\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 196 Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) )
2021 annual report:
During the reporting period, the company achieved an operating revenue of 39005086600 yuan, a year-on-year increase of 28.70%; The total profit was 6053838400 yuan, a year-on-year increase of 29.42%; The net profit attributable to the shareholders of the listed company was 4735269700 yuan, a year-on-year increase of 29.28%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 3277296400 yuan, a year-on-year increase of 20.60%; The basic earnings per share was 1.85 yuan, a year-on-year increase of 29.37%.
Overall business growth. During the reporting period, the company’s pharmaceutical business achieved an operating revenue of 28.904 billion yuan, a year-on-year increase of 32.10%; The gross profit margin was 52.12%, down 8.27 percentage points from the same period last year. Medical devices and medical diagnosis business achieved an operating revenue of 5.938 billion yuan, a year-on-year increase of 13.82%; The gross profit margin was 48.77%, down 2.89 percentage points from the same period last year. Medical and health services achieved an operating revenue of 4.118 billion yuan, a year-on-year increase of 29.82%; The gross profit margin was 19.06%, down 1.46 percentage points from the same period last year. During the reporting period, in the pharmaceutical business of the company, the centralized purchase and selection of ulitong (non bustat tablets) and Bangzhi (pivastatin calcium tablets) were successful, which superimposed the impact of the price rise of product raw materials, and the gross profit margin of the business decreased. During the reporting period, the sales volume of mRNA covid-19 vaccine in non mainland China increased rapidly, the pharmaceutical products such as tuximab injection and trastuzumab for injection increased rapidly, and the superimposed medical device business increased steadily, driving the rapid improvement of the overall performance of the company.
With the authorization of Pfizer and MSD covid-19 oral drug MMP, it is expected to bring performance increment. On January 20, the company signed an agreement with the drug patent pool in Geneva to produce the API and preparation products of molnupiravir, a low-cost version of mosadon covid-19 oral drug, and supply them in 105 low-income countries and regions around the world; On March 17, the company signed an agreement on the production of nimatrilvir, one of the components of paxlovid, an oral drug of Pfizer covid-19. The company can produce the API and preparation of nimatrilvir and supply it to 95 low-income countries and regions. Covid-19 pneumonia epidemic still has high uncertainty, and the demand for covid-19 treatment is also clear. The company is also authorized by Pfizer and MSD MMP, which is expected to bring new performance increment to the company in the future.
R & D supports growth momentum. During the reporting period, the company’s R & D investment reached 4.957 billion yuan, a year-on-year increase of 24.28%. The company’s R & D investment accounts for 12.75% of the total operating revenue, which is much higher than the industry average. During the reporting period, 20 clinical approvals including recombinant anti-CD38 human monoclonal antibody injection were obtained; Application for registration of human interferon for injection γ And other 14 products. At present, the company has many research projects. In the future, the research projects may gradually enter the harvest period, providing more performance growth points for the company.
Investment suggestion: we expect the company’s EPS after dilution from 2022 to 2024 (excluding the impact of conversion to growth) to be 2.15 yuan, 2.41 yuan and 2.75 yuan respectively, and the corresponding dynamic P / E ratios are 23.54 times, 20.96 times and 18.35 times respectively Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) as a leading pharmaceutical R & D enterprise in China, covering many treatment fields, R & D innovation has been gradually implemented and the buy rating has been maintained.
Risk warning: epidemic risk, R & D risk less than expected
