Microchip Bio (688321): a local pioneer of innovation
This report reads: The company is one of the few domestic new drug R & D companies with core original capabilities. It makes full use of its core drug discovery technology platform. The company’s product pipeline continues to be enriched, and R & D breakthroughs are accelerated by capital.
Investment Highlights: Reasonable City Size 68.
We forecast the company’s net profit for 2019-2021 to be zero.
190,000 yuan, based on the total equity of 41 million shares, the previous earnings were 0.
According to preliminary estimates of sales, the reasonable market value is 88.
84 ppm, according to the risk-adjusted DCF method, the company’s reasonable market value has changed 68.
08,000 yuan, combining the two estimation methods, we believe that the company’s reasonable market value range is 68.
84 trillion, the corresponding price is 16.
67 yuan / share.
The original innovative drug projects have abundant reserves, and products are expected to be launched one after another.
The company is one of the few domestic pharmaceutical companies with original innovation capabilities, focusing on the three major disease areas of tumors, diabetes and autoimmune diseases. After the listing of Cidabenzine in 2014, the company officially entered the rapid development period from the initial stage, accompanied byWith the promotion of capital forces after the listing, the company’s existing R & D pipeline is accelerating.
Cidabenzide has been included in the priority review for advanced diabetes. It is expected to achieve a breakthrough from small-scale drug use to large diseases. The diabetes drug ciglitazone sodium and the anti-tumor drug Sioroni are expected to be successively declared for market. Market potentialhuge.
The technology platform system guarantees the core competitiveness of the product.
Since its inception, the company has built an integrated drug innovation and early evaluation system based on chemical genomics. 淡水桑拿网 The successful listing of Cedaramide has further verified the new drug discovery capabilities of the platform technology.
The wave of domestic innovations has sprung up, but the original innovation capability targets are still scarce. The company’s follow-up innovation pipeline is advancing in the market competition and gains a good competitive advantage.
The funds raised are mainly used for innovative pharmaceutical infrastructure projects.
The IPO intends to apply for a public offering of no more than 50 million RMB ordinary shares, and the proposed fundraising is no more than 8.
$ 4.0 billion, mainly for innovative drug production base projects, innovative drug research and development centers and regional headquarters projects, marketing network construction projects, and innovative drug research and development projects.
Risk reminders: iteration risks of technology platform upgrades; risks of new drug development and registration; brain drain; technology leakage; intellectual property risks; risks of medical and medical insurance policies.