Newsletter series of special analysis by pharmaceutical companies (1): Chengda Biological (831550)-Rabies vaccine business grows steadily. Net profit in 2018 reached 6.

1.3 billion

Newsletter series of special analysis by pharmaceutical companies (1): Chengda Biological (831550)-Rabies vaccine business grows steadily. Net profit in 2018 reached 6.

1.3 billion

The company released a quick report on its 2018 performance, and its revenue grew by 10 in ten years.

98%, net profit attributable to mothers increased by 10 in ten years.

26%: The company is steadily advancing its business. The main financial indicators remain good and its profitability is further enhanced.

Realized operating income13.

91 ppm, a ten-year increase of 8.

98%; total profit realized 7.

19 ppm, an increase of 9 in ten years.

61%; net profit attributable to shareholders of listed companies6.

1.3 billion, an increase of 10 in ten years.

26%; net profit of non-attributed mothers 5.

98 ppm, a ten-year increase of 8.


Rabies vaccine is still the company’s core product: The company’s main products for sale in 2017 were rabies vaccines, which accounted for 92% of revenue.


The company’s specific products include human rabies vaccine (Vero cells), lyophilized human rabies vaccine (Vero cells), human JE inactivated vaccines (Vero cells), and lyophilized JE vaccines (Vero cells).

Chengda Bio’s 2018 performance express report stated that the company fully consolidated its brand awareness and further enhanced its product recognition.

The company’s total operating income and total profit, the net profit attributable to shareholders of the listed company increased over the same period last year, mainly due to the increase in sales of human rabies vaccines in overseas and domestic markets.

Sales of rabies vaccine are at the lowest level in the vicinity, and adult organisms continue to maintain fierce competition and strong influence in the industry.

The company’s 2017 annual report shows that in 2017, the company’s human rabies vaccine products maintained the first market share among similar products in China, and its exports ranked among the top Chinese vaccine manufacturers.

Our Air Force has analyzed the domestic batch of issuance data, and the data shows that Chengda is expected to maintain its leading position in the industry.

The company’s product technology is in a leading position in the industry: Chengda Biotransplants the United States BARI company’s bioreactor high-density microcarrier Vero cell culture technology and advanced equipment, using the international standard rabies fixed strain PV-2061 strain and low-generation Vero cellsThrough independent innovation, production process optimization, and industrialized production, the core technology of “individually-produced bioreactor-scale vaccine preparation platform technology” has gradually formed.

This technology adopts suspension cell culture. By launching high-density microcarriers, the culture mechanism of cell attachment is significantly improved. It has the characteristics of high production efficiency, low probability of pollution, and small size. The vaccine produced by this technology has high efficiency and low impurities.The characteristics 杭州桑拿网 of the injection, the immune effect is good, the incidence of adverse reactions is low, the safety indicators meet or meet the national pharmacopoeia standards.

(Company announcement) The company’s vaccine immunization program has advantages: Chengda Biological’s human rabies vaccine has been used internally for nearly 3 years since it was launched.

500 million sticks (2017 data), no failure cases were reported during the standard treatment throughout the process.

The 2-1-1 procedure is one of the two post-exposure intramuscular injection procedures recommended by the WHO. The adult human rabies vaccine is the Chinese vaccine currently approved for this procedure. The company’s “rabies vaccine for humans 2-1″The “-1 immunization program” was approved by the Drug Administration in 2010. The placement subject only 苏州夜网论坛 needs 3 visits for transplantation, which is separated from the existing immunization program by 2 visits, which not only ensures the immune effect but also greatly facilitates the patient.

(Company announcement) The company focuses on research and development and has a product reserve: In addition to the products already on the market, the company is in the process of orderly progressing a variety of vaccine products, accelerating the progress of appropriation, and has achieved significant results, forming a follow-up product lineup in line with industry trendsReserve, the successive launch in the future will enrich the company’s existing product categories.

Chengda Biological is gradually rebuilding a stable virus and bacterial vaccine research and development technology platform.

On September 20, 2018, the company received the clinical trial approval for lyophilized human rabies vaccine (human diploid cells) issued by the State Drug Administration.

(Company announcement) Production quality management is quite effective: Chengda Biotech strictly implements GMP, GSP and other related standards, pays close attention to changes in industry regulatory policies, and controls the crisis management mechanism of enterprises.

The company continuously improves the quality management system for vaccine production, improves the scientific management level of vaccine products, continuously optimizes the quality management system, guarantees the safety and effectiveness of the vaccine products produced, and ensures the compliance of enterprise operations.

In 2018, the company still achieved solid growth against the background of industry security risk events.

Investment reference: Chengda Biological has issued an announcement to list on Hong Kong stocks. The company announcement shows that on November 23, 2018, the company received the “On Approval of Liaoning Chengda Biological Co., Ltd.’s Issuance of Overseas Listed Foreign Stocks” issued by the China Securities Regulatory Commission.Reply.

The company’s performance report for 2018 shows that its increased average return on net assets is about 22.

55%, the net net assets attributable to shareholders of the listed company is about 7.

86 yuan.

In the latest closing, the company can continue to be 16.68 yuan, market value of 62.

5.2 billion yuan, corresponding to about 10 years of PE.

20 times.

Suggest attention.

Risk warning: single product risk, policy risk