\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 976 Jianmin Pharmaceutical Group Co.Ltd(600976) )
Event: the company released the first quarterly report of 2022. In 2022q1, the company realized a revenue of 918 million yuan, a year-on-year increase of + 9.1%; The net profit attributable to the parent company was 89 million yuan, a year-on-year increase of + 25.95%; Deduct the net profit not attributable to the parent company of 80 million yuan, a year-on-year increase of + 20.39%.
The performance slightly exceeded expectations and performed well under the disturbance of the epidemic. In 2022q1, the net profit attributable to the parent company increased by 26% year-on-year, exceeding the previous expectations of the market and in line with our expectations. According to the company's announcement, the rapid growth of the company's profit side is mainly due to the growth of industrial profit and the increase of investment income of associated enterprises. According to the model split, we judge that the joint venture Jianmin Dapeng has achieved rapid profit growth and steady growth in the company's main business. It is expected that Jianmin Dapeng Tipei bezoar will continue to shine. 22q1, the investment income of the company's associates and joint ventures was 40 million yuan, a year-on-year increase of + 34.66%; Compared with 21q4, the year-on-year growth rate remains the same. The profits of the company's associated companies mainly come from Jianmin Dapeng. In 2021, Jianmin Dapeng made a net profit of 343 million yuan and contributed an investment income of about 113 million yuan, a year-on-year increase of 18.4%. According to tiandi.com, since the price of natural bezoar exceeded 500000 yuan / kg in 2021, it will remain at a high level of 520000 yuan / kg in 2022. With the increase of cost, Beijing Tongrentang Co.Ltd(600085) , Jiuzhitang Co.Ltd(000989) and other enterprises have increased the price of drugs containing natural bezoar such as Angong Bezoar Pill; Body cultured bezoar has the potential to increase the price.
It is expected that the main business will grow steadily and the profit level will be improved. The company's 22q1 revenue was 918 million yuan, a year-on-year increase of + 9.1%; According to our calculation, after deducting the contribution of investment income of associated enterprises from the overall operating profit of the company, the main business profit of 22q1 is about + 20% year-on-year. The profit growth of the main business is fast, and the income growth is mainly due to the decrease of the intermediate cost rate. The gross profit margin of 22q1 company is 42.99%, year-on-year -3.73pct, but the net profit margin is 9.67%, year-on-year + 1.27pct; In addition to the contribution of investment income of associated enterprises, the main factor is that the sales expense rate decreases from 36.28% to 31.81%. The sales expense rate of 21q1 is high, which is due to certain seasonal fluctuations.
Yekai Thai pharmaceutical's new capacity is expected to help the company's performance growth. The company announced that it would invest 280 million yuan of its own funds in the construction of a new comprehensive preparation workshop project of yekai Thai medicine. On the basis of the old workshop built in 2004, it would add about 4600 tons of granules, 1.1 billion capsules, 1 billion tablets, 2.64 million bottles of liquid preparations of traditional Chinese medicine and 500000 bottles of liquid preparations of Western medicine every year; The planned construction period is 2 years, the production period is 3 years, the breakeven point of capacity utilization is 52.97%, and the annual average after tax profit in the production period is 73.5 million yuan; After the completion of the project, the annual depreciation amount is 14.8 million yuan.
Profit forecast: it is estimated that from 2022 to 2024, the company will realize a net profit attributable to the parent company of 420, 540 and 690 million yuan, with a year-on-year increase of 29%, 28% and 28%. Corresponding to PE 18 / 14 / 11x. Maintain the "buy" rating. Risk tip: growth depends too much on core large single products; The growth rate of Jianmin Dapeng pharmaceutical industry slowed down; Intensified OTC market price competition; Rising raw material prices have led to lower gross profit.
