V Guan Finance Report ｜ The performance changes!The assets of Kangtai Biological Vaccine were impaired by 400 million yuan, and the net profit in the first half of the year had a pre -decrease of more than 60 %

Zhongxin Jingwei, July 25th. On the 24th, Kangtai Bio, which is mainly engaged in the vaccine business, released the semi -annual performance trailer for 2022. It is expected that net profit is 100 million yuan to 130 million yuan, a year -on -year decrease of 70.29%-61.37%. It was 65.902 million yuan to 95.902 million yuan, a year -on -year decrease of 77.74%-67.61%.

In terms of revenue, Kangtai Bio said that during the reporting period, the company actively carried out various tasks in accordance with the annual operating plan. The sales revenue of the main products increased by about 60.13%compared with the same period of the previous year. The company's newly listed product 13 -valent pneumococcal polysaccharide binding vaccine is gradually capacity. The company is expected to achieve 1.828 billion yuan in operating income in the first half of 2022, a year -on -year increase of 73.72%.

This means that the revenue increased significantly in the first half of 2022, but the net profit contracted sharply.

Kangtai Bio responded to this that the reporting period of this reporting period is expected to belong to the shareholders of listed companies by 70.29-61.37%compared with the same period last year. The main reason is that the new crown-related vaccine-related assets and the expenses of phase III clinical expenditures.

The company said that since the second quarter, the new crown vaccination environment at home and abroad has changed significantly, the demand for new crown vaccines has decreased rapidly, and the company's new crown vaccine sales have fallen rapidly.

In addition, the company's new crowns are still in the phase III clinical phase, and the clinical data of the phase III phase III in Ukraine is delayed, and subsequent sales have great uncertainty.

Therefore, Kangtai Biological, new crown vaccine -related inventory products, raw and auxiliary materials, self -made semi -finished products, and new crown vaccine development expenditure for the new crown vaccine development expenditure for the new crown vaccine development expenditure of 415 million yuan in the new crown of the new crown. In addition, the new crown in the second quarter The expenses of the R & D expenditure of the activated vaccine are 140 million yuan; the total amount of the expenses of asset impairment preparation and confirmation of the cost of research and development will reduce the total profit of 555 million yuan. Considering the impact of deduction and reduce net profit by 452 million yuan.

In addition, the company's reporting period is expected to have a net profit of about 34.0978 million yuan on net profit. The amount of non -recurring profit and loss in the same period last year was 40.498 million yuan.

It is worth noting that according to Kangtai Biological Report on 2021, the company's independent biological products increased from 20,438,200 in 2020 to 67.811 million doses in 2021, an increase of 231.79%year -on -year.

Screenshot Source: Kangtai Biology 2021 Annual Report

Regarding the significant rise in inventory, Kangtai Bio said in the annual report that it was mainly caused by the new crown vaccine during the reporting period.

From the perspective of inventory, Kangtai Biological reportedly reported that the company's first inventory book value was 437 million yuan, of which 205 million yuan was inventory goods, but by the end of 2021, the company's inventory book value increased to 1.058 billion yuan, inventory goods products, inventory goods The book value has also increased to 466 million yuan.

This also laid the "foreshadowing" for the sharp shrinkage of the Kangtai biological vaccine assets.

Screenshot Source: Kangtai Biology 2021 Annual Report

Kangtai Biological Website showed that the company was established in 1992 and is headquartered in Shenzhen. It focuses on the research and development, production, and sales of human vaccines. It was listed on the GEM of the Shenzhen Stock Exchange in February 2017. The company's production scale ranks among the top domestic vaccine industry, and the marketing and distribution network covers 31 provinces (autonomous regions and municipalities) in China.

Wind data show that from 2019 to 2021, Kangtai Biological revenue was 1.943 billion yuan, 2.261 billion yuan, and 3.652 billion yuan, respectively, and net profit was 575 million yuan, 679 million yuan, and 1.263 billion yuan, respectively.

In terms of stock price, since August 2020, Kangtai Bio has shown a trend of fluctuations in the stock price. The latest reported 38.2 yuan/share, over 75%from the peak value of 153.25 yuan/share in August 2020, and the company's latest market value was 42.8 billion yuan. (Zhongxin Jingwei APP)

(The views in the article are for reference only, do not constitute investment suggestions, have risks in investment, and need to be cautious to enter the market.)

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