Tasly (600535): a steady ending in 2018

Tasly (600535): a steady ending in 2018

2018 results increased by 12.

25%, the first quarter of 2019 performance increased by 20.

64% of the companies announced the 2018 annual report with revenue of 179.

90 ppm, an increase of 10 years.

78%; net profit attributable to mother 15.

45 ppm, an increase of 12 in ten years.

25%; net profit after deduction to mother 13.

44 ppm, a 10-year increase2.

13%, the company’s operating net cash flow is 14.

0.94 million yuan, an increase of 287 in ten years.

75%, a marked improvement.

The company also announced the first quarter report for 2019, with revenue of 45.

71 ppm, an increase of 15 in ten years.

66%; net profit attributable to mother is 4.

48 ppm, an increase of 20 in ten years.

64%; net profit after deduction is 3.

96 ppm, an increase of 10 in ten years.

28%, net cash flow from operations 2.

58 ppm, an increase of 70 in ten years.


The company’s annual report last year and the first quarter of 2019 basically met market expectations.

Core Chinese medicines are relatively stable, and biopharmaceuticals continued to grow rapidly in 2018.

27 ppm, an increase of 4 per year.

59%, gross margin increased by 1.

57% to 75.


Of which Chinese medicine income is 53.

58 ppm, a ten-year increase of -0.

20%, gross margin increased by 1.

25% to 75%.

63% is expected to be relatively stable every year.

Revenue from chemical agents 15.

00 ppm, an increase of 14 in ten years.

54%, Tiqing is expected to grow at about 15%.

Biopharmaceuticals boosted their revenue to 2 with the push of Puyouke.

280,000 yuan, an increase of 129 in ten years.

58%, gross margin increased by 23.

83% to 70.71%, mainly due to the substantial increase in Puyouke’s output has brought about a reduction in unit production costs.

The company’s commercial revenue in 2018 was 107.

78 ppm, an increase of 17 in ten years.

07%, gross profit margin increased by 1.

75% to 10.


The company further optimizes its business structure, enhances the terminal sales capabilities of retail chain drug stores, and vigorously promotes the replication of chronic disease management and pharmaceutical value-added services in other provinces and cities to promote the continued growth of pharmaceutical business.

The company’s pharmaceutical industry revenue in the first quarter of 201916.

50 ppm, an increase of 10 in ten years.

38%, of which Chinese medicine revenue increased by 3.

41% to 11.

3.7 billion, chemical and pharmaceutical growth 30.

78% to 4.

3.4 billion, biological drugs increased by 23.

17% to 0.

62 trillion, on the whole, revenue growth in the first quarter of 2019 has clearly improved compared with 2018.

Revenue from pharmaceutical business 28.

82 ppm, an increase of 17 in ten years.


In the field of Chinese medicine, the company has continuously strengthened the secondary development of large varieties, and its products have been used in the prevention, treatment and rehabilitation of cardio-cerebrovascular diseases in series.

The company continuously innovates the academic marketing of large products such as Dandi, complies with the tiered diagnosis and treatment policy, strengthens the sinking of precision marketing channels, and promotes the broad coverage of the primary medical market development, which is conducive to further improving product penetration.

The company actively explores the potential of Dandi, and advances Dandi’s development in new indications such as diabetic retinopathy and acute altitude sickness.

Among them, Dandi has been approved for military special needs for preventing and alleviating acute altitude sickness indications. The supplementary sugar net indication has been declared for production. At the same time, the company actively promotes the internationalization of Dandi: Compound Danshen Diwan FDA project T89 for the treatment of chronic stable angina pectoris.The confirmatory test ORESA has been approved by the FDA-SPA protocol for the special review of the approval letter; the prevention and relief of acute altitude sickness indications has also received FDA clinical approval, and clinical studies in the United States are currently underway.

In the future, the company is expected to open up new growth space by continuing to dig deeper into the value of Dandi.

In the field of biopharmaceuticals, the company expanded the coverage of the grassroots market and strengthened academic marketing in order to promote the growth of Puyouke’s volume and actively promote Puyouke’s indications to expand from myocardial infarction to cerebral infarction and pulmonary infarction.

The clinical stage of stroke has entered stage III, and the clinical progress of stage II of acute pulmonary embolism is progressing smoothly.

Adhering to the “Four in One” R & D model, companies that continue to conduct high R & D implementation of the “Four in One” R & D model, keep up with international 杭州桑拿 cutting-edge technologies through independent research and development, product transformation, cooperative research and development, and investment market licensing priorities in multiple ways.The breadth and depth of the product pipeline.

In 2018, the company’s R & D fundraising reached 12.

20,000 yuan, accounting for 16.7% of the pharmaceutical industry’s revenue


In addition to traditional Chinese medicine and Puyouke, the company also has more than 10 products in its biopharmaceuticals. R & D such as Anmeimu monoclonal antibody is progressing smoothly. At the same time, it actively promotes Shanghai Tasly’s listing on H shares.

The company also invested in Paige Bio (getting the market priority of long-acting GLP-1 analogues), and its wholly-owned subsidiary invested 50 million yuan to support the industrialization 无锡桑拿网 of Jian Ya Bio-Replacement Analogues and obtain related products like Jian Ya in ChinaSales priority in mainland China.

Through the “Four in One”, the company has laid out cardio-cerebrovascular, diabetes metabolism, cancer and other disease areas; helping the company to transform from a modern Chinese medicine company to a biopharmaceutical, traditional Chinese medicine, and chemical comprehensive innovative medicine company.

We are optimistic about the company’s continued layout in the innovation field. We maintain the buy rating and expect the company’s EPS to be 1 in 2019-2021.

18, 1.

37 and 1.

63 yuan (considering that the 2018 performance was slightly lower than our expectation, the profit forecast was slightly revised down, 19/20 was -3 from the last change.

4% /-4.

3%), corresponding to PE is 19, 16, 14 times.
We are optimistic about the development of Puyouke and the steady growth of Dandi, optimistic about the continuous implementation of the company’s “Four in One” results, and the company’s continued in-depth strategic layout of the big biopharmaceutical innovation platform, and maintain a buy rating.
Risk warning: Dandi ‘s sales and indication expansion exceed expectations, Puyouk ‘s marketing progress, indication expansion progress is gradually expected; “Four in One” layout related projects are gradually expected