\u3000\u3 China Vanke Co.Ltd(000002) 332 Zhejiang Xianju Pharmaceutical Co.Ltd(002332) )
The annual performance met expectations and maintained steady growth. The company released the performance express of 2021, and achieved an operating revenue of 4.335 billion yuan in the whole year of 21 years, with a year-on-year increase of 8.12%; The net profit attributable to the parent company was 609 million yuan, a year-on-year increase of 20.86%; On a quarterly basis, Q4 achieved revenue of 1.028 billion yuan (a year-on-year decrease of 5.3%) and net profit attributable to parent company of 151 million yuan (a year-on-year increase of 3.1%). The performance fluctuated slightly during the quarter, mainly due to the decline in the performance of Haisheng pharmaceutical and the rise in the upstream price of API. In the whole year, the performance basically met the expectations.
The preparation side contributed a lot of revenue, and the API remained stable as a whole. In terms of preparations, it has contributed to the company’s main revenue for 21 years, mainly from the rapid growth of two respiratory products, mometasone furoate nasal spray and tiotropium bromide powder spray. The impact of the epidemic has gradually decreased, and the growth in preparations is expected to maintain. In terms of API, the rising cost of upstream raw materials has had a certain impact on the cost of API, and the relocation of Yangfu new plant has been optimized, and the API has remained stable as a whole. Focusing on the main business of steroids and focusing on technological improvement, the company is accelerating the development of preparation products and the construction of API technology platform, and the industrial structure will be continuously optimized.
The plant construction has been continuously improved, and the long-term performance is worth looking forward to. The construction of the company’s API plant is progressing continuously. As one of the company’s three core manufacturing platforms, Yangfu API plant area has obtained EU CEP and Japanese GMP certificates in 21 years, forming a new situation of coordinated development of the company’s API business with Linhai South Sichuan plant area and newchem plant area in Italy, laying a foundation for the development of the company’s domestic and foreign markets. Steroidal industry has certain barriers. After accumulation in recent years, the company has become the absolute leader in the steroidal field in China. The company’s products have the competitive characteristics of multiple categories and small varieties. Combined with the advantages of the integration of raw materials and preparations, the company has developed well for a long time.
Profit forecast and investment suggestions
According to the 21-year express, we predict that the company’s revenue will be slightly reduced in 21-22 years and the company’s R & D investment will be increased. We raise the prediction of R & D expense rate in 21-22 years. We predict that the company’s earnings per share from 2021 to 2023 will be 0.62/0.70/0.82 yuan respectively (originally predicted to be 0.65/0.77 yuan respectively from 21 to 22 years). According to the comparable company, the valuation given to the company is 20 times the P / E ratio of 21 years, and the corresponding target price is 12.4 yuan, maintaining the “buy” rating.
Risk tips
The company’s API and preparation sales did not meet expectations; The impact of repeated outbreaks is uncertain
