Hualan Biological (002007): Chongqing company’s outstanding vaccine business boosts high growth

Hualan Biological (002007): Chongqing company’s outstanding vaccine business boosts high growth

Core point of view: The company achieved net profit attributable to mothers in 201811.

40,000 yuan, an increase of 38 in ten years.

83% of the companies released annual reports: the company achieved revenue of 32 in 2018.

170,000 yuan, an increase of 35 in ten years.

84%; net profit attributable to mother 11.

40,000 yuan, an increase of 38 in ten years.

83%; deduct non-net profit 10.

20,000 yuan, an increase of 31 in ten years.


The net cash flow generated by the company’s operating activities reached 12.

930,000 yuan, a substantial increase of 628 every year.

58%, the operating quality has improved significantly.

Among them, the company achieved revenue in the fourth quarter11.

810,000 yuan, an increase of 68% in ten years; net profit attributable to mothers3.

80,000 yuan, an increase of 88 in ten years.


In addition, the company released an annual profit distribution plan: it is planned to send 5 shares (including tax) for every 10 shares, based on the total share capital after the bonus, 4 yuan (including tax) will be distributed for every 10 shares.

The blood products business maintained steady growth, and the Chongqing subsidiary performed well in 2018. The company’s blood products business achieved revenue24.

08 million yuan, an increase of 15 in ten years.

89%, of which human albumin realized income 10.

2.5 billion (+11.

45%), Jing Cing (-10.

77%), while other blood products 7.

7.9 billion (+61.

91%), we judged that it was mainly related to the sharp increase in sales volume of free trade. According to the disclosure of the People’s Procuratorate, the company issued 137 free trades in 18 years.

550,000 bottles, an increase of 192 in ten years.


The parent company, which is mainly engaged in blood products business, and Chongqing subsidiary have realized revenue14.

3.2 billion (-1.

93%), 9.

9.2 billion (+ 54%), with net profit of 5, respectively.

9.6 billion (-13.

9%), 3.

2.9 billion (+36.


With the launch of the quadrivalent influenza vaccine, the performance elasticity contributed by the vaccine business in the second half of 2018 achieved a revenue of the vaccine subsidiary in 20188.

30,000 yuan (+ 184%), net profit 2.

700 million (+ 451%), 南京夜网 net profit increased by 33.6%.

Driven by the launch of the quadrivalent influenza vaccine in the second half of last year, vaccine subsidiaries realized a turnaround.

According to the China Securities Regulatory Commission, the company achieved a maximum of 852 approved influenza vaccines.

260,000, accounting for 52 of the total number of influenza vaccines issued in the country.

85%, ranking first in the country, of which the company’s four-valent influenza vaccine and trivalent influenza vaccine were issued in batches of 512.

250,000 sticks, 340.

01 million (adult type 213.

730,000 sticks, 126 children.


Profit forecast and investment recommendations consider that the company, as one of the leading companies in the blood product industry, has a rich product echelon and gradual pulping potential,深圳桑拿网 and maintains breakthrough growth space in the medium and long term. The listing of the tetravalent influenza vaccine brings competition to the companyWe expect the company’s net profit attributable to mothers to be 14 in 2019-2021.

2.1 billion, 16.

2.8 billion, 18.

15 亿元,对应当前市值的PE 分别为29X\25X\23X。The company’s pulping capacity, product echelon, pulping station management level and profitability are in a leading position, maintaining reasonable value.

4 yuan / share, corresponding to 31 times PE in 2019, give a buy rating.

Risks prompt pressure on blood products to continue to drop prices, batches of tetravalent influenza vaccines are not up to expectations, sales expenses increase, medical insurance control costs