\u3000\u30 Beijing Jingyeda Technology Co.Ltd(003005) 01 Shanghai Haishun New Pharmaceutical Packaging Co.Ltd(300501) )
The company issued the 2021 annual report. In 2021, the company achieved a revenue of 857 million yuan, a year-on-year increase of 20.04%, and a net profit attributable to the parent company of 105 million yuan, a year-on-year increase of 1.69%.
The increase in volume drives the growth of the company, and the rise in the price of raw material aluminum puts pressure on profits. In 2021, the company’s soft packaging and hard packaging achieved revenue of 616 million yuan and 234 million yuan respectively, with a year-on-year increase of 17.15% and 29.08% respectively; In 2021, the sales volume of the company’s new pharmaceutical packaging materials was 30.97 million kg, with a year-on-year increase of 17.61%; In 2021, the gross profit margin of soft packaging and hard packaging of the company was 29.05% and 26.54% respectively, with a year-on-year decrease of 6.15pcts and 2.53pct respectively.
The revenue of subsidiaries Suzhou Haishun, Zhonghui medicine bag and duoling medicine bag increased by 20% year-on-year. In 2021, the company’s main subsidiaries Suzhou Haishun, Zhonghui medicine bag, duoling medicine bag and Jiucheng packaging achieved revenue of 547 million yuan, 133 million yuan, 100 million yuan and 289 million yuan respectively, with a year-on-year increase of 28%, 20%, 28% and 2% respectively; In 2021, the company’s main subsidiaries Suzhou Haishun, Zhonghui medicine bag, duoling medicine bag and Jiucheng packaging realized net profits of 86.83 million yuan, 3.74 million yuan, 9.96 million yuan and 30.67 million yuan respectively, with year-on-year growth of 9.09%, – 44.28%, 214.04% and – 32.42% respectively, and the net interest rates were 16%, 3%, 10% and 11% respectively. The main business of Suzhou Hisun pharmaceutical packaging materials Co., Ltd; The main business of duoling medicine bag is PVC hard tablets for drug packaging, PVC PVDC composite hard tablets for drug packaging and plastic packaging sheets for food; Shijiazhuang Zhonghui’s main business is plastic packaging, aluminum packaging, plastic packaging, etc; Jiucheng packaging is mainly engaged in packaging, decoration and printing, packaging materials, packaging products, textiles, etc.
Take root in pharmaceutical packaging, extend the base film material end upward, expand new consumption, new energy and other fields downward, and cultivate new profit growth points. Rooted in the pharmaceutical packaging industry, the company has developed new products such as high barrier and easy stripping thermoplastic molding sheet and corrosion-resistant lithium battery aluminum-plastic film by using multi-layer co extrusion high barrier technology, precision coating technology and composite cold forming technology, which are applied in new consumption, new energy and other fields. In addition, the company has 109 patents, including 13 invention patents, and has mastered a number of core technologies with independent intellectual property rights, including cold stamping forming composite hard sheet production technology, high barrier polytetrafluoroethylene / PVC composite hard sheet production technology, high barrier multi-functional polyolefin thin film production technology, high barrier easy to tear off film materials and composite production technology, which have achieved obvious industrialization effects. Relevant products have been Zhe Jiang Hua Hai Pharmaceuticalco.Ltd(600521) , Shanghai Pharmaceuticals Holding Co.Ltd(601607) AstraZeneca, Mengniu, British American Tobacco and other well-known customers at home and abroad.
Pharmaceutical packaging: large-scale production, rapid matching with customers’ demand for large quantities of orders, and national centralized procurement further highlights the company’s scale advantage. The company has 121 drug packaging materials registration numbers and 12 DMF records. At present, more than 2000 customers have had business relations with the company, and 80% of the top 100 China Meheco Group Co.Ltd(600056) industrial enterprises have established cooperative relations with the company; The pattern of pharmaceutical packaging industry is relatively scattered. There are more than 1500 pharmaceutical packaging materials enterprises in China, most of which are in the order of ten million, and there are few companies with more than 200 million in China. The company has large-scale production capacity, which can quickly match the large-scale orders of customers. With the in-depth promotion of national centralized purchase of drugs and other mechanisms, the company’s capacity advantage will be further brought into play.
Nanxun phase I project was completed and accepted, and phase II project entered the construction stage. At present, the company has three production bases in Suzhou, Jiaxing and Shijiazhuang, and the production capacity is relatively fully utilized. It is expected that the production lines of aluminum-plastic film, high-performance bottles, reagent packaging and easy to tear high barrier sheet will be put into operation smoothly in 2022. As of the reporting date, Nanxun phase I project is applying for completion acceptance, and phase II project has entered the construction stage to ensure the early launch of 18000 ton high barrier composite production line. In addition, at present, duoling medicine bag has an annual production capacity of 1500 tons of high barrier and high sealing medicine packaging composite film.
Profit forecast and rating: as the leader of medicine bag, the company takes cold stamping composite hard chip products as the core, and continues to expand its application scenarios in emerging fields such as new consumption, new energy and electronic protection. The founder and core team of the company have professional degree background. They have continuously focused on the field of pharmaceutical high barrier packaging for 20 years and have rich industry experience. Due to the large increase in the price of raw materials and the obvious increase in the operating cost of the company, we lowered the profit forecast. We expect the net profit of the company in 2022, 2023 and 2024 to be about 140 / 190 / 240 million yuan respectively (the value before 22 / 23 was 1.6 / 2.1), and the corresponding PE is 28 / 21 / 16x respectively, maintaining the “buy” rating.
Risk tip: the implementation of raised investment projects fails to meet expectations after expansion, industrial policy adjustment and macro epidemic impact
