\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 329 Tianjin Zhongxin Pharmaceutical Group Corporation Limited(600329) )
The industry grew steadily and continued to reduce costs and increase efficiency, driving the improvement of profitability
In 2021, the company achieved revenue, net profit attributable to the parent company and net profit deducted from non profits of 6.907 billion yuan (+ 4.60%), 769 million yuan (+ 16.24%) and 740 million yuan (+ 16.88%) respectively, and EPS of 1.00 yuan (+ 16.28%); Excluding the income of Sino US SmithKline, the net profit was 617 million yuan (+ 13.78%); Among them, the industrial income was 4.283 billion yuan (+ 10.97%), and the gross profit margin was 56.72% (- 2.15%). The sales, management, R & D and financial expenses were 1.556 billion yuan (+ 6.76%), 373 million yuan (+ 4.47%), 161 million yuan (+ 7.94%) and – 45 million yuan (- 70.78%) respectively. Since the mixed reform, the cost control ability has been continuously improved. From January to February 2022, the net profit was 150 million yuan (+ 21%), and the performance was in line with expectations.
The sales of quick acting heart saving medical end is accelerated, and it is expected to achieve rapid growth in the off-site market in the long term
In the pharmaceutical manufacturing business of the company, cardiovascular and cerebrovascular system drugs, respiratory system drugs, anti infective drugs and anti-tumor drugs achieved revenue of 1.707 billion yuan (+ 8.68%), 247 million yuan (- 11.70%), 187 million yuan (+ 9.57%) and 74 million yuan (+ 34.63%) respectively. In the medication of cardiovascular and cerebrovascular system, the fist variety quick acting heart saving pill achieved a revenue of 1.3 billion yuan (+ 9.47%), of which the procurement volume of medical institutions reached 21.358 million boxes (+ 15.72%), which is expected to accelerate the large-scale volume of quick acting heart saving products by draining to OTC.
Profit forecast and investment rating
After sorting out and implementing the reform of quick impact marketing channels, we look forward to the gradual implementation of the reform of quick impact marketing channels. Quick acting Jiuxin, the company’s only direct selling variety in the national market, drives the increase of products such as shunaoxin dropping pills and Tongmai Yangxin pills. At the same time, activate the sales of gastrointestinal safety of lerentang, Qinggong Shoutao pill, Haima Bushen pill, Angong Niuhuang Pill and other products of Darentang. It is estimated that the net profit of the company from 2022 to 2024 will be 973 / 1172 / 1451 million yuan respectively, the corresponding EPS will be 1.26/1.52/1.88 yuan respectively, and the corresponding PE will be 21.93/18.21/14.71 times respectively. For the first time, the investment rating of buying is given.
Risk warning: the price increase process of the product is not as expected; The volume of second-line products is lower than expected
