\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 380 Joincare Pharmaceutical Group Industry Co.Ltd(600380) )
Key points
Event:
The company released its 2021 annual report. In 2021, the revenue was 15.904 billion yuan, a year-on-year increase of 17.62%, and the net profit attributable to the parent was 1.328 billion yuan, a year-on-year increase of 18.57%. Deducting the net profit not attributable to the parent was 1.225 billion yuan, a year-on-year increase of 26.72%, and eps0.01% 70 yuan, in line with expectations. Among them, the revenue in a single quarter in the fourth quarter was 3.97 billion yuan, a year-on-year increase of 16.13%, the net profit attributable to the parent was 320 million yuan, a year-on-year increase of 65.74%, and the net profit not attributable to the parent was 305 million yuan, a year-on-year increase of 87.11%.
Comments:
The performance was in line with expectations, and the sales of all sectors increased steadily. In 2021, the company’s gross profit margin was 64.06%, an increase of 0.10 percentage points. During the period, the expense rate was 36.93%, increased by 1.49pp, of which the sales expense rate was 31.61%, increased by 2.47pp, the management expense rate was 5.91%, decreased by 1.13pp, the R & D expense rate was 8.78%, increased by 0.85pp, and the expense rate remained stable as a whole. The revenue side grew steadily, of which the revenue of chemical agents was 9.1 billion yuan, a year-on-year increase of 35.9%, mainly due to the incremental sales of inhaled agents; The revenue of chemical raw materials and intermediates was 4.69 billion yuan, a year-on-year increase of 19.2%, and the volume and price of 7-ACA and meropenem increased simultaneously; The revenue of diagnostic reagents and equipment was 720 million yuan, a year-on-year decrease of 47.7%.
Inhaled preparations enter the harvest period, and the sector is gradually in large quantities. The company achieved a new sales revenue of 577 million yuan in the respiratory field, with a significant increase year-on-year. Three varieties of inhalation preparations (including ipratropium bromide inhalation solution for inhalation, budesonide suspension for inhalation and compound ipratropium bromide solution for inhalation) were selected for the fifth batch of centralized purchase, which is conducive to the rapid opening of the company’s inhalation preparations to the Chinese sales market. The company has a sound layout and progress in the field of inhalation preparations. The marketing team has been established and the sales progress is good. In 21 years, it has developed more than 4000 secondary hospitals. Tobramycin inhalation solution, formoterol fumarate inhalation solution and terbutaline sulfate atomization inhalation solution under development are applied for production; Clinical studies have been carried out on formoterol fumarate inhalation aerosol and mometasone formoterol inhalation aerosol. Adibromide inhalation powder aerosol has obtained the notice of clinical trial, which is expected to continue to contribute performance flexibility to the respiratory sector.
Profit forecast and valuation rating. The company’s respiratory preparation pipeline is accelerating to cash in, and heavy new varieties of inhalation preparations are listed to provide increment. Considering the increased cost investment, we raised the net profit forecast for 22-23 years to RMB 1.542/1.841 billion (the original value was RMB 1.464/1.696 billion, an increase of 5.3% / 8.5% respectively), and the net profit forecast for 24 years was RMB 2.178 billion, corresponding to EPS of 0.81/0.96/1.14 yuan for 22-24 years, corresponding to P / E of 15 / 13 / 11 times, Maintain the “buy” rating.
Risk tips: risk of drug procurement with quantity, risk of approval policy, price fluctuation of API, etc
