\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 976 Jianmin Pharmaceutical Group Co.Ltd(600976) )
Core view
The performance is in line with the expectation of 318333 million yuan in the previous notice. The company’s revenue in 2021 was 3.278 billion yuan (+ 33.5%), of which industrial revenue was 1.682 billion yuan (+ 43.9%). In industry, OTC revenue was 904 million yuan (+ 51.3%); The revenue from prescription drugs was 779 million yuan (+ 36.2%). The net profit attributable to the parent company is 325 million yuan (+ 119.7%), and the net profit after deducting non-profit is 300 million yuan (+ 118.6%).
Longmu brand has opened a new road, and Longmu Zhuanggu Granule, a major pediatric product, has reached a new high. In 2021, the company won many honors and ranked 41st in the list of Chinese patent medicine brands with clinical value in 2021; Ranked first in the “comprehensive statistical ranking of pediatric digestive products of China’s over-the-counter Chinese patent medicines in 2021” by China over-the-counter drug association; Ranked first in the list of “China’s non prescription drugs, Chinese patent medicines and pediatric digestive products in 2021”; Together with Jianpi Shengxue granule, a product of the same group, it is listed as a recommended Chinese patent medicine in the textbook of Pediatrics of traditional Chinese medicine. The company has built an “all-round and three-dimensional” brand communication mode through TV dramas, variety shows, short videos, circle transformation and high-level industry meetings to reshape the Longmu brand. In addition, channel reconstruction is also realized by converging distribution channels, NKA direct supply and cultivating e-commerce flagship stores. The company adopts genuine medicinal materials and new production technology to improve the quality of Longmu products. The new generation of Longmu Zhuanggu granules stood out. In 2021, Longmu Zhuanggu sold 486 million bags (+ 29.2%).
Jianmin Dapeng enters the harvest period and has a huge market for exclusive in vitro cultivation of bezoar. In 2021, Jianmin Dapeng (33.54% of the company’s equity ratio) achieved a net profit of 343 million yuan (+ 18.5%), contributing 115 million yuan of investment income to the company, accounting for 35.4% of the company’s net profit. The demand for natural Niudu Huangdu Huangdu Huangdu Huangdu Huangdu is 6005 tons, and the demand for natural Niudu Huangdu Huangdu Huangdu is 6006 tons. However, the output growth of natural bezoar is limited and has been subject to the bottleneck of small quantity and scarcity for a long time. The State Food and drug administration stipulates that “for the varieties of drugs for clinical acute and serious diseases containing bezoar in the national drug standard prescription, the bezoar in the prescription can be fixed and replaced with the same amount of cultivated bezoar or cultured bezoar in vitro, but it is not allowed to use artificial bezoar instead”. At present, 38 kinds of Chinese patent medicines have applied for replacing natural bezoar with cultured bezoar in vitro. The in vitro cultured bezoar of Jianmin Dapeng is an irreplaceable product to fill the middle-end consumer market and has a strong resource product attribute.
Innovative traditional Chinese medicine continues to exert its power. At present, the company has carried out 25 new drug R & D projects, including 5 new pediatric preparations, and continued to expand the field of children’s treatment. On January 4, 2022, qiruiweishu capsule, a class 1.1 innovative traditional Chinese medicine, was approved for listing. This medicine is an innovative traditional Chinese medicine developed on the basis of the hospital preparation of Guang’anmen Hospital of Chinese Academy of traditional Chinese medicine. It has remarkable curative effect and good safety in the treatment of chronic non atrophic gastritis with erosion damp heat and blood stasis syndrome. In the future, with the aggravation of social aging, the market scale of gastrointestinal medicine will rise steadily, and the medicine has added a new revenue growth point for the company. Phase III clinical study of Xiaoer Xuanfei Zhike syrup was completed; The phase III clinical study of Niuhuang Xiaoer antipyretic plaster was carried out as planned; Tongjiang granule completed the preclinical study; Application for registration and marketing license for tomoxetine oral solution and lacosamide syrup of children’s preparation project; Three children’s preparation projects completed pilot study and three children’s preparation projects completed pre pilot test.
Profit forecast and investment rating: it is estimated that the net profit of the company from 2022 to 2024 will be RMB 384 / 436 / 502 million respectively, EPS will be RMB 2.50 / 2.84 / 3.27 respectively, and the corresponding PE will be 21.75/19.12/16.64 times respectively. For the first time, the investment rating of “buy” is given.
Risk tip: there is a risk that the sales volume of Longmu bone strengthening does not meet the expectation and the sales volume of in vitro cultured bezoar does not meet the expectation.
