\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 993 Mayinglong Pharmaceutical Group Co.Ltd(600993) )
Key investment points
Event: the company released its annual report for 2021, realizing an operating revenue of 3.39 billion yuan, a year-on-year increase of 21.3%; The net profit attributable to the parent company was 460 million yuan, a year-on-year increase of 10.9%; The net profit attributable to the parent company after deduction was 430 million yuan, a year-on-year increase of 32%.
The industrial business grew rapidly, and hemorrhoids products contributed to the core performance. In 2021, the company's industrial revenue was 1.86 billion yuan, a year-on-year increase of 21.4%; The gross profit margin was 66.6%, with a year-on-year increase of 0.84pp. On the whole, the company's industrial business maintained a relatively rapid growth, which is related to the low base in 2020. In 2021, the company's hemorrhoids products achieved a revenue of 1.39 billion yuan, with a year-on-year increase of 18.8%, still maintaining a steady growth trend. At present, the company's hemorrhoids products account for the first market share and have strong brand power, and it is expected to raise the price of some products in the future. It is expected that hemorrhoids products will still be the core business driving the growth of the company's performance. In addition, the company is actively developing the large-scale health business. At present, the business volume is beginning to take shape, the products are rich, and the company has entered the stage of rapid volume, which is expected to become a new growth point.
With the rapid development of medical services, the joint construction of diagnosis and treatment centers is worth looking forward to. In 2021, the company's medical service revenue was 180 million yuan, a year-on-year increase of 33.8%; The gross profit margin was 14.5%, a year-on-year decrease of 0.89pp. The rapid growth of the company's medical service revenue in 2021 is firstly related to the low base in 2020, and secondly related to the company's development of new business model. At present, on the basis of the previous 6 anorectal specialized hospitals, the company cooperates with the hospital to build a diagnosis and treatment center. The number has reached 58, and the total number of hospital beds is more than 2000. It is expected that the number will increase rapidly in the future, bringing certain performance increment to the company.
The commercial business has developed steadily, and many innovative businesses have started to move forward. In 2021, the company's pharmaceutical business revenue was 1.47 billion yuan, a year-on-year increase of 25.3%; The gross profit margin was 6%, with a year-on-year decrease of 0.12pp. The company's commercial business has maintained stable development as a whole. At present, the company actively expands the drug retail business, continuously improves the construction of physical pharmacies, cooperates with severe pharmacies and traditional Chinese medicine centers to expand the service radius, and continues to explore benchmark community health care services; Vigorously develop the pharmaceutical retail B2C business, and set up retail pharmacies on tmall, jd.com, pinduoduo, meituan and other platforms to provide patients with a complete integrated closed-loop cloud medical service of "intelligent triage + online graphic consultation + electronic prescription + drug distribution". It is expected that with the promotion of a number of innovative businesses of the company, the commercial business is expected to continue to maintain stable growth.
Profit forecast. We estimate that the net profit attributable to the parent company from 2022 to 2024 will be 530 million yuan, 620 million yuan and 710 million yuan respectively, and the EPS will be 1.24 yuan, 1.44 yuan and 1.64 yuan respectively, corresponding to 18 times, 15 times and 13 times of PE respectively.
Risk warning: sales are less than expected; Risk of centralized purchase; Risk that the progress of products under development is less than expected.
