\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 085 Beijing Tongrentang Co.Ltd(600085) )
Event: the company achieved an operating revenue of 14.6 billion yuan in 2021, a year-on-year increase of 13.9%, and the net profit attributable to the parent company was 1.23 billion yuan, a year-on-year increase of 19%. In 2021, the sales expense rate is 18.8%, the management expense rate is 9.2%, the financial expense rate is 0.2%, and the R & D rate is 1.2%. The performance met expectations and achieved steady growth.
The pharmaceutical industry has implemented the strategy of large varieties, and the performance of large varieties is remarkable Beijing Tongrentang Co.Ltd(600085) mainly focuses on large varieties, supplemented by the development of varieties, and implements the implementation strategy of “one district, one policy, one product, one policy”, which is mainly sold to the market and reach the terminal through dealer channels, and some products are sold through Beijing Tongrentang Co.Ltd(600085) commercial retail pharmacies of its subsidiary. In 2021, the first five series products of the pharmaceutical industry achieved an operating revenue of 4.12 billion yuan, a year-on-year increase of 15.4%; Among them, the operating revenue of cardiovascular and cerebrovascular products was 3.63 billion yuan, with a year-on-year increase of 19.7%. Angong Niuhuang Pill was included in covid-19 epidemic prevention guide, driving the sales volume to increase, and the volume and price to rise in 2021. In December 2021, the retail price of Angong terminal increased again, reaching 860 yuan / capsule, which is expected to drive the further increase of cardio cerebrovascular revenue. The operating income of tonic products was 1.46 billion yuan, a year-on-year decrease of 2.6%; The operating income of heat clearing products was 520 million yuan, a year-on-year increase of 0.5%; Gynecological products achieved an operating revenue of 380 million yuan, a year-on-year increase of 23.8%.
The quality of pharmaceutical business operation continued to improve and grew steadily Beijing Tongrentang Co.Ltd(600085) adhere to the development of comprehensive pharmacies and supporting medical institutions combining “famous stores, famous drugs and famous doctors”, and the speed of opening stores has increased compared with last year. During the reporting period, the Beijing Tongrentang Co.Ltd(600085) business set up 920 retail stores in total and 42 new stores during the reporting period, including 560 traditional Chinese medicine clinics and 699 qualified as “designated retail pharmacies for medical insurance”, with designated pharmacies for medical insurance accounting for 76% of the total number of stores. The pharmaceutical business sector achieved an operating revenue of 8.24 billion yuan in 2021, a year-on-year increase of 12.6%.
Innovate product development and promote industry university research cooperation. In 2021 Beijing Tongrentang Co.Ltd(600085) focused on the actual needs of production and operation and quality, and carried out research work on innovative product development, cultivation of famous and high-quality varieties, tackling key problems in production and quality, construction of traceability system, reserve of key technologies, inheritance and development of processing technology, etc. Including continuing to carry out clinical research on innovative traditional Chinese medicine of Qingnaoxuanqiao dropping pills, and promoting the listing of new drugs for the treatment of ischemic stroke; Focus on the blank field or market application prospect of the company, promote the construction of traditional Chinese medicine traceability system, and start the research and development of 10 classic famous prescriptions and new products; The overall scheme of 16 key varieties has been formed, the research work of 14 varieties such as Tongren Niuhuang Qingxin pill and Morinda officinalis oligosaccharide capsule has been started, and the cooperation with external scientific research institutions has been deepened to promote the transformation of scientific research achievements. In 2021, the company invested 320 million yuan in R & D, a year-on-year increase of 23.9%.
Profit forecast: EPS from 2022 to 2024 is expected to be 1.13 yuan, 1.43 yuan and 1.78 yuan respectively.
Risk tip: raw material fluctuation risk, pharmaceutical industry policy change risk.
