Haili Bio (603718): Non-plague situation drags down performance, Mobility Insurance, and PICC to improve long-term performance space

Haili Bio (603718): Non-plague situation drags down performance, Mobility Insurance, and PICC to improve long-term performance space

The event company released its semi-annual report for 2019.

From January to June 2019, the company’s operating income was 1.

39 trillion, up 28 each year.

55%; net profit attributable to shareholders of the listed company is 0.

1.6 billion, down 51 a year.


The net profit attributable to shareholders of the listed company after deduction is zero.

1.4 billion, down 49 a year.


By quarter, 2019Q1 / Q2 company operating income is 0.


58 ppm, with a ten-year growth rate of 31.

04% / 25.

22%; net profit attributable to mother is 0.


09 million yuan, a ten-year growth rate of -68.

52% /-20.


Our analysis and judgments have been consolidated to increase revenue, and performance has declined due to the impact of piglets. The company’s main products include livestock and poultry vaccines, mainly pig vaccines.

Reported numbers, affected by the African swine fever epidemic, domestic pig populations have decreased significantly.

According to the data of the Ministry of Agriculture and Rural Affairs, the national live pig inventory in July 2019 decreased by 32 each year.

2%, a decrease of 9 from the previous month.

4%; the number of capable sows in stock is reduced by 31 each year.

9%, a decrease of 8 from the previous month.


Affected by this, the swine vaccine market scale has improved and shrunk. The company’s products are mainly pig vaccines, so production capacity has decreased, and profit has decreased by 51.


Revenue was continuously affected by the growth of subsidiaries Yang Ling Jinhai and Jiemen Biological28.


In the first half of 2019, Yangling Jinhai achieved revenue of 3,286.

970,000 yuan, net profit -1838.

440,000 yuan; Jiemen Biological achieved income of 4639.

920,000 yuan, net profit in 2015.

320,000 yuan.

Profitability has improved, and the company’s profitability has improved during the period when the expense ratio has dropped.

In terms of gross profit margin, the gross profit margin of the company in 2019H1 is 46.

30%, a decrease of 21 per year.

38 points.In terms of net interest rate, the company’s net interest rate for 2019H1 is 5.

30%, a decrease of 17 per year.


In terms of expense ratio, 2019H1 company’s sales expense subsidy16.

68%, a decrease of 8 per year.

38pct, mainly due to the company’s streamlined marketing center staff structure and reduced sales refund fees; management expenses 14

52%, R & D expense ratio 11.

74%, a total decrease of 6 over the same period last year.

57 points; financial expenses 6.

1%, 0 per year.

06 points.

The company’s period expense ratio decreased by 15.


The main business of animal health insurance continued to be strengthened, and the development of pig vaccines and poultry vaccines was synchronized with the promotion of pig vaccines. In January 2019, Yang Ling Jinhai Shi and other units jointly declared swine foot and mouth disease type O, type A bivalent inactivated vaccine (OHM / 02 strain +AKT-Baozhu) obtained a new veterinary drug certificate, and strived to obtain product approval document approval for marketing this year.

At present, the swine fever virus E2 recombinant baculovirus inactivated vaccine 淡水桑拿网 has completed review experiments and is waiting to be evaluated by the meeting; the parapig trivalent inactivated vaccine has entered the review and inspection stage; the swine pseudorabies virus type 2 gE / TK gene deletion inactivated vaccine is clinicalThe trial unit has passed the GCP and is preparing the vaccine registration announcement.

Other cooperative research and development projects as well as independently developed joint vaccines for pigs are actively carrying out laboratory research and new veterinary drug registration applications.

In terms of poultry vaccines, the company obtained a new veterinary drug certificate such as the “Avian Influenza DNA Vaccine (H5 Subtype, pH5-GD)” on May 24, 2018, and subsequently stocked the Chicken Newcastle Disease and Infectious Bronchitis Dual Live Vaccine (LaSota strain + LDT3-A strain), chicken Newcastle disease, bird flu (H9 subtype), infectious bursal disease triple inactivated vaccine (LaSota strain + S strain + VP2 protein), chicken Newcastle disease, bird flu (H9 subtype),Adenovirus disease triple inactivated vaccine (LaSota strain + SD95 strain + SDC4 strain) and other poultry vaccine products, more research and development and sales of poultry vaccines, disperse the risk of excessive proportion of swine vaccines, and maintain stable overall performance.

Advancement of the People’s Insurance Strategy to raise the long-term performance ceiling The company’s investment in June 20182.

The US $ 9.8 billion completed the wholly-owned acquisition of Shortcut Bio, which is the core raw material for external diagnostic reagents. The global industry scale is about 35 billion, and the prospects are bright.

In the first half of 2019, Jiemen Biological developed rapidly and achieved revenue of 4,639.

920,000 yuan, net profit in 2015.

320,000 yuan, initially expected to exceed 36 million performance commitments.

In July 2018, the company set up a joint venture with WuXi Biological, which is mainly engaged in the CDMO (custom contract R & D and production) business of human vaccines (including cancer vaccines). The company invested 1.

500 million, holding 30%.

On May 20, 2019, WuXi Biologics, a subsidiary of WuXi Biologics, and the global vaccine giant successfully signed a letter of intent for long-term production cooperation and reached a strategic partnership.

The initial 20-year production contract is expected to exceed US $ 3 billion. In order to reach this agreement, WuXi Invest invested in the establishment of Hong Kong WuXi Hyde’s proposed new Chiji vaccine stock solution (DS) and preparation (DP) production and quality control (QC).The laboratory is an integrated production base, which specializes in producing an innovative vaccine product of the global vaccine giant and supplying it to the global market.

On August 29, 2019, the company changed and adopted the “Timetable for Investing in WuXi Hyde Hong Kong Co., Ltd.”, invested US $ 42 million through transfer and capital increase, and obtained 30% of Hong Kong WuXi Hyde’s shares.With the launch of CDMO cooperation for more human vaccines, the company will obtain new growth points in performance.

Investment suggestion: We expect the company’s operating income to be 2 in 2019-2020.

8 billion, 3.

08 million yuan, an increase of 9 in ten years.

80% and 10.

11%; net profit attributable to mothers is 0.

380,000 yuan, 0.

48 ppm, an 83-year increase.

16%, 24.

60%; the company’s current total market value is 8.4 billion, corresponding to PE of 218.

4x and 175.

3x, maintain the company’s “Neutral” rating.

Risk warning: industry competition intensifies; the swine fever epidemic affects the industry inventory to continue to deteriorate.

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