\u3000\u3000 Zhejiang Wolwo Bio-Pharmaceutical Co.Ltd(300357) (300357)
Event: the company released the performance express for 2021. It is estimated that the annual operating revenue will be 808 million yuan (+ 26.95%), the net profit attributable to the parent company will be 338 million yuan (+ 21.46%), and the net profit attributable to the parent company will be 316 million yuan (+ 20.83%). The performance is in line with expectations.
The annual performance was in line with expectations, and Q4 revenue resumed rapid growth. In the fourth quarter, the company's revenue was 188 million yuan (+ 29.50%), and the net profit attributable to the parent company was 64 million yuan (+ 28.98%). The growth rate recovered significantly compared with Q2 and Q3. Under the situation of epidemic spread in China, the company's operation is gradually on track. In terms of net interest rate, the parent net interest rate of Q4 was 33.84%, which was basically the same as that of 20q4, and the profitability remained relatively stable.
The enrollment of new patients is expected to remain stable and look forward to the new year's volume of Artemisia powder drops. Affected by the epidemic situation, the company is in a recovery trend from 2020 to 2021. According to the data of sample hospitals, the average sales volume of No. 1-3 in the first three quarters of 21 years is basically the same as that in the same period of 19 years. In the future, with the stable epidemic situation in China, the new patients in key markets such as South China and East China are expected to resume growth, driving the growth rate of dust mite drop sales to pick up. The market promotion of another heavy variety of Artemisia powder drops of the company is progressing smoothly, and the application for children's indications has also been accepted. It is expected to be approved in 22 years and contribute to the income of the northern market.
Maintain the "buy" rating. As the leader of desensitization preparation industry in China, with the approval of Artemisia powder drops, the company has formed a product matrix covering the north and South markets; The company continues to help publish heavy clinical data around the country and promote sublingual desensitization preparations into multiple clinical guidelines, which is expected to form a good cycle of academic research driving sales and sales promoting academic research. We are optimistic about the field of desensitization therapy and the long-term development trend of the company. It is estimated that the net profit attributable to the parent company in 21-23 years will be RMB 338 / 460 / 615 million, corresponding to 66 / 49 / 36 times of the current PE, maintaining the "buy" rating.
Risk warning. The sales of dust mite drops were less than expected; The listing progress of Artemisia pollen drops was less than expected; The sales of Artemisia pollen drops were lower than expected.
