\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 976 Jianmin Pharmaceutical Group Co.Ltd(600976) )
Core conclusion
Event: Jianmin Pharmaceutical Group Co.Ltd(600976) released the report for the first quarter of 2022. During the reporting period, the operating revenue was 918 million yuan (year-on-year + 9.10%), the net profit attributable to the parent company was 89 million yuan (year-on-year + 25.95%), and the net profit not attributable to the parent company was 800000 yuan (year-on-year + 20.39%), and the performance growth was in line with expectations.
Investment income continued to drive performance growth. 22q1’s net profit attributable to the parent company was 89 million yuan, with a year-on-year increase of 25.95%, and the investment income was 41 million yuan, with a year-on-year increase of 31.92%, of which the investment income from associates and joint ventures was 40 million yuan, accounting for 44.94% of the net profit attributable to the parent company. According to Jianmin Pharmaceutical Group Co.Ltd(600976) holding 33.54% of the shares of Wuhan Jianmin Dapeng pharmaceutical, a joint venture, it is estimated that the revenue of Wuhan Jianmin Dapeng pharmaceutical in 2022q1 is about 200 million yuan and the net profit is about 120 million yuan.
The subsidiary built a new comprehensive preparation workshop, and the company’s market competitive advantage was enhanced. As of March 31, 2022, the company’s construction in progress was 220715 million yuan, a year-on-year increase of 31.96%, mainly due to the new engineering and equipment projects in the current period Jianmin Pharmaceutical Group Co.Ltd(600976) yekai Thai Pharmaceutical (Suizhou) Co., Ltd. undertakes the production function of most products in the group. It plans to use its own funds and other self raised funds to build a new comprehensive preparation production workshop with an estimated construction period of two years. After the completion of the project, the production capacity is expected to be doubled to enhance the company’s market competitive advantage and sustainable development ability. After the completion of the project, the annual accrued depreciation amount is 148067 million yuan, which will have a certain impact on the net profit.
Maintain the “buy” rating. It is estimated that the net profit attributable to the parent company in the next three years will be RMB 418519/634million respectively, EPS will be RMB 2.72/3.38/4.13 respectively, and the corresponding PE will be 17.9x/14.4x/11.8x respectively. Considering the strong brand power of the company’s OTC products, the associated company has broad growth space for in vitro cultivation of bezoar business, and maintains the “buy” rating.
Risk tips: policy change risk, R & D risk, raw material price risk,
