KELUN PHARMA(SZ:002422)2022-12-03 09:18Group 1: Financial Performance - The company expects a profit of 1.2 billion in 2018 and 1.56 billion in 2019 [5] - The cash flow is approximately 2 billion annually, exceeding 3 billion without R&D investments [3] - The short-term debt ratio is high due to historical reasons, with plans to adjust the debt structure [2] Group 2: Production and Capacity - The production capacity for certain antibiotics is approximately 50% for Sulfur Red, under 30% for Penicillin, and around 40% for 7ACA [4] - The company has invested over 2 billion in the Wenjiang biopharmaceutical park, with a total investment expected to exceed 20 billion over eight years [3] - The company has resolved environmental issues related to waste treatment, giving it a competitive edge in production [2] Group 3: Market Position and Strategy - The company has a comprehensive advantage in cost, talent, and innovation in the antibiotic intermediate market [2] - The market for Sulfur Red is currently tight, with supply not meeting demand, potentially leading to price increases [2] - The company has established a strong sales team and is focusing on academic promotion for new drug launches [4] Group 4: Research and Development - The company has over 1,800 personnel in its R&D team, allowing for rapid advancement in consistency evaluations [3] - New drug contributions to profit are expected to materialize soon, with significant groundwork laid for market entry [4] - The company is not planning major upgrades unless for specific certifications, indicating a focus on efficiency [4]