聯邦制藥(03933.HK)1H20業績：胰島素增長強勁-20200827
機構：浦發銀行
主要觀點：
經調整核心歸母淨利潤增長大幅超出市場預期。上半年收入同比增長 5.2%至人民幣 4,304.6 百萬元。製劑包括重組人胰島素、甘精胰島素等同比增長 4.9%，中間體產品收入增長 25.8%，原料藥收入同比下降 0.4%。歸母淨利潤同比減少 31.5%至人民幣202.8 百萬元，主要由於可轉換債券公允價值變動虧損約人民幣 223.7 百萬元。經調整核心歸母淨利（剔除可轉債、投資性房地產公允價值變動等非核心收益和支出）同比增長 56.4%至人民幣 467.2 百萬元，大幅超出市場預期。
胰島素產品銷售增長強勁。胰島素產品銷售收入同比增長 51.3%至人民幣 563.2 百萬元，其中重組人胰島素注射液銷售收入/銷量同比均增長 37%至 393.2 百萬元人民幣/970 萬支，甘精胰島素注射液銷售收入/銷量同比增長 100%/102%至 170.0 百萬元人民幣/120 萬支。增長動力主要來自於疫情期間長處方、基層市場覆蓋、藥店合作、民營醫院開發等。公司管理層預期下半年若沒有疫情反覆，增速將與上半年差不多。管理層預計胰島素國家集採於年內落實可能性較低，但如果集採產能也能滿足供貨，且會通過規模效應降低成本。
公司表示中間體價格上漲於 2H20 將更明顯反應。中間體產品收入同比增長 25.8%至 6.92 億人民幣，主要由於 6-APA 銷量同比增長 52.4%。公司預計下半年價格將會逐漸上漲，因為疫情發生突然，上游庫存和開工不足推高中間體的價格上漲，但由於訂單是提前簽訂且疫情影響發貨，上半年業績並未充分反應價格上漲。原料藥銷售保持平穩，同比略微下降 0.4%，疫情影響不大，醫院就診人數下降和抗感染藥用量增加相互抵消。
持續佈局糖尿病藥物。在 29 項在研新產品中，糖尿病治療藥物是公司的重點佈局領域。其中，門冬胰島素及門冬胰島素 30注射液已申報生產，公司預計 2020 年可獲批上市；利拉魯肽注射液已進入Ⅲ期臨牀；德谷胰島素注射液處於臨牀試驗準備階段。在其他領域，公司遞交的富馬酸替諾福韋二吡呋酯片申請生產批件在審批過程中，用於治療中度至重度活動性類風濕性關節炎的 1 類新藥 WXSH0150 已於 1H20 獲批臨牀。
風險提示：中間體和原料藥價格波動；研發進度延遲；胰島素集採。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
