Treasure Bio: Innovative company deeply cultivating recombinant protein drugs

Treasure Bio: Innovative company deeply cultivating recombinant protein drugs

Investment Highlights: Leading innovative drug research and development company in T-cell lymphoma treatment.

The company’s military innovative drugs are developed and sold. The products include the marketed anti-cancer drug sitabenamide (trade name “Epoxacin”), the insulin sensitizer Siglitastat sodium under development, and the anti-cancer drug Sioro.Nida et al., Of which Sidabenzamide was the first and only drug previously dedicated to the treatment of straddling T-lymphomas.

Due to the multiple rounds of financing before listing, the company’s shareholding was scattered, and the company’s founder Lu Xianping currently controls 31.

86% equity is the actual controller of the company.

In the past three years, the compound strength of income reached 48.

11%.

The company’s 2016-2018 revenue was 0.

85, 1.

11, 1.

48ppm, compound growth rate reached 48 in 2015-2018.

11%; net profit attributable to mothers is 5.4, 2591, 31.28 million yuan; net profit after deduction is 503, 11.30, 18.98 million yuan; cash flows from operating activities are 63.13, 510,23.84 million yuan; gross profit margins are97.

46%, 95.

24%, 96.

27%; R & D expenses are 2902, 3522, 42.1 million yuan, and capitalized R & D expenses are 2264, 3331, 403.8 million yuan, respectively. The total R & D expenses accounted for 61%, 62%, and 56% of revenue.

The company’s R & D expense ratio is significantly higher than that of comparable companies that have been listed on the A-share market, reflecting the characteristics of the company’s innovative drug R & D enterprises and the enthusiasm for introducing R & D.

The company has a strong innovative drug research and development platform and rich patent reserves.

The core intangible assets 西安桑拿 of innovative drug companies are the company’s R & D platform and patent reserves.

In terms of research and development platforms, the company has established a technology platform for drug screening using microarray gene chip technology (the company name is also derived from this platform), and has successfully developed innovative drugs such as cidabenzamine and sirononi.

As for patents, the company has obtained 59 internal and external patents.

In the future, the company will continue to develop innovative drugs based on this platform, and expand the indications of marketed products, such as cancer, such as cancer and non-small cell lung cancer, to increase revenue.

The company selects the “Listing Rules for Science and Technology Innovation Board” 2.

1.

2 The first condition is used as the criteria for applying 南宁桑拿 for listing, and it is recommended to use DCF method or P / S method to estimate.

In 2018, the company’s net profit attributable to its parent was 31.28 million yuan, and its operating income in 2018 was 1.

48 trillion, the expected market value is not less than 10 trillion, so the company complies with the “Listing Rules for Science and Technology Innovation Board” 2.

1.

2 The first condition: The market value is expected to be not less than RMB 100,000, the net profit in the latest year is positive and the operating income is not less than RMB 100 million.

We believe that for innovative drug companies, the DCF method should be used for each indication of each drug, and then the total method can be used. It can also invest 2-4 times in the future for each indication of each drug.P / S estimation, and finally sum up to get the company’s estimation.

For specific methods, please refer to our research report “Estimation Methods for Science and Technology Innovation Boards · Innovative Drug Companies-NPV Value and Revenue Value of the Pipeline in Research, Taking Fudan Zhangjiang as an Example”, released on March 20, 2019.

risk warning.

R & D progress is lower than expected risk; multiple concentrated risks of downstream customers

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