Kang Hong Pharmaceutical (002773): Compaq Ship’s huge domestic and overseas efforts

Kang Hong Pharmaceutical (002773): Compaq Ship’s huge domestic and overseas efforts

The core product of Compaq Ship has huge market space and has entered a rapid volume phase.

The company’s core product, a new class of drugs, Compexcept, is an anti-VEGF fusion protein for neovascular fundus diseases. In 2013, after the success of ranibizumab and aflibercept, it was successfully marketed.

There is a huge domestic market for neovascular fundus diseases. Among them, 武汉夜生活网 wAMD, DME, RVO and CNV patients total more than 10 million. The current penetration rate is less than 2%, the market potential is huge, the penetration rate is increasing, and the future growth space is broad.

In 2017, the company passed the medical insurance negotiations and entered the medical insurance category B at a price reduction of 18%, which is the basis for heavy doping.

At present, three indications of WAMD, DME, and CNV have been approved in Composip, and RVO is in Phase III clinical trials. It is expected that the conversion of RVO will be approved, and the volume promotion will continue to accelerate.

It is expected that Compaq’s domestic preliminary estimate will reach 70 billion.

The overseas market has huge space, and we look forward to Compaq Global’s multi-center Phase III clinical trials.

At present, the company is conducting a global multi-center Phase III clinical trial of Compaqip, and it is conducting head-to-head trials with Abexyxab.Rabizumab and Abexipp have sold a total of nearly US $ 10 billion in global sales in 2018, excluding the Chinese market and overseas.The market size is about 9 billion US dollars, and the space is huge.

The overseas listing will further open up the growth space for Compaq Ship.

Traditional products have a good competition pattern and are expected to maintain steady growth.

The company’s traditional sector has maintained relatively stable growth. In 2018, due to the company’s internal marketing reform, the growth rate declined for the first time. The proprietary Chinese medicine sector saw a significant decline, and the chemical medicine remained stable as a whole. It is expected to be completed through the company’s marketing reform and the company’s storage.The generic drug products are gradually listed, and the traditional product segment will continue to contribute stable cash flow to the company and continue to support the company’s innovative drug research and development.

Covered for the first time and given a “Buy” rating.

The company’s EPS for 2019, 2020 合肥夜网 and 2021 is expected to be 0.

98 yuan, 1.

18 yuan and 1.

43 yuan, the corresponding growth rate is 23.

43%, 20.

34% and 20.

91%, corresponding PE is 34 times, 28 times and 23 times respectively, covering for the first time, giving a “buy” rating.

Risk Warning: Less than expected progress in innovation R & D, less than expected market expansion