and product types. It is expected that the blood products sector will continue to grow steadily in the future.

The quadrivalent influenza vaccine contributes to the flexibility of performance and gradually achieves the prospect: the influenza vaccine enters the peak sales season, and the company’s exclusive quadrivalent influenza vaccine is still in the state of funding alternative job seekers. Q3 quadrivalent influenza vaccine was issued in 451.

550,000 sticks, far exceeding the same period last year (1.26 million sticks), and it is expected to contribute over 5 in the first three quarters.

4 ppm, quantified Q1-Q3 company’s trivalent influenza vaccine was also issued 368.

520,000 sticks, an increase of 93 in ten years.


At present, the company is the only batch of issuing companies for quadrivalent influenza. After the autumn and winter flu season, the awareness of influenza vaccine infection is increasing, the demand for influenza vaccine is strong, and the quadrivalent influenza vaccine will continue to be in volume, and the performance of the vaccine sector can be expected.

In addition, lyophilized rabies vaccine for humans and adsorption tetanus vaccine are being submitted for production approval. Group C meningococcal polysaccharide-conjugated vaccines and clinical research on H7N9 influenza vaccines 四川逍遥网 have been gradually advanced.

In addition, seven monoclonal antibody varieties at the company level have obtained clinical trial approvals, among which bevacizumab, adalimumab, trastuzumab, and rituximab have entered the phase III clinical research stage, and research and development have been progressing steadily.The future outlook fosters new profit growth points for the company.

The gross profit margin increased significantly, and the inventory turnover continued to improve: the company’s gross profit margin for Q1-Q3 was 63.

41%, an increase of 2 a year.The 13 are the highest, which is mainly due to the increase in the proportion of vaccine products with high gross profit margins; the sales expense ratio is 11.

12%, a year to raise 0.

The total of 09 was mainly due to the increase in promotion consulting fees and compensation; the management expense rate was 9.

84%, a decline of 0 every year.

26 units, including R & D expenses of 3687.

750,000 yuan, an increase of 31 in ten years.

01%; financial expense ratio is 0.

15%, a decline of 0 per year.

08 averages.

Q1-Q3’s net operating cash flow was 7.

6 ppm, an increase of 5 in ten years.

79%; inventory turnover rate is 0.

81, compared with the same period last year (0.

64) The improvement is obvious; the annual increase of accounts receivable increased by 42.

16% investment proposal: We are optimistic that the company, as a leading company in the blood product industry, has strong upstream pulp source control capabilities, a rich product line and efficient production efficiency.

As the only company to issue a quadrivalent influenza vaccine, the flu vaccine, as a heavy-weight species, will continue to contribute profits to the company in the next 2-3 years.

It is estimated that the revenue for 2019-2021 will be 40.

9 ppm, 50.

100 million, 58.

1 ppm; net profit is 14.

3.3 billion, 16.

9.7 billion, 19.

98 trillion, give a buy-A recommendation.

Risk reminder: the risk of reform of blood product sales channels and the amount of pulp extraction is not up to expectations; the risk of competition in the quadrivalent vaccine market;