Biological Stock (600201): The new park passed GMP certification as scheduled and waits for the release of production capacity to resume performance

Biological Stock (600201): The new park passed GMP certification as scheduled and waits for the release of production capacity to resume performance

Event: Jinyu Baoling, a wholly-owned subsidiary of the company, recently received the Veterinary Drug Production License and Veterinary Drug GMP Certificate issued by the Agriculture and Animal Husbandry Department of Inner Mongolia Autonomous Region.

  Opinions: 1. The five production lines in the new park have obtained the “Veterinary Drug Production License” and passed the GMP inspection of veterinary drugs, and will be put into production soon.

According to the company announcement, the production scope (or acceptance 深圳桑拿网 range) of the “Veterinary Drug Production License” and “Veterinary Drug GMP Certificate” obtained this time is ① Ordos West Street: live bacterial vaccine, live cytotoxic vaccine, foot-and-mouth disease cell suspension culture inactivated vaccine(3), live swine fever vaccine production line (rabbit source); ② Sharqin Park: live bacterial vaccine, bacterial inactivated vaccine, cytotoxic suspension culture inactivated vaccine, cytotoxic live vaccine, cytotoxic inactivated vaccine (includingLyophilized) dry inactivated vaccine).

Among them, Shaerqin Park is the first phase of the company’s new park, marking that some of the company’s new park’s production lines have passed the dynamic acceptance of veterinary drugs GMP as scheduled, and will soon enter the formal production stage. The initial input products include live brucellosis vaccine, clostridiaVaccine, porcine infectious gastroenteritis, porcine epidemic diarrhea dual live vaccine, bovine viral diarrhea / mucosal disease, infectious rhinotracheitis double inactivated vaccine, rabies inactivated vaccine and other varieties.

  2. The five parks in the new park passed the acceptance of the five production lines into the intelligent production line. It is the first domestic bio-industrial park to realize intelligent manufacturing as a whole, and is the world’s largest animal vaccine intelligent manufacturing base.

The five intelligent production lines that passed the GMP dynamic inspection this time are located in the first phase of the Jinyu Biotechnology Industrial Park project in Shaerqin Industrial Park. The above production lines are the first certification after the new park.

Intelligent manufacturing in the new park will integrate vaccine production process parameters, quality standards, operating procedures and digital production lines with Siemens Industry 4.

0The deep integration of control technology, through the Internet, big data and artificial intelligence, accelerate the industrial upgrade of equipment, processes, products and quality standards, and achieve the complete life cycle of vaccine manufacturing under the most optimal process parameters, which will further enhance the company’s core competitiveness.

  3. After the new park is put into production, not only the company’s production capacity has been greatly increased, but it will also help the company to reduce costs and increase efficiency, which will help restore this year’s performance.

Five intelligent production lines of the first phase of the Jinyu Biotechnology Industrial Park project have passed the certification and obtained the GMP certificate, which is conducive to achieving intelligent and intensive production. It will further increase the company’s vaccine production varieties, expand existing capacity, improve product quality, and meet market demandIncrease operating efficiency by reducing costs and increasing efficiency.

It is reported that at the initial stage of the new park’s operation, the company will adopt the parallel production method of the old and new parks to make the transition; the subsequent FMD vaccine production line in the new park will pass dynamic acceptance, and the first phase of the new park can be put into production.

  4. The recovery of breeding drives the demand for animal vaccines, and the company’s performance growth rate is close to the bottom, which is expected to gradually rise.

We believe that the core driving force of the African swine fever post-cycle animal vaccine sector will be completely close to the increased demand brought by the recovery of breeding numbers, and it is even more important to increase the average cost of epidemic prevention and the replacement of animal vaccine products with the acceleration of breeding scaleAt the same time, the national compulsory immunization vaccine allows dealers to sell at the end of 2019, which will also promote the promotion of market vaccines to a large extent, which will help animal vaccine leaders to continue to increase the market vaccine penetration rate.

As a leader in the industry, the company has strong strength in products, channels and R & D, and its growth is outstanding.

  5. Profit forecast and grade: We expect the company to achieve operating income in 2019-2021.

92/17.

52/25.

1.6 billion, net profit attributable to mother 3.

62/6.

50/10.

52 trillion, EPS is 0.

32/0.

58/0.

93 yuan, the corresponding PE is 60.

85x / 33.

92x / 20.

96x, maintain the “recommended” level.

  Risk warning: the risk of epidemic situation in the breeding industry, the risk of intensified market competition, and the risk of changes in industry policy supervision