N-Microchip (688321): Pioneering R & D platform for original innovative drugs helps continuous innovation

Microcore Bio was founded in 2001 and is one of the earliest domestic companies to develop innovative drugs.

The company’s 3 products have been 四川耍耍网 on the market or are in the late clinical stage. Xidaben amine pioneered the authorization of Chinese innovative drugs to European and American patents, and the R & D platform helped continuous innovation.

We believe that the company is one of the few companies in China that has full-process R & D experience of original innovative molecular entity medicines. The successful registration in the science and technology board has a model significance for investment in innovative medicines.

Pioneer of original innovative drugs, R & D platform helps continuous innovation.

We believe that the R & D risk of the innovative pharmaceutical industry is high, and the targets with continuous innovation capabilities are extremely scarce. The company has demonstrated the potential for continuous innovation: (1) The R & D echelon is formed, Cedaramide has been listed and metabolic indications are applying for listing.The third phase of sodium clinical trials has been completed, and Sioroni is in the second phase of clinical trials; (2) With “knowledge” capabilities, we believe that the company is the only independent research and development type that has experienced the whole process of innovative drugs from laboratory development to market launchEnterprises; (3) Xidaben amine patented first in Europe and the United States, and successively authorized Huya Bio, Japan Eisai, etc., to verify product innovation.

R & D has ushered in the harvest period. With nearly three years of revenue, net profit is expected to grow rapidly.

The company has submitted a listing application for the cedaramide free radical indication. Ciglitazone sodium type 2 diabetes indications are expected to submit a listing application in 2019. The listing of major indications in the next three years is expected to drive high revenue growth.

In 2018, the research and development expense rate was 29%. We believe that the company’s capitalization of the last phase of clinical research and development investment will not increase the research and development expenses while maintaining independent research and development.

During the market introduction phase, sales expenses promoted revenue growth and kept sales expense ratios stable.

Therefore, we expect the company’s revenue in 2019-2022, and net profit is expected to grow rapidly.

The original innovative drug platform and subsequent varieties are worth looking forward to.

The company independently created an “integrated drug discovery and early evaluation platform based on chemical genomics” to transform new molecular entities into products.

At present, a large number of trials at home and abroad are exploring the combination of cidabenzamide with PD-1 / L1, CAR-T therapy, and development of various indications such as cancer, NSCLC.

Pre-clinical products include JAK3 / JAK1 / TBK1, ASK1, IDO, PD-1 / L1, NR and other target products.

Catalyst for the next year.

Cedaramide formaldehyde was approved for marketing, Cedaramide was applied for marketing in Japan, Siglitazone sodium type 2 diabetes was applied for marketing, and the preliminary clinical data of Sioroni Phase II was disclosed.

Profit forecast and estimation.

We estimate that the company’s net profit attributable to mothers in 2019-2021 will be 42.85 million yuan, 76.33 million yuan, and 1 respectively.

26 trillion, corresponding to a fully diluted EPS of 0.

10, 0.

19, 0.

31 yuan.

We think the company’s DCF estimates a reasonable market value range at 82.


40,000 yuan, corresponding to a 6-month reasonable value range of 20.


01 yuan, covering for the first time, given a “continuous market” rating.

risk warning.

New product development does not meet expected risk, new drug or generic drug market competition risk, market promotion does not meet expected risk, asset impairment and depreciation stall sales risk, absolute estimation method fluctuation risk