\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 223 Lushang Health Industry Development Co.Ltd(600223) )
The company issued an annual report. The annual revenue was 12.36 billion yuan (- 9.2%), and the net profit attributable to the parent was 360 million yuan (- 43.3%). The company issued an annual report: in 2021, the company achieved a revenue of 12.36 billion yuan (- 9.2%), and the net profit attributable to the parent was 360 million yuan (- 43.3%). The performance was dragged down by the real estate business. Considering the uncertainty of the real estate business, we lowered the profit forecast for 20222023 and added the profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be RMB 651 (- 2.96) / 806 (- 3.05) / 983 million, the corresponding EPS will be RMB 0.65 (- 0.29) / 0.80 (- 0.30) / 0.97, and the corresponding PE of the current stock price is 16.1/13.0/10.7 times. The valuation is reasonable and the "buy" rating will be maintained.
The cosmetics business is growing rapidly, and the pharmaceutical and raw material business is stable; The real estate business dragged down the performance: the revenue was 1.495 billion yuan (+ 117.0%) and achieved rapid growth, with a gross profit margin of 63.68% (+ 4.54 PCT); Among them, the Lotus brand achieved a revenue of 646 million yuan (+73.1%), and facial mask sales earned 744 million yuan (+272.1%). Medicine: it achieved a revenue of 540 million yuan (+ 8.7%) and remained stable. It successfully introduced three drugs and one medical device equity, arranged functional foods around traditional Chinese medicine + new functional factors, 24 newly approved products of great health products, and produced 14 "traditional Chinese medicine +" functional foods; Raw materials: the company achieved a rapid growth in revenue of 241 million yuan (+ 22.0%). In 2021, the company launched a new brand of raw materials business "Baifu" and launched three new raw materials products. On the whole, Freida Pharmaceutical Group (consolidated basis) achieved an operating revenue of 2.181 billion yuan (+66.7%), and a net profit attributable to the parent company of 180million yuan (+69.8%). Real estate: the company achieved a revenue of 9.7 billion yuan (- 18.4%), which was affected by the overall downturn of the real estate industry. In addition, the company accrued an asset impairment of 188 million yuan for healthy real estate projects, affecting profits.
The "innovation" + "improvement" of the biomedical sector is expected to grow rapidly, and the ecological health sector is actively transforming cosmetics: the company continues to focus on the "4 + n" brand development strategy, and the main brands are expected to maintain high growth. The phase I project of Zhimei science and technology Innovation Park has been completed and put into operation in 2021, with an annual output value of more than 4 billion yuan, which can meet the company's capacity expansion needs in the next 3-5 years. Pharmaceutical: the company actively promotes organizational change and is expected to maintain steady growth in the future. Raw materials: accelerate the promotion of high-end brand "Baifu" and increase the construction of food grade brands, which are expected to contribute to the increment in the future. Real estate: the company actively promotes the transformation of ecological health sector and looks forward to the recovery of the industry.
Risk tip: market competition intensifies, the company's new product promotion is less than expected, and the real estate industry is in a downturn.
