\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 436 Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) )
Event: the company released the performance forecast for the first quarter of 2022. In 2022q1, the company expects to realize the net profit attributable to the parent company of 678 ~ 701 million yuan, a year-on-year increase of + 20% ~ 24%, and the net profit deducted from the non attributable to the parent company of 678 ~ 700 million yuan, a year-on-year increase of + 21% ~ 25%.
The performance is in line with expectations. According to the median calculation, the company realized a net profit attributable to the parent company of 690 million yuan in 22q1, a year-on-year increase of + 22%, which is in line with our expectations. Previously, the company announced that from January to February 2022, the company achieved a revenue of about 1.6 billion yuan, a year-on-year increase of about 16%, and a net profit attributable to the parent company of about 600 million yuan, a year-on-year increase of about 20%. Judging from this caliber, the company realized a net profit attributable to the parent company of about RMB 90 million in March, and the profit side growth rate was higher than that from January to February.
It is expected that the growth of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) series drugs will accelerate. The company announced that the pre profit of 22q1 performance is to strengthen market planning and expand sales channels and increase the sales of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) series of core products. From the performance forecast of the previous 21 years, the company has achieved rapid growth in the past 21 years, which is mainly due to the accelerated growth of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) series drugs and the obvious improvement of the overall profit margin. The net profit margin attributable to the parent company in the past 21 years is 30.31%, significantly higher than 25.67% in the past 20 years; We judge that the key to the increase of the company's net profit margin is the proportion of direct sales of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) pharmacy tmall flagship store and Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) pharmacy JD flagship store added online in Q3. Compared with 21q1, 22q1 company has increased online direct sales channels, and the profit margin may be improved. According to the online data of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) tmall flagship store and Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) pharmacy Jingdong flagship store, the monthly sales volume of the two platforms is about 3 Shenzhen Sdg Information Co.Ltd(000070) 000 boxes (tablets + capsules), and the rough calculation shows that the online direct sales volume of Q1 exceeds 200000 boxes, accounting for about 10%, which is lower than that of 21q3 peak season.
RMB 4.48 billion was invested in Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) park to accelerate the development of great health and cosmetics. The board of directors of the company passed a resolution to invest in the construction of Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) park with its own funds of no more than 4.48 billion yuan. The two projects are Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) great health intelligent garden and Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) health beauty garden. The background of the construction of Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) park is that the current plant area, process layout and equipment capacity of the company's old plant can no longer meet the development needs of the company and the market. By building a new park, the company can further improve the automation and intelligence level of the company, improve the efficiency of product quality management, fully meet the market demand and ensure the long-term and stable development of the enterprise. The investment of dahealth smart Park disclosed by the company is about 2.8 billion yuan, the after tax internal rate of return is 25.41%, and the dynamic investment payback period is 9.74 years (including the construction period); The investment of health beauty park is about 1.68 billion yuan, the after tax internal rate of return is 29.34%, and the dynamic investment payback period is 9.13 years (including the construction period).
Profit forecast: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 2.43 billion yuan, 3 billion yuan and 3.66 billion yuan respectively, with corresponding growth rates of 45.4%, 23.3% and 22.2% respectively; EPS is 4.03 yuan, 4.97 yuan and 6.07 yuan respectively, and the corresponding PE is 79x, 64x and 53x respectively. Maintain the "buy" rating.
Risk warning: Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) revenue growth rate declined; The rise of raw material prices leads to the decline of product gross profit margin; The volume of daily chemical products is lower than expected; The epidemic continues to affect Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) overseas sales.
