\u3000\u3 China Vanke Co.Ltd(000002) 390 Guizhou Xinbang Pharmaceutical Co.Ltd(002390) )
The main business grew steadily. Excluding the impact of non expenses, the performance achieved high growth and maintained the "buy" rating
On April 14, the company released its 2021 annual report: the company achieved a revenue of 6.472 billion, a year-on-year increase of 10.71%; The net profit attributable to the parent company was 273 million, a year-on-year increase of 57.25%; Deduct non net profit of 290 million, with a year-on-year increase of 45.74%; The net operating cash flow was 458 million, a year-on-year decrease of 38.29%; EPS0. 15 yuan / share (+ 0.04 yuan / share). The company's performance is in line with our previous expectations. In 2021, the main business income of the company's three business segments of pharmaceutical circulation, medical services and pharmaceutical manufacturing increased steadily compared with the average annual growth of 2020. The operating efficiency was gradually improved, the profitability was improved, the cost reduction and efficiency increase were effective in 2021, the overall cost rate decreased, the impact of controlling the proportion of drug consumption is expected to be reduced, and the overall growth rate will gradually pick up. The company's business structure and governance structure are straightened out, and its medical service business has obvious advantages and development potential in Guizhou Province. We maintain the same from 2022 to 2023 and add a profit forecast for 2024. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 351, 437 and 547 million yuan respectively, and the corresponding EPS will be 0.17, 0.22 and 0.27 yuan / share respectively. The corresponding P / E of the current stock price is 30.9, 24.9 and 19.9 times respectively, maintaining the "buy" rating.
Continue to develop core hospital business, improve quality and efficiency, and improve hospital profitability
The medical service business of the company adheres to the network layout of tumor specialty and general hospital. It has 7 medical institutions, including tumor hospital, Baiyun hospital, Wudang hospital and Renhuai new Chaoyang Hospital, which are distributed in Guiyang, Anshun, Zunyi and Liupanshui, with more than 5000 beds. In 2021, the company is committed to standardized and refined management, cost reduction and efficiency increase. In the future, as the proportion of expenses tends to stabilize, we expect the growth rate to continue to increase. The hospital has achieved remarkable results in improving quality and efficiency, and the profitability of cancer hospitals has been rapidly improved. In 2021, the medical service business achieved a revenue of RMB 2.071 billion, with a year-on-year increase of 5.24%, of which the revenue of Guizhou cancer hospital increased by 2.45% to RMB 1.079 billion, and the revenue of Baiyun hospital increased by 9.98% to RMB 577 million.
Pharmaceutical circulation is the leading in the province, with strong bargaining power, and the manufacturing of traditional Chinese medicine decoction pieces is growing rapidly
Pharmaceutical circulation: in 2021, the company's pharmaceutical circulation realized an operating revenue of 5.362 billion yuan, a year-on-year increase of 10.44%. Among them, the drug revenue was 4.439 billion yuan, a year-on-year increase of 10.08%; The income from equipment was 923 million yuan, a year-on-year increase of 12.22%. Pharmaceutical manufacturing: in 2021, the company's pharmaceutical manufacturing realized an operating revenue of 704 million yuan, with a year-on-year increase of 16.05%. The sales of Chinese patent medicine recovered steadily and the sales of traditional Chinese medicine decoction pieces increased significantly.
Risk warning: the cost of medical insurance is becoming more and more strict; The improvement progress of hospital single bed output was less than expected.
