Printing and issuing of the 13th five year plan for Biotechnology Innovation

[policies and regulations of China Pharmaceutical network] recently, the Ministry of science and Technology issued the "13th five year plan" for biotechnology innovation, proposing to build 10-20 biomedical professional parks with an output value of more than 10 billion and 5-10 biomedical professional parks with an output value of more than 10 billion; the proportion of Biotechnology industry in GDP is more than 4%, further improving the competitiveness of biotechnology industry (photo source: Baidu photo) the 13th five year plan for the development of biological industry proposed that by 2020, the scale of biological industry will reach 8-10 trillion yuan, becoming the leading industry of national economy Driven by the two vote system, consistency evaluation, priority review and other new drug policies, the trend of biomedical market to focus on the leader is very obvious in the future As the core strength and subdivision leader of the industry, listed companies will maintain the growth rate beyond the industry for a long time   Gene sequencing: develop a new generation of gene sequencing technology, pay attention to the application of single molecule technology and the analysis and interpretation of sequencing data; develop single cell separation, genome amplification, transcriptome amplification and single cell genome analysis technology; develop single molecule detection, fluorescence in situ hybridization and noise reduction technology of biological macromolecules; develop protein sequencing technology and new mass spectrometry And microfluidic chip technology; develop gene and protein measurement technology, promote the development of biological detection technology to micro, trace, single molecule, high-throughput and other directions Brain science: brain science and brain like artificial intelligence In order to study the structure, function and working principle of brain, we should develop the techniques of mapping brain connection map, real-time recording and regulation of neural network activity, neuron type and specific neural loop structure and function analysis At the same time, we should develop the screening and analysis technology of the causes of cognitive dysfunction brain diseases, develop the prevention, diagnosis and treatment products of cognitive dysfunction brain diseases, and change the diagnosis and treatment status of related brain diseases Develop the neural network computing, processing and storage technology based on the working principle of brain, as well as the new generation of intelligent technology such as microprocessor and equipment such as neural network chip and neuron sensor, brain computer interaction, etc., develop brain like artificial intelligence devices and robots, promote industrialization, and develop intelligent social service technology and platform system Nanobiotechnology: nanobiotechnology To carry out research on the targeting and delivery system, nano effect evaluation, drug formation, biocompatibility of nano materials; to develop new nano biomaterials for biomedical detection and diagnosis, drug treatment, biosafety and other fields; to carry out research on nano biological devices, such as nano biosensor and imaging technology and micro intelligent medical devices Stem cells: stem cells, biomedical materials and regenerative medicine Focus on the basic research and transformation of stem cells, strengthen the cross integration of stem cells, biomedical materials and tissue engineering, guide the technical upgrading of China's biomedical materials industry and the standardized clinical application of new treatment methods such as cell therapy; research and develop new generation of vascular stents, nerve repair catheters, bone tissue artificial repair materials and other products to promote tissue engineering Application transformation of products and biological 3D printing products Related concept unit: Panoramic life: the leader of clinical detection of the whole course of tumor focuses on the in vitro detection reagent supplier of clinical detection of the whole course of tumor The company has 114 medical device registration certificates, which are mainly concentrated in the fields of exemption diagnosis and molecular diagnosis with high technical threshold, forming a product pattern of "clinical detection products for the whole course of tumor, supplemented by other clinical detection fields", covering all links of the whole course of tumor "disease free screening, auxiliary diagnosis, personalized medication, prognosis and efficacy detection", covering more than 3 terminals Most of them are tertiary hospitals The growth rate of in vitro diagnosis industry is high, and the potential of subdivisions is huge The market space of in vitro diagnosis industry in China is over 30 billion, in which the market share of immunodiagnosis field is large and the growth momentum of molecular diagnosis field is fast The company's main products, tumor marker detection reagents and HPV typing detection reagents, are suitable for the diagnosis and treatment of tumors, with great clinical significance and huge market potential High speed business development, outstanding performance In recent years, the company is in the stage of rapid development The gross profit margin and growth rate of in vitro diagnostic reagent business are higher than the industry average From 2012 to 2016, the compound growth rate of the company's operating revenue was 47.60%, and the compound growth rate of net profit attributable to the parent company was 63.69% Profit forecast: it is estimated that EPS of the company in 2017-2019 (calculated by issuing 15 million new shares): RMB 2.08, RMB 2.86 and RMB 4.16 respectively Considering PE level of comparable companies, industry cycle and profit growth of the company, PE of the company will be given 35-40 times in 2017 Guanhao biology: huidiesen, artificial cornea and benzenomod bring new growth period to the leading domestic biomaterial company, replacing the old and new types of dural (spinal) film patches The company has developed bio type and B-type dural (spinal) patch, thoracic and general surgical repair film, sterile bio protective film, breast patch, acellular corneal graft, etc on the animal derived biomaterial platform Among them, biological dura mater patch exceeds Johnson & Johnson and Braun in terms of market share in China In 2016, the revenue, net profit and net profit after deduction were 313 million, 65 million and 49 million, up 38.30%, 3.16% and - 8.15% Excluding Zhuhai Xiangle (holding 100%) from the consolidated statement of revenue and net profit of 69.8 million and 21.05 million since September, the revenue and net profit of the old main business increased by 7.44%, - 30.06%, and the reasons for the obvious decline of net profit are as follows: 1) the acquisition of Zhuhai Xiangle and the replenishment of capital required for daily operation led to the increase of financial expenses by 9.9344 million; 2) the acquisition of R & D subsidiaries and associated enterprises resulted in a total loss of 10.9027 million; 3) breast patch and ICP Sales expenses increased by 1973.80 million due to the promotion of agents and cell businesses In the past 16 years, the main products of the company's old business are dura (spinal) film patch biological type, B type and thoracic general surgical repair film, with revenues of 173 million, 09 million and 14 million respectively, accounting for 71.24%, 3.71% and 5.59% of the revenues after Xiangle deduction, a year-on-year increase of - 3.47%, 56.75% and 64.97% At present, the company gradually replaces the biological type with the B type whose bidding price is about 25% higher in the same sales system It is expected that the dura (spinal) film patch will be followed up Maintain the growth rate of about 10% Zhuhai Xiangle was acquired to build an eye product line of intraocular lens and keratoprosthesis In 2015, there were 1.67 million cataract surgeries in China, and it is estimated that the number of cataract blind people in China will reach more than 5 million in 2020 The CSR in developed countries has exceeded 9000 cases / million people / year, and that in China has reached 1351 cases / million people / year in 15 years The gap between China and developed countries is large, and the market capacity is huge Zhuhai Xiangle's agent in China, Ariel intraocular lens of the United States, started to sell the Lucia series intraocular lenses under chase in 2016 According to the estimation of cataract surgery, the company's market share is about 16%; its revenue and net profit in 2016 are 184 million and 52 million respectively, and the company's gambling in the next 17 years is 67.6 million At present, there are more than 4 million patients with corneal blindness in China It is estimated conservatively that there are more than 100000 patients who need lamellar keratoplasty, and the total number of keratoplasty is about 5000 every year There is a huge market space for keratoprosthesis In 2016, youdeqing, 49.33% of the company's shares, was approved as an artificial cornea based on the treatment standard of blindness removal and rehabilitation At present, it is in the stage of clinical promotion In 2016, nearly 39 cases of corneal transplantation were carried out in more than 10 provinces, including Guangdong and Fujian, with a terminal price of 2 million pieces Youdeqing will share Zhuhai Xiangle's mature ophthalmic sales channels and systems, and help cornea grow rapidly It is expected that the company will expand to ophthalmic medicine in the future It is planned to acquire huidiesen, and the profit supports the academic promotion of artificial cornea and benzenomod: the main products acquired through non-public offering are huidiesen of raoxiceph sodium, with a revenue of 490 million and a net profit of 128 million in 2016; IMS expects the market terminal scale of 2.422 billion in 2016, with a year-on-year growth of 35.30% 17 year performance commitment is no less than 160 million Beijing Wenfeng, a company with 5% shares and a majority shareholder holding, has a class 1 new drug benamode cream for the treatment of psoriasis, which is approved soon The curative effect is better than that of the positive control carbotriol, and the recurrence rate is low after the withdrawal of the drug, and the remission period is long after the cure At present, there are 6.5 million psoriasis patients in China, with the medical treatment rate less than 20% The curative effect and dosage form advantages of benamode, as well as the strong sales ability of huidiesen Li, will share a huge market share As a domestic biomaterial company, it has gradually expanded the market of medicine, artificial cornea and benzenomod It is predicted that in 18 years, whitison will start to consolidate the table, regardless of artificial cornea and benzenomod, and the EPS in 17-19 years is predicted to be 0.46 yuan, 1.03 yuan and 1.28 yuan, corresponding to PE of 57 times, 25 times and 20 times, and 30 PE will be given for 18 years Lizhu group: the first quarter's performance was better than expected, and the year of the end of equity incentive was expected to be over fulfilled Lizhu group (000513) released the first quarter report of 2017 In the first quarter of 2017, the company's operating revenue was 2.126 billion yuan, an increase of 21.80% year on year; the net profit attributable to the shareholders of listed companies was 275 million yuan, an increase of 19.51% year on year The net profit attributable to shareholders of listed companies deducting non recurring profit and loss was 238 million yuan, up 25.90% year on year The EPS is 0.65 yuan The first quarter's performance is better than expected, and the year of ending equity incentive is expected to be over fulfilled: the first quarter's revenue of the company is 2.126 billion yuan, with a growth rate of 21.80%, net profit of 275 million yuan, with a growth rate of 19.51%, net profit of 238 million yuan, with a growth rate of 25.90%, exceeding the market expectation 21.80% of the company's revenue growth shows an accelerated trend, faster than that of the whole year last year (15.58%), which is mainly driven by the continuous improvement of API sector and the ultra-high growth rate of second-line varieties In terms of sub sectors: prescription drug sector: according to the terminal data of sample hospitals, the company's prescription drug sales continued to grow in the first quarter, continuing the high growth rate in the early stage Among them, the growth rate of Shenqifuzheng is about 5% (affected by the price reduction), that of eprazole in the second-line digestion field is 40-50%, that of rat nerve growth factor in the nerve field is 40-50%, and that of gonadotropic field is about 20% The growth rate of leuprorelin is significantly higher than that of last year, and that of other varieties is stable API sector: in the first quarter, the positive trend of API is still obvious, the growth rate of acarbose is about 25-30%, and it is judged that the growth of API in the whole year is sustainable (there are new products getting FDA certification + production capacity is far from the upper limit) Since 2016, API companies have improved significantly Lizhu group Ningxia Fuxing Pharmaceutical Co., Ltd has lost 42.58 million yuan in 15 years and turned a loss in 16 years The company has established API business division, fully integrated and improved the competitiveness of API The main reason for profitability in 2016 is the full utilization of idle capacity, and the second is the change of product structure Acarbose, lincomycin, berberine, Mevastatin, mycophenolic acid and other high margin products dominate At the same time, in the process of integration, the development and certification of API standard market have been speeded up By the end of last year, the company had more than 20 projects certified, and FDA had 11 certifications Standardizing market price has certain advantages and stable sales Financial indicators: the company's sales expense rate is 40.18%, down slightly from 40.27% in the same period last year; the management expense rate is 8.77%, up 0.56pp from 8.21% in the same period last year The company's operating cash flow in the first quarter was 258 million, an increase of 86.38% over the same period last year, and its comprehensive gross profit margin in the first quarter was 65.62%,