On February 13, Yiyi Pharmaceutical (430478.BJ) started subscription, with an issue price of 12.62 yuan per share, a subscription limit of 418,000 shares, and a price-earnings ratio of 16 times. It belongs to the Beijing Stock Exchange, and Guoyuan Securities is its sponsor.
The main business of Yiyi Pharmaceutical is the R&D, production and sales of advanced pharmaceutical intermediates, APIs and related products. The main categories include anti-allergic, antithrombotic, antioxidant, gastric ulcer, antiviral, Thermal analgesics and ultraviolet absorbers, etc., the main products are pranlukast, sargrelate hydrochloride, resveratrol, mosapride, celecoxib, 4-hydroxycoumarin, bifendate, The advanced pharmaceutical intermediates and related products of special APIs such as dibenzoyl resorcinol have the characteristics of relatively complex structure, difficult research and development, high technical barriers, unique production process, and high added value.
The company’s core management team has more than 20 years of industry experience and has accumulated rich R&D technology and industrial chain resources. The company has established long-term and stable cooperative relations with downstream customers. The main product terminal markets are oriented to overseas markets such as South Korea and Japan. Terminal customers Including Daewoong Pharmaceutical of South Korea, CKD of South Korea, Ildong Pharmaceutical of South Korea, Sumitomo Pharmaceutical of Japan, Sanyo Chemical of Japan, Nippon Medicine Ko of Japan and other well-known pharmaceutical companies.
According to the prospectus, during the reporting period, the company’s main business income was composed as follows:
The company is a national high-tech enterprise, has a complete and professional R&D platform, masters independent intellectual property rights and advanced production technology, and has 6 invention patents and 19 utility model patents. Since its establishment, the company has focused on the development of its main business and technological innovation, and has been identified as “Specialized and Specialized Small and Medium-sized Enterprises in Anhui Province”, “Innovative Pilot Enterprise in Anhui Province”, “Enterprise Technology Center in Anhui Province” and “Chuzhou Engineering Technology Research center”.
In September 2021, the company invested in the establishment of Hangzhou Xiaobei, a holding subsidiary, and began to deploy the CDMO business of chemical raw materials to create a one-stop service platform for CDMO. The company uses a professional R&D team and accumulated rich technical experience in research and development of production processes, quality research, and safety research to gradually cultivate and develop the CDMO business of chemical raw materials, so as to further extend the industrial chain, expand business models, and enhance the company’s reputation. Competitiveness.
In terms of finance, in 2019, 2020, 2021 and January-June 2022, the company’s total operating income will be approximately 150 million yuan, 202 million yuan, 209 million yuan and 138 million yuan respectively; 6.4686 million yuan, 10.7140 million yuan, 12.0282 million yuan and 6.6995 million yuan.
It is worth noting that the company has the risk of fluctuations in gross profit margins. During the reporting period, the company’s comprehensive gross profit margins were 42.81%, 45.48%, 33.18% and 40.49%, respectively. The gross profit margin of the company’s main business is mainly affected by various factors such as industry development status, industry technology trend, competition pattern, customer product structure, product price, raw material price, employee salary level, cost control and capacity utilization rate. If the above factors If there are continuous adverse changes, the gross profit margin of the company’s products will face the risk of decline, and will have an adverse impact on the company’s operating performance.
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