Yiling Pharmaceutical (002603) Research Brief: Modern Chinese Medicine Steady Advancement of Chemicals Business Brings New Growth Points
Core Views The core products have been confirmed by clinical medicine, and the adjustment of the medical insurance catalog has opened up room for growth.
Guided by the theory of collateral disease, the company is a leading modern Chinese medicine company. Its products mainly pass evidence-based medical tests and are widely recognized by clinical experts. Among them, Tongxinluo Capsule, Shensong Yangxin Capsule, Quantum Qiangqiangxin Capsule, and even花清瘟胶囊\颗粒、津力达颗粒均进入了18 版国家基药目录，在19 年新版医保目录调整中，通心络胶囊、参松养心胶囊、芪苈强心胶囊、养正消积胶囊、连花清瘟胶囊\颗粒、津力达颗粒、夏荔芪胶囊均进入了最新目录，与旧版目录的变化是芪苈强心胶囊由医保乙类调整到甲类，参松养心The scope of clinical use of capsules has been expanded, which can be said to have brought new volume to the company’s products. Among them, the scattered Qiangqiangxin capsules still maintain rapid growth and are expected to become the company’s new heavy products in the future.
The theory of collateral disease constitutes the company’s core competitiveness, and the modernization of traditional Chinese medicine is the only way.
The theory of collateral disease and its clinical application research focus on systematically studying the incidence, pathogenesis, dialectics and treatment of collateral disease. At present, it is a key discipline of “colonopathy” of the State Administration of Traditional Chinese Medicine, which has formed a new field to guide the treatment of refractory diseases.
The company has established a four-level collateral disease theory promotion system, which has established a good platform for the academic promotion of collateral disease theory, which is conducive to the widespread application of Tongluo drugs.
At the same time, the company actively carried out evidence-based medical research on the patented products that have been listed, and the accumulated clinical data has created a preventive basis for Tongluo Drugs to be selected as a guide for related diseases.
The company’s core varieties have entered the latest medical insurance catalog and have been treated with a number of related disease treatment guidelines, representing the recognition of Tongluo medicine by doctors and experts.
At the same time, in the context of stifling the development of traditional Chinese medicines in general, the company’s general segmentation of medical insurance also shows that the development of Yiling is very in line with national policy guidance, and the modernization of traditional Chinese medicines will be the only way.
The chemical medicine business has laid a good foundation and gradually entered the harvest period.
In terms of chemical medicines, the company has formulated a three-step development strategy of “transfer processing and cutting-in dual generic international and domestic registration-patent new drug R & D, production and sales”. At present, the company has successfully delivered 9 ANDA applications to the FDA, of which 5The product has been approved, and domestic filings have gone hand in hand. Currently, three products have been reported to the CFDA. Among them, felodipine sustained-release tablets and acyclovir are overtaken by priority review. Filodipine is expected to be listed before the end of the year.
At the same time, the company also increased the research and development of a new class of drugs at the same time, and has now included a number of chemical class one new drugs in cooperation in research and development, of which aniprofen injection has entered the Phase 2 clinical.
With the continuous advancement of the company’s chemical medicine business, it will become a new growth point for the company in the future.
The investment proposal estimates that the company’s EPS for 2019-2020 will be 0.
57\0.67\0.79, corresponding to the company’s closing price of 11 on September 17.
47 yuan, PE is 20 for 2019-2020.
12\17.12\14.52. Maintain the “overweight” rating.
There are risk policy risks, 成都桑拿网 drug price reduction risks, research and development risks, and the risk of foreign business advancing below expectations.