Livzon Group (000513) Financial Statements Comment: Steady Growth in Income and Non-Net Profit Acceleration
Livzon Group released the third 北京体验网 quarter report of 2019, the company achieved revenue of 72 in the first three quarters.
9.5 billion (+6 year-on-year.
63%), net profit attributable to mother 10.
400,000 yuan (+10 compared with the same period last year).
61%), deducting non-attributed net profit9.
5.7 billion (+20 compared to the same period last year).
33%), of which revenue was 23 in the third quarter.
5.6 billion (+3 year-on-year.
47%), net profit attributable to mother 3.
10,000 yuan (YOY-1.
91%), net of non-attributed net profit2.
RMB 990,000 (+33 compared with the same period last year).
The digestive tract product line continued to grow rapidly, and the third quarter results were in line with expectations.
The company’s chemical preparation income 39.
32 ppm, an increase of 17 in ten years.
In terms of sub-sectors, products in the digestive tract sector 武汉夜网论坛 achieved revenue13.
8.3 billion (+43 year-on-year.
72%), the revenue of gonadotropin products was 14.
3.8 billion (+15 compared with the same period last year).
03%), revenue from antimicrobial products4.
400,000 yuan (+6 compared with the same period last year).
05%), the cardio-cerebral vascular product revenue 2.
2.1 billion (+14 compared to the same period last year).
Iprazole, a key variety in the digestive tract field, achieved revenue7.
5.4 billion, a 67-year increase.
26%, of which ilaprazole enteric-coated tablets achieved revenue6.
7.9 billion (+ 53% YoY).
63%), because ilaprazole injection was only listed last year, and follow-up companies have continued to advance the bidding for medical insurance. It is expected that the ilaprazole series should maintain rapid growth.
In addition, rabeprazole achieved revenue2.
1.2 billion (+14 compared to the same period last year).
82%); Dele series achieved revenue 1.
6.4 billion (+ 35% year-on-year.
24%); Livzon Weilian achieved revenue 1.
920,000 yuan (+23 compared with the same period last year).
48%), the entire digestive tract product line continues to grow rapidly.The key species in the gonadotropin field, leuprolide microspheres, contributed revenue7.
3.5 billion (+ 24% year-on-year.
67%), still maintains a rapid growth rate; urine follicle stimulating hormone contributes revenue4.
9 billion (+6 year-on-year.
60%), the growth rate has dropped from the second quarter.
The decline of Shenqi Fuzheng was significantly narrower than that of the same period last year.
The senator has achieved revenue in the first three quarters.
7 billion, an annual decrease of 18.
46%, a decrease from the same period last year (36.
(18%) significantly narrowed, but Q3 single quarter quarterly range was 22%, a decrease from the second quarter (16.
58%) has been enlarged.
Mouse nerve growth factor achieved revenue in the first three quarters3.
07 billion, down 14 every year.
The combined revenue accounted for 13.
39%, compared with last year’s revenue share (17.
26%), which further weakened the company’s performance.
R & D expenses continue to increase rapidly, and the development of biopharmaceuticals is progressing smoothly.
The company’s R & D expenses in the first three quarters of 20194.
82 ppm, an increase of 37 in ten years.
59%, the growth rate of research and development expenses is much higher than the growth rate of revenue and profits, which shows the company’s understanding of research and development and determination to promote research and development projects.
The company’s current R & D projects are progressing simultaneously. Recombinant anti-IL-6R humanized recombinant antibody has started phase III clinical trials, and the group has entered the group smoothly. Recombinant humanized anti-HER2 recombinant antibody injection is undergoing phase Ib clinical trials. Recombinant humanizationAnti-PD-1 early antibodies are being prepared for a phase Ib clinical trial.
With the sales volume of excellent varieties such as ilaprazole and leuprolide, the company’s revenue from the chemical drug segment continued to increase, and the company continued to expand its research and development investment., The company’s future development is still worth looking forward to.
It is expected that the company’s operating income for 19/20/21 will be 98.
40,000 yuan, the net profit attributable to the mother is 12.
01 ppm, EPS is 1.
71 yuan, corresponding to 21/18/16 times the PE, maintaining the “overweight” level.
[Risk reminder]The sales of key varieties are lower than expected risks; the risk of excessive decline in sales of Shenqi Fuzheng; the progress of drug development is lower than expected risks.