\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 976 Jianmin Pharmaceutical Group Co.Ltd(600976) )
Event: the company released its annual report for 2021, and realized a revenue of 3.278 billion yuan in 2021, a year-on-year increase of + 33.48%; The net profit attributable to the parent company was 325 million yuan, a year-on-year increase of + 119.73%; Deduct the net profit not attributable to the parent company of 301 million yuan, a year-on-year increase of + 118.56%.
High performance, growth in line with expectations, 21q4 profit side bright. In 2021, the company realized a net profit attributable to the parent company of 325 million yuan, a year-on-year increase of + 120%, which is fully in line with our previous expectations. In 2021q4, the company achieved revenue of 672 million yuan, a year-on-year increase of – 20.89%, mainly due to the high base in the same period of last year; The net profit attributable to the parent company was 67.64 million yuan, a year-on-year increase of + 208%. Compared with the year-on-year growth rate of 104% in the first three quarters of 21 years, the performance growth rate in the fourth quarter increased.
The business of pharmaceutical industry is growing rapidly and the performance of pediatrics is outstanding. In 2021, the revenue of pharmaceutical industry was 1.682 billion, with a year-on-year increase of 44%, including OTC revenue of 900 million yuan, with a year-on-year increase of + 51.3%, RX revenue of 780 million yuan, with a year-on-year increase of + 36.2%. By category, the income of Pediatrics was 890 million yuan, a year-on-year increase of + 48.31%. According to the data disclosed by the company, Longmu Zhuanggu granules sold 487 million bags in 21 years, with a year-on-year increase of + 29.15%, which is equivalent to the year-on-year growth rate in 20 years. Considering the increase of average unit price, we expect Longmu’s revenue to be between 600700 million yuan in 21 years, with a year-on-year increase of about 50%. According to the financial report data disclosed by the company and the split of our model, the profit contributed by the company’s main business (deducting Dapeng investment income) in 2021 was about 210 million yuan, a year-on-year increase of + 314%.
Gynecology, characteristic traditional Chinese medicine and others are growing rapidly. In 2021, the company’s gynecology revenue was 490 million yuan, up +37.7%, the amount of gynecologic core small gold capsule increased by 47% over the same period, and the series of Jianpi Sheng Xue increased by 20% compared with that of the previous year, while Estradiol Gel grew by 96.8%. The income of characteristic traditional Chinese medicine was 159 million yuan, a year-on-year increase of + 35.5%. In terms of quantity, the core of characteristic traditional Chinese medicine biantong capsule increased by 29.6%, and Jianmin Yanhou tablet increased by 17.2%; Other income was 138 million yuan, a year-on-year increase of + 50.2%.
R & D has entered the harvest period, and the innovative business is progressing smoothly. In 2021, qiruiweishu capsule, a new class 1 Traditional Chinese medicine of the company, was approved for listing, the other two new class 1 Traditional Chinese medicine Xiaoer Xuanfei Zhike syrup completed the phase III clinical study, and the phase III clinical progress of Niuhuang Xiaoer antipyretic plaster was smooth; The application for registration of chemotherapeutic children’s drug tomoxetine oral solution and laclamide oral solution was submitted. Five new children’s preparations were approved, and the pipeline of pediatric products was constantly enriched. In 2021, the company’s traditional Chinese Medicine Center turned losses into profits, expanded its health business, expanded its infant and child line products, launched “zhuobigao” children’s growth milk powder and laid out its e-commerce business.
Jianmin Dapeng continued to grow rapidly and steadily. The overall scale net profit of the company is composed of main business profit and investment income (mainly the investment income of joint venture Jianmin Dapeng). In the whole year of 2021, Jianmin Dapeng made a net profit of 343 million yuan and contributed 113 million yuan of investment income, with a year-on-year increase of 18.4%. 21q4, associated enterprises contributed 18.26 million yuan of investment income, with a year-on-year increase of + 35.1%.
Profit forecast: it is estimated that from 2022 to 2024, the company will realize a net profit attributable to the parent company of 420, 540 and 690 million yuan, with a year-on-year increase of 29%, 28% and 28%. Corresponding to pe20 / 16 / 13X. Maintain the “buy” rating.
Risk tip: growth depends too much on core large single products; The growth rate of Jianmin Dapeng pharmaceutical industry slowed down; Intensified OTC market price competition; Rising raw material prices have led to lower gross profit.
