237 institutions surveyed!

During April, Jiankai Technology received surveys from 237 institutions, ranking third among biopharmaceutical companies on the Science and Technology Innovation Board with the largest number of surveyed institutions that mon.

(Source: Science and Technology Innovation Board Daily)

In this institutional survey, Jiankai Technology publicly confirmed LNP-related income for the first ti.

The delivery system is one of the core technical barriers of mRNA vaccin.

Jiankai Technology: The leader in the PEG segment, with high technical barriers and strong customer stickiness

Jiankai Technology: The leader in the PEG segment, with high technical barriers and strong customer stickiness

According to a report by Allied Market Research, the global polyethylene glycol-modified drug market was valued at USD 1388 billion in 2017 and is expected to reach USD 1813 billion by 202 As the most biocompatible synthetic polymer material, polyethylene glycol is recognized as one of the most advanced pharmaceutical macromolecular modification and drug delivery technologies in the wor.

Domestic polyethylene glycol-modified drugs started la.

Judging from the upstream polyethylene glycol and its derivatives industry, it is a market with unlimited growth potenti.

At present, the domestic polyethylene glycol and its derivatives industry has several characteristics:

At present, the domestic polyethylene glycol and its derivatives industry has several characteristics:

● Low-end products have low entry barriers, but high-purity products have high barriers, few manufacturers, and products are in short supply; ● There is still a big gap between the consumption structure of the domestic market and developed countries, and the application of high-end fields is lagging behind; ● The technical threshold of polyethylene glycol materials High, American manufacturers occupy more than 50% of the global market share, and only 5 domestic companies have production capacity;

As a domestic leader, what is the core competitiveness of Jiankai Technology?

As a domestic leader, what is the core competitiveness of Jiankai Technology?

● Under the precise molecular weight, the purity of polyethylene glycol raw materials and active derivatives can reach more than 99%, and the product performance is in a leading position in Chi.

The purity reaches more than 99%, and the product performance is in the leading position in Chi.

There are more than 600 kinds of products

● The prospectus shows that the company is in a leading position in the domestic pharmaceutical application field of polyethylene glycol derivativ.

two thirds two thirds

How is the customer stickiness?

How is the customer stickiness?

Some investors have noticed that Changchun Jinsai, once one of the company's important customers, is preparing to produce PEG by itself in order to cope with the pressure of centralized procureme.

On the one hand, the company's dependence on a single domestic customer has little impa.

On the one hand, the company's dependence on a single domestic customer has little impa.

Downstream customers usually do not easily switch PEG derivatives supplie.

Doubt: The stock price of overseas benchmark companies is sluggish, and the market space is concerned

Zhao Xuanzong, chairman of Jiankai Technology, once served as the director of Nektar's drug research and development department for a short time, which once made the market think that the company's benchmark is Nekt.

However, Nektar has also undergone a transformation in the development proce.

What propelled Nektar's stock price to its peak in 2018 was Nektar's collaboration with BMS on the research and development of the investigational drug NKTR-21 BMS paid Nektar an upfront payment of $85 billion, and Nektar would be eligible for an additional $78 billion Milestone payment; at the same time, both parties will share the global sales revenue of NKTR-214, with Nektar and BMS each accounting for 65% and 3

Another potential major benchmark is Japan's N.

Japan's NOF company provides polyethylene glycol raw materials and derivativ.

It is the world's largest supplier of polyethylene glycol materials for medical and pharmaceutical purposes, and does not involve in downstream drug developme.

In the past five years, Japanese NOF has been in a state of no growth (gross profit margin 36%, net profit margin 15%), and the price-earnings ratio is around 13 times, but the stock price has still doubled within a certain period of ti.

Therefore, Jiankai Technology actually does not have a clear or fully compatible benchmark in the wor.

As a rising star, the company has learned more from the experience of the above two and adopted a variety of business models to promo.

Jiankai has three revenue curves: 1) Cash flow - sales of medicinal polyethylene glycol and derivatives; 2) By authorizing customers to use the company's technology, obtaining license fees, sales share, e.

(such as Nektar based on the sales of its downstream customers Baxalta products Scale, collect 4-13% of global net sales from Baxalta, and supply polyethylene glycol derivatives to Baxal.

); 3) Self-developed pipelines, through subsequent pipeline transfers to obtain licensing fees, milestones, and sales share f.

Emerging application prospects: "Old medicine redone", mRNA, ADC, Protac

Emerging application prospects: "Old medicine redone", mRNA, ADC, Protac

In the PEG industry, we believe that there is no doubt about the market space in the short and medium term, and the future application prospects are being further develop.

We mentioned in yesterday's article "The Last Life-Saving Straw of Traditional Pharmaceutical Companies: Creating 8 Billion Explosives with 239 Million R&D Investments" that the "renovation of old drugs" for small molecule drugs has become a trend, and the core is delivery carrier technolo.

As one of the mainstream carriers, liposomes have disadvantages such as easy oxidative hydrolysis of lipid components, easy aggregation of liposomes, and easy removal of liposomes after entering the blood circulati.

Stereo-stabilized liposomes emerge as the times requi.

PEG molecules and phospholipid molecules are covalently bonded to form PEG-derivatized phospholipids, which can effectively protect liposomes and improve the physical, chemical and biological stability of liposom.

"Old drugs and new ones" of small molecule drugs have become a trend, and the core is the delivery carrier technolo.

Another method is to use PEG to couple small-molecule dru.

Nektar is developing a long-acting formulation of polyethylene glycol, NKTR-105, based on the paclitaxel analog, docetaxel, for the treatment of solid tumo.

Jiankai Technology has a related project: polyethylene glycol conjugated irinotecan, if the data is good, it will open up this huge market spa.

The vigorous development of mRNA vaccines has also injected surging momentum into the PEG indust.

According to the seller's calculations, if the mRNA vaccine enters the pre-marketing/commercialization stage, and only PEG liposome products are considered, it is expected that every 100 million doses of the mRNA vaccine is expected to bring in 20-30 million revenue from the corresponding pharmaceutical excipien.

Jiankai Technology can not only provide PEG lipids, but also more core cationic lipi.

In the field of conjugated drugs, the properties of the linker are particularly importa.

According to the management, 54% of international linkers in the PROTAC field use PEG linkers, and if some projects are successful, more new projects will be brought in; in the ADC field, Gilead’s listed product Trodelvy has achieved good sales (Linker contains PEG component), let the market realize the role of PEG in ADC, and more ADC linkers will use PEG in the futu.

The polyethylene glycol and derivatives industry has a promising market prospe.

Has the batting area arrived? Perspective Growth Logic

Has the batting area arrived? Perspective Growth Logic

From 2017 to 2021, the compound annual growth rate of Jiankai Technology's revenue and net profit attributable to the parent reached 407% and 71

In the future, how to maintain rapid growth of the company, from three levels to see the stability of the company's performance grow.

At the project reserve level, the company has gradually built a systematic "project funne.

Up to now, overseas new drug projects have 3 Phase III clinical trials, 7 Phase II trials, and about 20 Phase I and IND stages (compared to June 2021, 2 new Phase II clinical trials and around 10 Phase I/IND stages) ite.

In addition, there are more than a dozen device projects in the clinical or near-clinical stage, and one of the three-phase projects may be reported for production in the second half of the ye.

At the project reserve level, the company has gradually built a systematic "project funne.

In terms of production capacity release rhythm, the company currently has a production capacity of 20,000 tons, with a capacity utilization rate of 9
Liaoning Jiankai's production capacity is expected to be completed this year (12-20 tons, 6 times the current capacit.

It is worth noting that the gross profit margin of product sales in 2021 will increase by 72 percentage points from the previous year, due to the reduction in unit costs due to the company's production scale effe.

It is foreseeable that with the release of production capacity, the gross profit margin will show an upward trend, releasing more room for profit grow.

In terms of production capacity release rhythm, the company currently has a production capacity of 20,000 tons, with a capacity utilization rate of 9

At the level of new growth points , the management mentioned in the recent communication: "Although the two earliest mRNA vaccine projects in China did not participate, the company has contacted or has in-depth cooperation in other follow-up projec.

" Although the company's downstream mRNA vaccine cooperation The current demand for the company is not large, but with the continuous advancement of time, the company's related income will become a new performance explosion point in the futu.

new growth point

The share price of Jiankai Technology has experienced a sharp correction since December last year, and its market value is currently around 10 billi.

The overall deductible price-earnings ratio has dropped to a historically low level, and the 2022 dynamic price-earnings ratio is 40 tim.

Is it 40 times more expensive? Not expensive for a company with a long-term compound annual growth rate of 4

In addition, under the circumstance that performance growth can be guaranteed, the company does not have the risk of scarcity being subvert.

At present, none of the four domestic competitors has an IPO plan, and only Sinobanger has certain streng.

Conclusion: Jian Kai has taken advantage of "time, location, and people" in the PEG subdivision tra.

It depends on whether the company can convert these advantages into real performan.

Conclusion: