\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 200 Jiangsu Wuzhong Pharmaceutical Development Co.Ltd(600200) )
China's top 100 pharmaceutical enterprises have a solid foundation in the pharmaceutical sector
The company has rich pharmaceutical product lines and complete industrial chain. It has been rated as one of the top 100 chemical industry enterprises by the Ministry of industry and information technology for many consecutive years. It is the president unit of Suzhou Pharmaceutical Industry Association. The products cover many fields such as anti-virus / anti infection, immune regulation, anti-tumor, digestive system, cardiovascular and so on. It has many exclusive products in China, such as pidotimod oral solution, carbosulfan sodium for injection, mexobamo injection and so on. Affected by the epidemic situation and covid-19 pneumonia diagnosis and treatment plan in 2020, the pharmaceutical sector declined. In the first half of 2021, some negative effects have been digested and rebounded rapidly. In 2022, it is planned to introduce and start selling 1-2 class II medical device registration certificate approved medical beauty products, and the children's face needle is planned to be listed in 2023, which will bring a large increase to the company's operating revenue. It is estimated that the operating revenue from 2021 to 2023 will be 1.984 billion yuan, 2.321 billion yuan and 2.739 billion yuan respectively, the net profit attributable to the parent company will be 25 million yuan, 80 million yuan and 147 million yuan respectively, the corresponding EPS will be 0.03, 0.11 and 0.21 yuan / share, and the corresponding P / E of the current stock price will be 193.8, 59.7 and 32.6 times respectively. The "buy" rating will be given for the first time.
Give full play to the industrial advantages, reduce dimension and accurately enter the medical and American injection track
The company has steadily promoted the development of the medical and beauty sector, rapidly established a relatively perfect organizational structure, and introduced international top medical and beauty experts to help the systematic development of Jiangsu Wuzhong Pharmaceutical Development Co.Ltd(600200) medical and beauty sector. Relying on the deep industrial foundation of pharmaceutical enterprises and taking advantage of its advantages in the production of middle and upper reaches raw materials and pharmaceutical machinery, the company has accurately cut into the field of injection, and introduced two high-end products, Hara hyaluronic acid and aesthefill children's face needle, which are expected to be launched in 2025 and 2025 respectively It will be listed in China in 2023, quickly seize the market, compete with Chinese medical and American enterprises, and get rid of the low-cost and disorderly competition of entry-level products. The company plans to introduce and start selling 1-2 class II medical device registration certificate approved medical beauty products in 2022, so as to achieve a breakthrough in the sales of Jiangsu Wuzhong Pharmaceutical Development Co.Ltd(600200) medical beauty sector.
Build a self-developed product matrix and gradually establish Wuzhong's own technology platform
After the establishment of the brand positioning and supply chain of Wu medical research, the company will gradually improve its brand positioning and supply capacity in the field of self-research. The company expects to complete the layout of self-developed collagen and many other self-developed medical and beauty products within 3-5 years, establish Wuzhong aesthetics's own technical platform, form barriers and master the iterative ability of product renewal. After the formation of its own technical platform, the company will continue to develop multi gradient beauty products, improve consumer stickiness and gradually form a full scene closed loop.
Risk tip: drug sales are less than expected, and the approval of medical beauty products is less than expected
