Xianyi Pharmaceutical (002332) First Coverage Report: Long-term focus on the advancement of formulation development in the steroids field

Xianyi Pharmaceutical (002332) First Coverage Report: 深圳桑拿网 Long-term focus on the advancement of formulation development in the steroids field

Introduction to this report: The company has long focused on the field of steroidal APIs and preparations, and promotes the development of preparations.

Covered for the first time, giving a cautious overweight rating.

Investment Highlights: Coverage for the first time, giving a prudent overweight rating.

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



68 yuan, with reference to comparable company estimates, given a target price of 11.

2 yuan, corresponding to PE 20X in 2020, covered for the first time, given an appropriate overweight rating.

Specialty preparations have grown steadily, advancing research and development.

In the first half of 2019, the company’s sales of self-operated products for 北京夜网 preparations8.

92 ppm, an increase of 10% in ten years; of which, gynecological family planning, anaesthesia, respiratory and dermatology income were 2 respectively.

6, 2.

3, 1.

15, 0.

670,000 yuan, an annual increase of 8%, 18%, 58%, 31%.

Sales revenue of general pharmaceutical preparations1.

700 million, a year-on-year decrease of 6%, mainly due to the destocking effects of products such as progesterone injection, dimi tablets.

The company has reached a consensus to evaluate 15 varieties, and three types of rocuronium bromide injection, finasteride tablets, and misoprostol tablets have been replaced by CDE and entered the review stage.

In the first phase of a new class of drugs Omexone Sodium Sodium IIb, 37 products including benzsulfatracurium, bensulfatracurium for injection, and progesterone were approved for re-registration.

Long-term focus on the field of steroidal APIs and preparations.

The company has been focusing on steroids for a long time. Steroid drugs play an important role in regulating the body. The company’s products mainly include corticosteroids (including raw materials and preparations), sex hormones (gynecological and family planning drugs), anesthesia and muscle relaxation.Drugs.

The API is complete. At present, it has established business contacts with 100 major domestic steroid drug preparation manufacturers and more than 40 API processing companies, preparation manufacturers and traders in more than 30 countries including the United States, India, and the United Kingdom.

Sales revenue of APIs and intermediates in the first half of 20199.

1.8 billion, of which sales of major steroid hormone APIs.

9.8 billion yuan.

Catalyst: The price of steroidal APIs increased, and significant progress was made in the development of formulations.

Risk warning: The sales of preparations are lower than expected, and the price of APIs has fallen more than expected.


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