The public offering of “Yige” increased its position by 47 times, and the split listing and novel coronavirus vaccine helped Hualan bio to win

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The “epidemic” factor has come

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Previously, the highest single day single country record in the world was 310000 in the United States, but now, India is breaking this record every day

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This wave of Indian epidemic is heating up again, which may have a more severe negative impact on the economy, and will also affect the global industrial chain

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It may greatly affect some industries with high proportion in India, such as API in the pharmaceutical industry

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Due to the strength of generic drugs, India has the title of “world pharmaceutical factory”

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Apart from the United States, India and China are the two largest markets of global API supply, accounting for about 21% of the global industrial chain

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The worsening of COVID-19 in India will exacerbate global drug shortages, and some of the high price of API will continue

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Based on this, the A-share market also has positive feedback

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Minolta, which is engaged in the research and development of characteristic raw materials and finished products, has raised its limit for two consecutive days

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East Asia Pharmaceutical, which is engaged in the research and development, production and sales of chemical raw materials and pharmaceutical intermediates, has also raised its limit

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Obviously, the epidemic is coming again, and the market has begun to explore investment opportunities, but fundamentally, vaccines are the beneficiaries of long-term dividends

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And this wave of adjustment, many vaccine stocks are substantially adjusted, including some good opportunities

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Among them,   Hualan biology deserves investors’ attention

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Hualan biology, the worst is over

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From this wave of adjustment,   The range of Hualan organisms is obviously too large

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In addition to the substantial reduction of head funds, Hualan bio’s core business is still in the recovery period

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Blood products is the core business of the company, which is in the recovery situation

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In 2020, the volume of plasma collection will be about 1000 tons, which is basically the same as that in 2019

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The revenue of blood products business will reach 2.591 billion yuan, a year-on-year decrease of 1.99%; The gross profit margin is 57.12%, basically the same as 57.14% in 2019

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The global market of blood products will be affected by the epidemic in 2020, the amount of plasma collection will decline, and the prosperity of the industry will increase moderately in 21 years

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Institutions generally believe that the impact of overseas epidemic on imported enterprises’ pulp collection will be transmitted to China, and it is expected that it will gradually appear in 2021q1

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Under the continuous impact of supply and demand gap, domestic enterprises will be more and more vulnerable   Albumin has a strong price increase certainty, so we expect that with the gradual elimination of the impact of the company’s plasma collection gap, the company’s blood products business is expected to resume stable growth in 2021

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As a rapidly growing vaccine business, Hualan bio’s biggest bright spot in the future

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In 2020, the operating revenue of vaccine business will be RMB 2.421 billion, with a year-on-year growth of 132.1%

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The net profit of vaccine company will be RMB 925 million, with a year-on-year growth of 146% (net profit attributable to parent company is RMB 694 million), with a net profit rate of 38.21%

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In 2020, the proportion of vaccine revenue will be increased to nearly 50%, and the four prices will be increased   20.62 million influenza vaccines were approved and issued, with a net profit of nearly 700 million yuan

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According to the data of the Chinese people’s Procuratorate, in 2020, 20.62 million pieces of tetravalent influenza vaccine will be issued in batches (accounting for 61% of the total number of tetravalent influenza vaccine), 2.53 million pieces of trivalent influenza vaccine will be issued in batches, accounting for 40% of the total number of influenza vaccine issued in batches, which is the absolute leader in the field of influenza vaccine

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At present, the business cycle of Hualan biology is picking up, and the change of business structure brings the improvement of valuation system, which will undoubtedly increase the investment attraction of Hualan biology

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The fuse of “valuation expansion” is coming, and the fuse is coming soon

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On March 31, Hualan biological vaccine Co., Ltd

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(hereinafter referred to as “Hualan vaccine”), which has been inquired by the gem, renewed its prospectus again

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The IPO is planned to raise 2.5 billion yuan

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Ankang, the actual controller of Hualan bio, said that in the next three years, Hualan bio will gradually complete the listing of Hualan vaccine plate and Hualan gene plate, and finally realize the pattern of developing from one listed company to three listed companies

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At the same time, the novel coronavirus vaccine is also “billed.”

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On April 19, the company announced that the holding subsidiary Hualan vaccine and Russian “humanvaccine” (“HV company”) signed the “product technology transfer and production agreement”

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HV company transferred the production technology of sputnik-v novel coronavirus vaccine 5L / 200L cultivation scale to Hualan vaccine, and Hualan vaccine carried out the production technology development of 2500L cultivation scale on the basis of this technology, After the successful development of the production technology, HV company issued a commissioned production order to Hualan vaccine, with the order quantity no less than 100 million doses (50 million people)

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There is no doubt that sputnik-v is expected to contribute to a stronger performance elasticity, which also adds more certainty to Hualan bio

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As a matter of fact, in terms of new pneumonia vaccine, Hualan biological has made steady progress in several technical routes

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According to the disclosure of the company’s “development and industrialization project of new pneumonia vaccine”, the company plans to invest 796 million yuan in the development and industrialization project construction of new pneumonia vaccine

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The first phase of the project plans to build 80 million new pneumonia vaccine per year, The second phase of the project plans to build a new vaccine (recombinant human adenovirus 5 vector) with an annual output of 120 million

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Moreover, e-fonda, a small and medium-sized company managed by Zhang Kun, a “big brother” in public offering, increased its holdings of Hualan bio by 47 times in the first quarter, becoming the fourth largest position stock

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In addition, e-fonda’s high-quality enterprises have also entered Hualan bio in the past three years

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At present, Zhang Kun holds a total market value of 2.45 billion yuan

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As the current valuation of Hualan bio is around 40x, it is still in a reasonable position, and the recent fluctuations are more driven by the valuation, especially the segment valuation under the split listing

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In the context of the gradual implementation of the vaccine, the split listing of Hualan bio’s vaccine company will become the first fire..

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