卫信康：深耕高壁垒制剂，差异化赛道领导者

Tibet Weixinkang Medicine Co., Ltd.（603676） Equity Research·Company Research·Pharmaceutical 1 / 8 东吴证券（香港） 请务必阅读正文之后的免责声明部分 [Table_Main] Years of cultivation in high-barrier preparations make the leader of a differentiated market Buy (Initiation) Forecast & Valuation 2021A 2022E 2023E 2024E Revenue (RMB mn) 1,034 1,471 1,949 2,503 Growth (YoY %) 44% 42% 33% 28% Net profit (RMB mn) 96 199 292 401 Growth (YoY %) 64% 107% 47% 37% EPS (RMB) 0.22 0.46 0.67 0.92 P/E (X) 75.27 36.36 24.70 18.02 Key words: # the second curve Investment Thesis ◼ Main thesis: Weixinkang (WXK) Medicine focuses on high-barrier preparations with a benign competitive landscape. 12 kinds of injection multivitamins were included in 2021 National Reimbursement Drug List (NRDL), which was enforced from early 2021, leading to expansion of reimbursement scope and corresponding market. The launch and sales ramp-up of new products, including multiple Trace Element Injection and 13 kinds of pediatric multivitamin injection, ensure high visibility of growth and sustainability. ◼ Multiple Trace Element Injection (MTEI), a trace element supplement containing 10 trace elements, is designed and suitable for parenteral nutrition treatment of patients in general surgery, ICU, oncology/radiology psychiatric surgery, cardiothoracic surgery, burns department. As the only domestic product, MTEI enjoys a favorable competitive landscape, with LABORATOIRE AGUETTANT being the only available product of same generic name. In 2021, the terminal revenue of MTEI market reached RMB1.4bn (+34% yoy). The product saw a rapid sales growth in 2021/22H1, with revenue of RMB55/84mn. MTEI was approved and immediately included NRDL in 2020, and we expect it to achieve rapid sales growth by replacing MTEI(II). We forecast the sales of MTEI in 2022-2024 to reach RMB220/440/700mn (+300%/+100%/+60% yoy). ◼ 12 vitamins for injection (12v) are mainly used for clinical support of patients at the risk of vitamin deficiency during perioperative period, burns, liver disease, hospitalization for chronic diseases, etc. By the end of 2020, 12v was included in the NRDL and can be reimbursed in 10+ additional provinces. 12v was covered by nearly 1600/2000 hospitals in 2021/22H1, and the company would continue to focus on the sales of 12v and enlarge its hospital coverage. With Baxter (imported) being the only competitor, 12v enjoys a benign competitive market. We expect WXK Medicine's service revenue (mainly contributed by 12v) in 2022-2024 to reach RMB1/1.2/1.42bn (+38%/+20%/+18% yoy). ◼ Launch of new products including vitamins, electrolytes, amino acids. Multivitamin: 13 vitamins for children’s injection (Children’s 13v) are the first imitation and exclusive domestic product in China, which was approved in 2018 with no similar imported products available so far. Sales of children's 13v reached RMB30/20mn in 2021/22H1. Multivitamin for injection (13) was approved in Aug 2022. Amino acids: compound amino a