\u3000\u3 China Vanke Co.Ltd(000002) 262 Jiangsu Nhwa Pharmaceutical Co.Ltd(002262) )
2021 annual report:
During the reporting period, the company achieved an operating revenue of 39356642 million yuan, a year-on-year increase of 17.09%; The total profit was 915775600 yuan, a year-on-year increase of 7.68%; The net profit attributable to the shareholders of the listed company was 797777300 yuan, a year-on-year increase of 9.46%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 778432 million yuan, a year-on-year increase of 9.59%; The basic earnings per share was 0.79 yuan, a year-on-year increase of 9.72%.
Complete recovery of core business. During the reporting period, the company’s industrial business achieved an operating income of 34410212 million yuan, a year-on-year increase of 17.69%; The gross profit margin was 84.95%, an increase of 1.30 percentage points over the same period last year. Commercial business realized an operating income of 4179028 million yuan, a year-on-year increase of 13.66%; The gross profit margin was 16.49%, an increase of 1.29 percentage points over the same period last year. Other businesses achieved an operating income of 60.211 million yuan, a year-on-year increase of 13.82%; The gross profit margin was 56.89%, an increase of 8.51 percentage points over the same period last year. From the product side, the company’s core anesthesia products achieved an operating revenue of 1958944100 yuan, a year-on-year increase of 48.41%, and a year-on-year increase of 37.66% compared with 2019. The sales volume of the company’s core products has fully recovered, driving the company’s performance to increase steadily.
R & D expenses reached a new high and provided development impetus. During the reporting period, the company invested 402416400 yuan in R & D, a year-on-year increase of 50.89%; R & D expenses reached 3517258 million yuan, a year-on-year increase of 43.06%, a record high for the company. At present, the company has 16 innovative drug R & D projects and 38 generic drug projects, of which the innovative drug oselidine fumarate (trv-130) injection has been applied for production. In terms of consistency evaluation, five products including dexmedetomidine hydrochloride injection and aripiprazole tablets were approved during the reporting period. At present, three products are in the review stage and 12 products are in the research stage.
Haoxinqing successfully raised funds and accelerated its listing. During the reporting period, haoxinqing, an affiliated subsidiary of the company, introduced a financing of 300 million yuan. After the capital increase, haoxinqing’s equity structure was optimized and its capital demand was effectively supplemented, which was conducive to further promoting the listing process of haoxinqing. As an innovative enterprise cultivated and incubated by the company, if haoxinqing’s IPO is successful in the future, it is expected to improve the company’s investment income.
Investment suggestion: we expect the company’s EPS after dilution from 2022 to 2024 (excluding the impact of conversion to growth) to be 0.99 yuan, 1.22 yuan and 1.51 yuan respectively, and the corresponding dynamic P / E ratios are 12.49 times, 10.13 times and 8.19 times respectively Jiangsu Nhwa Pharmaceutical Co.Ltd(002262) is one of the leading enterprises of narcotic drugs in China. Its core products recovered growth after the epidemic situation stabilized and maintained the buy rating.
Risk warning: drug R & D is less than expected risk, policy risk, covid-19 pneumonia epidemic risk
