The gross profit rate has increased year by year in recent three years, and the sales expense rate is higher than the average value of comparable companies
In terms of revenue, in 2017, 2018 and 2019, the operating revenue of Sinochem was 194 million yuan, 278 million yuan and 327 million yuan respectively, mainly from peptide preparation and API sales, pharmaceutical research services and customized production.
According to the prospectus, the revenue of sannuo biological preparation from 2017 to 2019 was 58 million yuan, 129 million yuan and 190 million yuan respectively, mainly from the sales of carbetoxine injection, octreotide acetate injection, thymic injection, and atosiban acetate injection.
From 2017 to 2019, the revenue of sannuo biopharmaceuticals was 83 million yuan, 104 million yuan and 64 million yuan respectively, with an increase of 26.41% and – 38.27% in 2018 and 2019 compared with the same period of last year, mainly from the sales of bivalirudin, production of inhibin, thymopentin and other products.
The revenue of San Nuo biopharmaceuticals in 2019 is lower than that in 2018, which is mainly due to the failure of nvvectide and levosimendan in the bidding process of local government in Mexico.
In 2017, 2018 and 2019, the comprehensive gross profit margin of sinobio was 66.17%, 70.36% and 80.12% respectively, and the comprehensive gross profit rate increased year by year, mainly due to the increase in the proportion of pharmaceutical sales business income with higher gross profit rate in the operating income within three years.
Compared with some financial indicators of comparable listed companies in the industry in 2019, the situation is as follows. It can be seen that the sales expense ratio of sinobio is higher than the average value of comparable companies, and the asset liability ratio is slightly lower than the average level in the industry. The quick ratio is lower than the average value of comparable listed companies, and the solvency is weak.
The R & D cost rate is low, and RMB 349 million is mainly used for peptide API production line project
In terms of R & D, as of December 31, 2019, sinobio has 88 R & D personnel, accounting for 15.86% of the total number of employees. According to the prospectus, Sinochem has 25 invention patents (one of which has also obtained international patents).
In 2017, 2018 and 2019, the R & D investment of sinobio was 14 million yuan, 16 million yuan and 12 million yuan respectively, accounting for 7.44%, 5.64% and 3.55% of the operating revenue of the same period. The R & D expenditure in 2019 decreased by 29.24% compared with that in 2018.
The main reason is that the research and development of liraglutide API, tripatide, zikonotide and other projects completed the research and development of key contents in 2018, and entered the stage of clinical trial or review, and the R & D expenditure decreased accordingly in 2019.
Compared with the R & D proportion of comparable listed companies in the industry in 2019, as shown in the figure below, we can see that the R & D proportion of Sinochem is higher than that of KANGLONG Huacheng and lower than that of other comparable listed companies.
In terms of funds raised, this public offering of sinobio plans to raise 349 million yuan, which is mainly used for the production line project of 395 kg polypeptide API (186 million yuan), the technical transformation project of preparation industrialization (104 million yuan) and the upgrading project of Engineering Technology Center (58 million yuan)
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