not vested
CSPC PHARMA(1093)
Analysis:
For the six months ended 30 June 2019, the Group achieved a revenue of RMB11,178 million, representing a 27.6% growth year-on-year and profit attributable to shareholders of RMB1,878 million, representing a 24.8% growth year-on-year.
The finished drug business continued to achieve satisfactory growth in the first half of 2019 with sales reaching RMB8,766 million, representing a 36.8% growth year-on-year.
Innovative drugs, in particular, delivered a strong growth with sales reaching RMB6,149 million, representing a growth of 55.4%.
The R&D expenses in the first half of 2019 amounted to RMB942 million, representing a 68.5% increase year-on-year and accounting for approximately 10.7% of finished drug business revenue.
At present, there are more than 300 projects in the pipeline, of which 40 are new small molecule drugs and 30 are new target macromolecule biologics, primarily focusing on the therapeutic areas of cardio-cerebrovascular diseases, oncology, diabetes, psychiatry & neurology diseases and anti-infectives.
It is estimated that benefited from second round centralised procurement rule and heavy investment in R&D, the company would achieve a great result in the future.
Strategy:
Buy-in Price: $20.00, Target Price: $23.50, Cut Loss Price: $19.00
Source: Phillips