Hualan Vaccine (GEM), subscription code: 301207, issue price: 56.88 yuan/share, issue price-to-earnings ratio: 25.31 times, actual total funds raised: 2.276 billion yuan, upper limit of subscription quantity: 6,500 shares, Main business: R&D, production and sales of human vaccines.
Occupying a leading position in the research and development, production and sales of influenza vaccines. In 2009, the company developed the world's first batch of influenza A (H1N1) split vaccine. The product received the "National Key New Product" certificate jointly issued by the Ministry of Science and Technology, the State Administration of Quality Supervision, Inspection and Quarantine and other institutions; in 2018, Hualan Vaccine Exclusively launched quadrivalent influenza virus split vaccine in China. In recent years, Hualan Vaccine’s flu vaccine batches have always ranked first in the industry.
The company’s products on the market include quadrivalent influenza virus split vaccine, influenza virus split vaccine, influenza A (H1N1) virus split vaccine, group A and group C meningococcal polysaccharide vaccine, group ACYW135 meningococcal polysaccharide vaccine and Recombinant hepatitis B vaccine (Hansenula yeast) covers vaccine products in three major fields: bacteria, viruses, and genetic engineering. In addition, the company's vaccine products in the marketing application stage and clinical stage include unit price, multivalent and combination vaccine products to prevent rabies, pertussis, diphtheria, tetanus and other diseases. The company's multi-category vaccine product research and development layout has formed an industrialization echelon, cultivating diversified competitiveness for the company and giving the company a competitive advantage in the increasingly fierce market environment in the future.
The company has established a good communication mechanism with core promotion service providers, and the cooperative relationship is stable. After more than ten years of development, Hualan Vaccine’s customer base has grown from more than 500 provincial, municipal, and county (district) disease control centers in 2008 to approximately 2,500 provincial, municipal, and provincial hospitals in more than 30 provinces across the country in 2020. City and county (district) level CDCs have a coverage rate of more than 70% of CDCs nationwide; the company pays attention to the maintenance of customer relationships and maintains long-term, stable and good cooperative relationships with most CDC customers. According to batch release data released by the China Institute of Food and Drug Control, from 2018 to 2020, the company's annual batch release numbers of influenza vaccines accounted for 52.77%, 42.02% and 40.16% respectively, ranking first in the industry.
Performance: From 2017 to the end of 2020, the company's total operating income was 284.9114 million yuan, 802.7382 million yuan, 1.0489882 million yuan, and 2.4263289 million yuan respectively; 2017-2020 The average annual compound growth rate for the year was 70.83%; the net profits attributable to the parent company were -76.8816 million yuan, 270.1478 million yuan, 375.2977 million yuan, and 924.9091 million yuan respectively.
Although domestic influenza vaccine batch issuance has increased significantly, compared with the huge domestic vaccination population, it is still far from meeting the demand. In particular, there is an obvious trend of quadrivalent influenza vaccine replacing trivalent influenza vaccine. The problem of insufficient production capacity of high-priced influenza vaccines is quite prominent. The main product of Hualan Vaccine is the quadrivalent influenza vaccine. It has enjoyed exclusive huge profits in recent years. As competitors have been listed one after another, the company's performance reached its peak last year. It is predicted that the company's performance will decline in 2021, and the market share is expected to further shrink. . Among the product pipelines under development in the future, another bright spot is the quadrivalent influenza vaccine for children. Combined with the premium of new shares on the GEM, it is given a short-term valuation of about 30 billion. It is recommended to keep an eye on it. The risk of a breakout at the opening is not high and it is not recommended to subscribe.