Hualan Biological (002007): Performance growth in line with expectations vaccine sector worth looking forward to

Hualan Biological (002007): Performance growth in line with expectations vaccine sector worth looking forward to

Hualan Biological released its semi-annual report for 2019: the company’s revenue in 2019H114.

30,000 yuan, an increase of 16 in ten years.

77%; realized net profit attributable to mother 5.

07 million yuan, an increase of 11 in ten years.

94%; realized non-net profit deduction4.

62 ppm, an increase of 14 in ten years.


Net cash flow from operating activities 5.

400,000 yuan, an increase of 41 in ten years.


The blood products sector grew steadily, and the expense ratio was well controlled during the period.

In the first half of 2019, the company’s blood products segment achieved revenue13.

830,000 yuan, an increase of 20 in ten years.

76%, gross margin 58.

77%, a decrease of 0 every year.

68 points.

Among them, human blood albumin achieved income5.

10 ppm, a ten-year increase of 7.

94%, gross margin 54.

53%, an increase of 0 in ten years.

91 points; Jing Cing income 4.

72 ppm, an increase of 73 in ten years.

67%, gross margin of 60.

65%, unchanged from the same period last year.

Selling expense ratio 7.

17%, management expense ratio 6.

99%, financial expense ratio -0.

16%, respectively double -1.

45pct, +0.

21 points, -0.

3pct, the overall cost is well controlled, and the sales expense ratio has decreased slightly.

The vaccine sector is worth looking forward to, and monoclonal antibody development is progressing in an orderly manner.

In 2019H1, the vaccine sector realized 11.97 million yuan in revenue, a year-on-year decrease of 76.


The company issued 1.1 million batches of the four-valent influenza decomposed vaccine in August, and it is expected that the number of approved batches will increase rapidly in the second half of the year.

In terms of monoclonal antibodies, the company’s associate Hualan Gene has now obtained clinical trial approvals for 7 monoclonal antibody varieties, of which adalimumab, trastuzumab, rituximab, bevacizumab, etc. have now enteredThe phase III clinical stage 南宁桑拿 will continue to enrich the company’s product line in the future.

Profit forecast: The company’s EPS for 2019-2021 is expected to be 0.

98 yuan, 1.16 yuan, 1.

35 yuan, corresponding to PE is 33X, 28X, 24X.

Give “Buy” rating.

Risk warning: product price reduction risk, product development and market promotion are less than expected, etc.