Fosun Pharma (600196) Opinion for Q3 2019: Performance in line with expectations

Fosun Pharma (600196) Opinion for Q3 2019: Performance in line with expectations

Brief performance review yesterday, the company released the 2019 third quarter report, revenue 212.

2.8 billion, an increase of 17 previously.

01%, net profit attributable to mother 20.

6.4 billion, a decline of about 1 a year.

45% (gradual improvement); deduction is about 17.

22 ppm, a ten-year increase of 8.

twenty one%.

Performance has improved step by step, and Q3’s single-quarter non-homing profit growth has been even better.

Operational analysis The company’s performance was in line with expectations. Due to the changes in the fair value of some of the financial financing, the performance of Q3 was improved after deducting non-performance: the company’s revenue increased in the first three quarters by approximately 17.

01%, Q3 single quarter revenue growth rate of about 12.

3%, is expected to be due to Da Vinci’s business is no longer consolidated and the influence of drug users’ auxiliary drug varieties; the company’s return to motherhood in the first three quarters has gradually decreased by about 1.

45%, deducting non-attributed mothers grows by 8 per year.

21%, which is expected to be due to the progress of the disposal of the assets to be disposed of and the impact of changes in the fair value of some financial assets held.

980,000 yuan, a decrease of 1 over the same period last year.

5 trillion, the first three quarters of non-profit profit and loss in the decade fell by about 32.

07%, so Q3 single quarter non-performance 10 years growth of about 41.


The industrial sector performed better with steady growth, and Da Vinci’s robot sales increased faster than the previous quarter: the entire industrial sector is expected to grow steadily, Q3 single season febustat tablets, pitavastatin tablets, enoxaparin injections, and daptomycin and other productsSales maintained a better growth rate.

Based on the data from the sample hospitals, we expect that the varieties of auxiliary drugs will gradually stabilize, and the marginal attenuation of the impact of auxiliary drug replacement in the future is expected.

In terms of new varieties, trastuzumab has already submitted a listing application to CDE, and is expected to be listed in the early next year. At the same time, the variety will be submitted for European listing application; adalimumab biosimilars have been declared for production and are expected to be listed for sale in early next year.

In addition, Q3 single season is expected to gradually accelerate the installation progress of Da Vinci robots, Q4 and next year will gradually recover, and gradually complete the number of installed.

Fuhong Hanlin successfully entered the Hong Kong biotechnology sector, the scale of research and development expanded, and innovative drugs progressed smoothly: The company’s holding subsidiary, Fuhong Hanlin, successfully landed on the Hong Kong stock biotechnology sector on September 25. It is expected that the company holds Fuhong HanlinThe equity ratio is about 53.


In addition, the company’s R & D investment in the first three quarters was approximately 22.

5.3 billion, an increase of about 3 every year.

8.6 billion, a growth rate of about 20 in 北京桑拿洗浴保健 ten years.

7%, accounting for about 10.


At present, the company’s main platform in the field of new drug research and development is Fuhong Hanlin, Fuchuang and other research and development product platforms. The application of biosimilars is progressing smoothly and potential research varieties, such as PD-1 (Phase III clinical) and its combined drug program (Phase I clinical)), Anti-VEGF biosimilars (Phase III clinical), etc., clinical progress is smooth and the advancement speed is fast.

Earnings forecast and investment recommendations. Considering that the industrial sector is gradually stabilizing and the equipment sector is accelerating quarter by quarter, we give 1 to 2019-2021 EPS.



63 yuan, corresponding to PE estimates are 21 respectively.



7 times.

Risk 杭州桑拿 reminders: supplementary drug catalogues, medical insurance transfer product catalogues, volume purchases, and other impacts on performance risks; risk of research and development failure to meet expectations; risk of innovative drug launches falling below market expectations; and uncertainty of falling financial costs.