Shengnuo biotechnology: 11 institutions including Tianfu Hedge Fund Institute and Jinfeng Yinfan investment investigated our company on December 14
December 15, 2021 (688117) the announcement said: Liu Bin, Xu Han, Liu Xiaohua of Tianfu Hedge Fund Institute, Wang Linglan of Jinfeng Yinfan investment, Lu Jiapeng of Dongfang Fortune Securities, Wang Huifang of CAITONG Securities Co., Ltd., Zhang Ying of Shanghai Zhangying Investment Management Co., Ltd., Xu Liang of Chengdu Nongbao Digital Technology Co., Ltd., Lai Jiao of Tianfu Third Street Business Department of CSC securities, and Sichuan Branch of CSC futures Liu Jie, Lu Li of Industrial Bank Chengdu branch high tech Zone sub branch, Shang Yu of Chengdu gaoshengqiao East Road Business Department of Great Wall Guorui securities, Xu Huanjun and Liao Yu of Beijing Fengrun Hengdao Private Fund Management Co., Ltd. investigated our company on December 14, 2021.
Main contents of this survey:
Q: the enterprises with a certain scale in the polypeptide industry in the world are mainly professional enterprises that have been deeply engaged in the polypeptide field for many years, and only a few cdmo giants have cross-border participation; In China, your company has developed in the field of peptides for many years. Please introduce what advantages you have in technology research and development and how to maintain competitiveness?
A: through years of development, the company has mastered a number of core technologies required for polypeptide drug production. It is one of the few enterprises in China that can produce a variety of polypeptide APIs on a large scale. Through independent research and development, we have mastered the independent core technologies of peptide synthesis and modification, such as long-chain peptide coupling technology, large-scale production technology of monosulfide cyclic peptide, multi pair disulfide cyclic peptide synthesis technology, fragment condensation technology, polyethylene glycol modification technology and fatty acid modification technology, and successfully solved the technical bottleneck of large-scale production of multiple peptide API varieties. The company applies various core technologies to the R & D of polypeptide APIs and preparations, pharmaceutical research services of polypeptide innovative drugs and customized production services of polypeptide products.
Combined with rich experience in process route design, the company makes the crude products of the prepared APIs have high purity, ensures high purity and total yield after purification, and effectively reduces the production cost, It solves the problem of batch production of many API products and realizes the commercial application of drugs. At present, the company has 32 invention patents (one of which has obtained international patents at the same time). In addition, the company also has a large number of non patented technologies, mainly drug production formulas and corresponding production and processing processes. At the same time, the company has a professional and stable scientific research team and rich experience in R & D and industrialization of process technology in the field of chemical synthetic peptides. At present, the company has 125 technicians in research, accounting for the total 20.39% of the proportion.
Q: the company’s net profit in the third quarter of 2021 was about 19.02 million yuan, mainly due to the increase of API sales The net profit of the interim report decreased compared with the same period of last year. The reason is that the orders for cdmo services gradually entered the review stage in 2020, which needs to occupy the API GMP production workshop to produce API under GMP conditions to meet the review requirements of customers. As a result, the API production arrangement is limited in the first half of 2021, resulting in insufficient production capacity and orders can not be delivered on time Then, if cdmo orders occupy the API GMP production workshop, resulting in limited API production arrangements, how can the company deal with it? What is the current status of cdmo orders?
A: in the first half of the year, the company occupied more API GMP production workshops due to cdmo service orders, resulting in limited API production arrangements and insufficient production capacity. In view of this situation, the company actively adjusted and optimized the arrangement of API production line in the second half of the year, and accelerated the construction of capacity expansion production line, so as to meet the current production order demand of API to the greatest extent. At the same time, the company is constantly increasing its R & D efforts and promoting the cdmo service order process in an efficient and orderly manner, so as to meet the order demand of cdmo services to the greatest extent.
Q: some of the company’s generic APIs that are difficult to synthesize have been exported to Europe, America, India, South Korea and other international markets. In the post epidemic era, will the company increase its efforts to undertake orders from overseas customers and continuously improve overseas revenue?
A: the company has been committed to enriching the product line of polypeptide API, selecting polypeptide generic drugs with large market capacity and strong market competitiveness at home and abroad for R & D, maintaining the competitiveness in the field of polypeptide drug market at home and abroad, and continuously expanding the overseas sales market while meeting the needs of domestic API customers, so as to maintain the company’s long-term profitability.
Q: what are the drugs that have entered the national centralized procurement at present? What impact does centralized purchase have on the company?
A: so far, the company has only entered the centralized purchase of drugs, and its sales account for a small proportion of the company’s overall operating revenue, so it has little impact on the company so far.
Q: in recent years, the market has paid great attention to CXO enterprises, such as kailaiying, KANGLONG Huacheng, boten Co., Ltd As a potential growth point of the company’s performance in the future, what are the opportunities and challenges for the company to develop cdmo business?
A: with the R & D of polypeptide drugs included in the national major special implementation plan for science and technology of “major new drug creation” and important industrial development documents such as made in China 2025, new development opportunities have been given birth to the industry. The pharmaceutical policy reform clearly encourages the R & D of innovative drugs, and with the introduction of the drug listing holder system, it has stimulated domestic R & D institutions With the innovative vitality of scientific researchers and small pharmaceutical enterprises, polypeptide drugs have become the focus of new drug research and development of small domestic science and technology companies with the advantages of small toxic and side effects and great potential, which not only brings opportunities for the development of polypeptide drug cdmo business, but also brings broader market prospects for the company to develop polypeptide cdmo business.
Since its establishment in 2001, the company has provided cdmo services such as small-scale test, pilot test, process R & D and customized peptide production for domestic peptide pharmaceutical enterprises and R & D institutions as the company’s main business. In this process, the company has established a whole process R & D pipeline and a whole industrial chain platform including GMP API and preparation production lines, That is, “customized polypeptide pharmaceutical research API preparation” to meet the market business needs in an all-round way. At the same time, new polypeptide substances are constantly discovered, and there is a broad space for innovation and R & D.
while welcoming market development opportunities, the company needs to continuously improve its core R & D technology, so that the polypeptide drug cdmo service closely follows the cutting-edge of polypeptide drug R & D and production technology at home and abroad, and maintains the company’s core competitive advantage.
Main business of Shengnuo biotechnology: independently research and develop, produce and sell polypeptide API and preparation products with large market capacity and strong competitiveness at home and abroad. At the same time, relying on the technical advantages in the field of polypeptide drug research and development and large-scale production, the company provides polypeptide innovative pharmaceutical research services for pharmaceutical enterprises at home and abroad Customized production services for polypeptide products and technology transfer services for polypeptide drug production. In addition, the company also provides the processing of small molecular chemical levosimendan preparation and the production, export and sales of levosimendan API.
According to the third quarterly report of Shengnuo biotechnology in 2021, the company’s main revenue was 279 million yuan, a year-on-year increase of 3.03%; The net profit attributable to the parent company was 43.0339 million yuan, a year-on-year increase of 3.31%; Deduct non net profit of 41.1422 million yuan, of which the company’s main revenue in the third quarter of 2021 was 85.4829 million yuan in a single quarter, a year-on-year decrease of 10.19%; The net profit attributable to the parent company in a single quarter was 19.0249 million yuan, a year-on-year increase of 83.9%; The non net profit deducted in a single quarter was 18.3521 million yuan, the debt ratio was 15.51%, the financial expenses were -2.513 million yuan, and the gross profit margin was 74.78%.
The stock has no agency rating in the last 90 days. In the past three months, the net financing outflow was 4.7941 million, and the financing balance decreased; The net outflow of securities lending was 673900, and the balance of securities lending decreased. According to the securities Star valuation analysis tool, Sano bio (688117) has a good company rating of 2.5 stars, a good price rating of 0.5 stars and a comprehensive valuation rating of 1.5 stars. (rating range: 1 ~ 5 stars, up to 5 stars)