\u3000\u3000 Lbx Pharmacy Chain Joint Stock Company(603883) (603883)
Fixed growth is expected to comprehensively improve the company’s comprehensive competitiveness
On February 11, the company announced and issued the report on the issuance of fixed increase: the net amount of funds actually raised was 1.725 billion yuan (deducting the issuance expenses), a total of 3992782 shares were issued, the issuance price was 43.59 yuan / share, and 20 objects were issued. This fixed increase is expected to further improve the number and operation quality of the company’s stores, comply with the company’s overall development strategy and business objectives, and is conducive to the sustainable, stable and healthy development of the company. Considering that the epidemic situation in some areas in the third and fourth quarters of 2021 affected the operation of pharmacies, we lowered our profit forecast for the company. From 2021 to 2023, the net profit attributable to the parent company is expected to be adjusted from 696 / 890 / 1124 million yuan to 684 / 868 / 1096 million yuan, corresponding to EPS of 1.67/2.12/2.2.68 yuan / share respectively. The current share price corresponding to PE is 26.4/20.8/16.5 times respectively, Lbx Pharmacy Chain Joint Stock Company(603883) store expansion is progressing smoothly, with fine management ability Strong integration ability, profitability is in the period of improvement, and maintain the “buy” rating.
It is planned to build 1680 chain pharmacies, accelerate the spark model and accelerate the layout of chain stores
According to the fixed increase plan, the company plans to build 1680 chain pharmacies in 15 provinces and cities, including Hunan Province, Jiangsu Province, Inner Mongolia Autonomous Region, Guangxi Zhuang Autonomous Region, Shaanxi Province, Anhui Province, Zhejiang Province, Tianjin, Hubei Province, Henan Province, Hebei Province, Shanghai City, Shandong Province, Shanxi Province and Gansu Province. As of 2021q3, the company has acquired more than 2400 stores through spark mode (about 300 more than 2021h1), covering 9 provinces such as Jiangsu, Gansu and Inner Mongolia. The company continues to promote the “spark” model, which is conducive to allowing the company to take the lead in the development trend of industry integration.
It is proposed to carry out digital platform construction and other projects to improve operation capacity, supplement working capital and optimize capital structure
The company plans to build a comprehensive building and logistics sorting center in Jiangning Airport Economic Development Zone, Nanjing, Jiangsu Province, with a total investment of 311 million yuan. The logistics system is expected to effectively reduce enterprise logistics expenditure and improve the efficiency of the company; The company plans to build four sub projects: digital intelligent engine platform, digital application service platform, digital aggregation service platform and enterprise digital platform, with a total investment of 366 million yuan. The project is conducive to optimizing business processes, reducing management costs and improving the competitiveness of enterprises; The company plans to use the raised fund of 522 million yuan to supplement the working capital. This supplementary working capital is expected to optimize the company’s capital structure, reduce financial risks, and improve the solvency, follow-up financing ability and anti risk ability.
Risk tip: store expansion speed, post integration and profitability are lower than expected.
