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Dongcheng Pharmaceutical (002675): Nuclear drug products are expected to gain market revaluation

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Dongcheng Pharmaceutical (002675): Nuclear drug products are expected to gain market revaluation

The company’s nuclear drug products are expected to be revalued in the market.

After years of development, the company has initially become one of the domestic biochemical raw material drug production bases, and has gradually developed the preparations business. Later, it has successively acquired Chengdu Yunke Pharmaceuticals, Shanghai Yitai Pharmaceutical, Dongcheng Xinke, Nanjing Jiangyuan Antico.Complete the company’s layout from biochemical raw materials to nuclear medicine.

At present, the company’s nuclear medicine has developed into the company’s core sector, and its potential has been continuously released. We believe that the company’s nuclear medicine products have the potential to conduct in the domestic market, and the product value is expected to be revalued in the market!

The size of domestic nuclear drug distribution companies has transformed Dongcheng’s mergers and acquisitions integration in the past two years. A duopoly situation has taken shape. In the future, the nuclear drug market will be dominated by duopoly.

The domestic market of nuclear medicine is growing rapidly, and domestic per capita supplementation is far lower than that of the United States, and the market potential is large.

At present, the main products 夜来香体验网 of Dongcheng’s product pipeline include Yunke injection, target drug, positron medicine, I-125 sealed seed source, C-14 capsule and other main products. Others include I-131 oral solution, strontium chlorideProducts such as Dongcheng also involve agency business. The company is continuously narrowing the same small differences with China. In the future, the company’s breakthrough progress in the construction of nuclear drug network and therapeutic nuclear drugs will continue to draw closer or even surpass the same with China.Tiny gap.

The company’s listed products are expected to get market revaluation.

The company’s existing listed products include Yunke injection, 18F-FDG, C13 capsules, C14 capsules, I125 and I131 and other nuclear drug products, which basically cover the nuclear drug products in the current domestic market.

In view of the low penetration rate of the domestic nuclear medicine market, the good market structure, the potential value of the product and the company’s good nuclear medicine network, we believe that the market value of Yunke injection, 18F-FDG and C13 / C14 capsules among these listed productsExpect to be revalued.

Large potential products are bred in the company’s nuclear drug R & D pipeline.

公司核药管线中铼 [188Re]依替膦酸注射液(骨转移疼痛)、氟[18F]化钠注射液(骨转移诊断)、[18F]氟丙基甲酯基托烷注射液(帕金森诊断)、BNCT 疗法(硼中子俘获治疗癌症新领域)以及钇 [90Y]微球(肝癌治疗)等产品,将承载国内核药发展的重任,未来随着国内核医学市场的潜力的释放We believe that these products will bring rich results to the company in the future.

Company profit forecast and investment rating.

It is expected that the company’s net profit attributable to the parent in 2019-2021 will be 3 respectively.

7.7 billion, 4.

82 trillion and 6.

50,000 yuan, a year-on-year increase of 34%, 28% and 26%, corresponding to PE respectively 34X, 26X and 21X; EPS is 0 respectively.

47 yuan, 0.

60 yuan and 0.

75 yuan.

Maintain “Buy” rating.

Risk warning: the price of raw materials drops; the performance of the nuclear medicine sector exceeds expectations