【行业研究报告】卫信康-卫信康:深耕高壁垒制剂,差异化赛道领导者

类型: 深度研究

机构: 东吴证券国际经纪

发表时间: 2022-12-01 00:00:00

更新时间: 2022-12-01 22:11:10

Keywords:#thesecondcurve
InvestmentThesis
◼Mainthesis:Weixinkang(WXK)Medicinefocusesonhigh-barrierpreparationswitha
◼Mainthesis:Weixinkang(WXK)Medicinefocusesonhigh-barrierpreparationswitha
benigncompetitivelandscape.12kindsofinjectionmultivitaminswereincludedin2021
NationalReimbursementDrugList(NRDL),whichwasenforcedfromearly2021,leading
toexpansionofreimbursementscopeandcorrespondingmarket.Thelaunchandsales
ramp-upofnewproducts,includingmultipleTraceElementInjectionand13kindsof
pediatricmultivitamininjection,ensurehighvisibilityofgrowthandsustainability.
◼MultipleTraceElementInjection(MTEI),atraceelementsupplementcontaining10
traceelements,isdesignedandsuitableforparenteralnutritiontreatmentofpatientsin
generalsurgery,ICU,oncology/radiologypsychiatricsurgery,cardiothoracicsurgery,
burnsdepartment.Astheonlydomesticproduct,MTEIenjoysafavorablecompetitive
landscape,withLABORATOIREAGUETTANTbeingtheonlyavailableproductofsame
genericname.In2021,theterminalrevenueofMTEImarketreachedRMB1.4bn(+34%
yoy).Theproductsawarapidsalesgrowthin2021/22H1,withrevenueofRMB55/84mn.
MTEIwasapprovedandimmediatelyincludedNRDLin2020,andweexpectittoachieve
rapidsalesgrowthbyreplacingMTEI(II).WeforecastthesalesofMTEIin2022-2024to
reachRMB220/440/700mn(+300%/+100%/+60%yoy).
◼12vitaminsforinjection(12v)aremainlyusedforclinicalsupportofpatientsattherisk
ofvitamindeficiencyduringperioperativeperiod,burns,liverdisease,hospitalizationfor
chronicdiseases,etc.Bytheendof2020,12vwasincludedintheNRDLandcanbe
reimbursedin10+additionalprovinces.12vwascoveredbynearly1600/2000hospitals
in2021/22H1,andthecompanywouldcontinuetofocusonthesalesof12vandenlarge
itshospitalcoverage.WithBaxter(imported)beingtheonlycompetitor,12venjoysa
benigncompetitivemarket.WeexpectWXKMedicine'sservicerevenue(mainly
contributedby12v)in2022-2024toreachRMB1/1.2/1.42bn(+38%/+20%/+18%yoy).
◼Launchofnewproductsincludingvitamins,electrolytes,aminoacids.Multivitamin:
13vitaminsforchildren’sinjection(Children’s13v)arethefirstimitationandexclusive
domesticproductinChina,whichwasapprovedin2018withnosimilarimportedproducts
availablesofar.Salesofchildren's13vreachedRMB30/20mnin2021/22H1.
Multivitaminforinjection(13)wasapprovedinAug2022.Aminoacids:compoundamino
acidinjectionforchildren(19AA-I)andcompoundaminoacidinjectionforadults(20AA)
wereapprovedinMayandOct2022.Electrolytes:potassiummagnesiumaspartate
injection,compoundelectrolyteinjection(Ⅱ),compoundelectrolyteinjection(V),and
mixedsugarelectrolyteinjection,havealreadybeenapproved.
◼EarningsForecast&Rating:WeforecastWXKMedicine’snetprofitin2022-2024to
reachRMB200/290/400mn(+107%/+47%/+37%yoy),indicatingP/Eof36x/25x/18x.We
initiatewitha“Buy”rating.
◼Risks:riskofcoreproductsincludedincentralizedprocurement,intensifiedcompetition,
pandemicresurgence.
PricePerformance
MarketData