\u3000\u3 China Vanke Co.Ltd(000002) 020 Zhejiang Jingxin Pharmaceutical Co.Ltd(002020) )
The company's performance is in line with expectations. The company released its 2021 annual report, which realized an operating revenue of 3.336 billion yuan (year-on-year + 2.39%) and a net profit attributable to the parent company of 614 million yuan (year-on-year - 5.98%), mainly because the income from changes in fair value of foreign investment decreased by 111 million yuan year-on-year, and the net profit deducted from non attributable to the parent company of 515 million yuan (year-on-year + 15.49%), and the annual performance met the expectations. In terms of single quarter, Q4 achieved an operating revenue of 868 million yuan (year-on-year + 5.53%), a net profit attributable to the parent company of 185 million yuan (year-on-year - 34.13%), and a net profit not attributable to the parent company of 140 million yuan (year-on-year - 14.95%). The cost rate in the 21-year period was 36.82%, 7.22 percentage points lower than that in the 20-year period, mainly because the sales cost rate decreased by 6.81 percentage points compared with the same period last year under the centralized purchase of drugs; The management fee rate was 5.31%, down 1.23 percentage points from last year; The R & D expense rate was 9.87%, an increase of 1.91 percentage points over last year.
The common development of drugs and devices, double wheel drive in the field of mental nerve and cardio cerebrovascular. In the company's 21-year revenue, the revenue of intermediate and finished drugs was 1.902 billion yuan, which was mainly affected by the price reduction of centralized drug purchase, with a year-on-year decrease of 3.02%; API revenue was 818 million yuan, a year-on-year increase of 1.94%; The income of medical devices was 553 million yuan, a year-on-year increase of 22.83%. At the preparation side, the company's commercialization ability in the field of mental nerve has been continuously strengthened, and the annual sales revenue was 543 million yuan, with a year-on-year increase of 32%, and the growth trend is worth looking forward to; The annual sales revenue in the cardiovascular field was 520 million yuan. With the successful bid winning and bid renewal of leading products all over the country, the sales volume has increased steadily, and the off-site market is being developed. New growth points can be expected.
The R & D investment is increasing, and the innovation pipeline is worth looking forward to. The company adheres to the research and development of innovative drugs. In the past 21 years, there have been abundant research pipelines, including 11 innovative drugs (instruments). Six innovative projects have entered the clinical stage, including five in the middle and late clinical stages. The company's R & D continues to advance, and the pipeline listing is worth looking forward to. It is expected that 2 will be listed in the last 3 years, and 3 or more will enter the clinic every year. Among them, evt201 capsule, which has made the fastest progress, has completed phase III clinical treatment, with superior clinical data. In the efficacy evaluation indicators such as sleep and awakening, the results have reached the primary and secondary key endpoints, and the drug safety and tolerance are good. It is expected to be listed in 22 years, which will further improve the competitiveness of the company in the field of nerves. The innovation and transformation is worth looking forward to.
Profit forecast and investment suggestions
Considering that the company's revenue is affected by the price reduction of centralized purchase, we slightly lower the forecast of EPS of 0.80, 0.94 and 1.05 yuan in 22-24 years (the original forecast of 1.11 and 1.23 yuan in 22-23 years). According to the comparable company, we give 16 times PE valuation in 2022, corresponding to the target price of 12.80 yuan, and maintain the "buy" rating.
Risk tips
The company's sales do not meet expectations; Uncertainty of volume purchase affecting the company's performance
