\u3000\u30 Shenzhen Zhenye(Group)Co.Ltd(000006) 61 Changchun High And New Technology Industries (Group) Inc(000661) )
Core conclusion
Event: the company announced in its 2021 annual report that in 2021, the company realized an operating revenue of 10.747 billion yuan, an increase of 25.30% over the same period of last year; The net profit attributable to shareholders of listed companies was 3.757 billion yuan, a year-on-year increase of 23.33%. The company's performance is in line with market expectations.
R & D expenses increased significantly, and the gross profit margin increased steadily. The company's sales expense rate in 2021 was 28.51%, a year-on-year decrease of 1.60pct, mainly due to the limited promotion of related products affected by the epidemic. The management expense rate (including R & D expense rate) was 14.12%, with a year-on-year increase of 3.01pct. The main reason for the large increase was that the company increased product R & D in 2021, and the financial expense rate was -0.83%, with a year-on-year decrease of 0.07pct. The gross profit margin of the company in 2021 was 87.61%, with a year-on-year increase of 0.92pct, and the net profit margin was 36.27%, with a year-on-year decrease of 2.30pct.
Kinsay pharmaceutical industry grew strongly, and Changchun Bcht Biotechnology Co(688276) was greatly impacted by the epidemic. In terms of business, 1) the subsidiary kinsay pharmaceutical achieved a revenue of 8.198 billion yuan in 2021, a year-on-year increase of 41%, and a net profit attributable to the parent company of 3.684 billion yuan, a year-on-year increase of 33%. Focusing on growth and development and focusing on the core business of Pediatrics, Kinsey pharmaceutical has a comprehensive layout, including height management, sexual development, immunity, newborn, child protection, child neuropsychiatry and other pediatric fields; At the same time, combined with the existing product layout, we will strengthen the incubation of non growth hormone products and new business development, and strive to expand the coverage of tumor immunity, gynecology, elderly diseases and other fields. 2) The subsidiary Changchun Bcht Biotechnology Co(688276) 2021 achieved a revenue of 1.202 billion yuan, a year-on-year decrease of 16%, and a net profit attributable to the parent company of 244 million yuan, a year-on-year decrease of 40%. Covid-19 epidemic and covid-19 vaccination have a certain impact on the vaccination rate of other vaccine products. 3) The subsidiary Huakang pharmaceutical achieved a revenue of 642 million yuan in 2021, a year-on-year increase of 10%, and a net profit attributable to the parent company of 43 million yuan, a year-on-year increase of 2%. 4) In 2021, the subsidiary high tech real estate realized a revenue of 663 million yuan, a year-on-year decrease of 9%, and a net profit of 86 million yuan, a year-on-year decrease of 37%.
Maintain the "buy" rating. EPS is expected to be 12.78/15.91/19.48 yuan in the next three years, maintaining the "buy" rating.
Risk tips: risk of intensified industry competition, covid-19 epidemic uncertainty risk, and pharmaceutical policy risk
