Kelun Pharmaceutical (002422) Annual Report Comments: Sales Volume of New Preparations Meets Expectations

Kelun Pharmaceutical (002422) Annual Report Comments: Sales Volume of New Preparations Meets Expectations
Incident Kelun Pharmaceutical released its 2018 annual report on March 20, 2019.The company achieved revenue of 163 in 2018.5.2 billion, an annual increase of 43.00%; net 杭州桑拿 profit attributable to mother is 12.1.3 billion, an annual increase of 62.04%; net profit after deducting non-attribution to mother 11.1.3 billion, an annual increase of 698.96%.Operating net cash flow 29.5.4 billion, an annual increase of 145.47%.EPS per share is 0.85 yuan.  Driven by imitation innovation strategy, the consistency evaluation progressed smoothly.In 2018, the company has 12 varieties of products including dexmedetomidine hydrochloride injection approved for production and marketing, and a total of 6 drugs passed the consistency evaluation.The overall sales revenue of new formulations approved for marketing since 2017 has reached 700 million.The company’s R & D funding in 2018 was 11.1.4 billion US dollars, the company’s existing research and development team expanded to 2,953 people, established an excellent innovative 天津夜网 research and development team in line with international standards.Initially, the state actively promoted the consistency evaluation and volume procurement of generic drugs. The company was able to produce multiple varieties of generic drugs and had scale advantages.  Product optimization promoted performance growth. In 2018, the company’s infusion business continued to grow, with infusion product sales revenue 98.80 ppm, an increase of 30 in ten years.37%, gross margin 71.18%, an annual increase of 7.48%.In 2018, the company’s infusion product structure was optimized to increase the company’s performance and further consolidate its leading position in the infusion field.Following the company’s acquisition of Shisi Medicine, which is also a leader in large infusion in 2017, the company has initially completed the national industrial layout. The acquisition of Shisi Medicine will help the company replace the North China market. The company is expected to continue to grow steadily in the large infusion sector.  The entire antibiotics industry chain has been gradually improved. The Chuanning plant has full production. The wholly-owned subsidiary of Yili Chuanning oral antibiotic intermediate construction project upgrade and reconstruction project has passed the environmental protection acceptance.Yili Chuanning’s capacity release has brought a significant increase in operating income.Chuanning achieved revenue of 32 in 2018.8.6 billion, net profit 6.09 billion.Both the plutonium project as an antibiotic API and Sichuan Xindi have made breakthroughs in technology in 18 years, but it still takes a little time for the volume of products to increase.Guangxi Kelun’s capacity utilization rate has reached a relatively high level. In the future, it will further optimize capacity to reduce production costs.At present, the company has a stable profit in antibiotic intermediates and has obvious advantages. In the future, it will pull the entire industry chain through the full release of APIs and preparations.  Driven by Sanfa, the company’s performance is expected to grow steadily. The company’s major infusion, antibiotics and mimetic preparations are the three major sectors, driving the company’s performance to grow steadily.It is estimated that the company’s net profit attributable to the parent will be 1.6 billion yuan in 2019, a year-on-year increase of 33%.The net profit in the next three years is expected to maintain 20% -30% growth, which is optimistic about the company’s long-term development.