\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 566 Hubei Jumpcan Pharmaceutical Co.Ltd(600566) )
Events
On April 16, the company released its annual report for 2021. In 2021, the company realized an operating revenue of 7.631 billion yuan, a year-on-year increase of 23.77%, and a net profit attributable to the parent company of 1.719 billion yuan, a year-on-year increase of 34.60%. The net profit attributable to the parent company after deduction was RMB 1.557 billion, with a year-on-year increase of 26.15%.
Comments
The sales of core products are bright, and the operating revenue of Q4 in a single quarter hit a record high
In 2021, Q4 company achieved an operating revenue of 2.221 billion yuan, a year-on-year increase of 20.01%, and a net profit attributable to the parent company of 447 million yuan, a year-on-year increase of 40.78%. Q4’s single quarter revenue reached a new high. (1) the business income of heat clearing and detoxicating products was 2 billion 422 million yuan, up by 13.16% compared with the same period last year. The company has been recommended as the prevention and cure drug by the expert consensus on prevention and treatment of New Coronavirus’s infection in the New Coronavirus, which is infected by Chinese medicine. ② The operating revenue of pediatric products was 1.701 billion yuan, with a year-on-year increase of 63.85%, mainly due to the increase in the sales revenue of pediatric douqiao Qingre granules; ③ The operating revenue of respiratory products was 481 million yuan, with a year-on-year increase of 72.01%, mainly due to the increase in the sales revenue of Huanglong Zhike granules and Sanao tablets; ④ The operating revenue of digestive products was 1.804 billion yuan, a year-on-year increase of 6.79%. The increase of operating income of other products is mainly due to the increase of agency variety promotion service fee; The company’s sales expense rate in 2021 was 48.67%, basically unchanged year-on-year. The company has made continuous efforts in the retail channel, established the retail business department, established a professional team to operate the OTC channel, and has achieved good results at present.
The taste of Xiaoer daiqiao Qingre Granule is improved, and there is a wide demand for pediatric varieties
The core product of the company, Xiaoer douqiao Qingre Granule, has improved its taste. It was officially put on sale in January 2022. It has comprehensively optimized the smell, bitterness, viscosity and peculiar smell of the drug. The taste of the product has been significantly improved, which helps to provide patients’ compliance. Children with dental caries and obese children can also use it at ease.
The research and development of growth hormone is progressing smoothly and is optimistic about the long-term development prospect
In 2021, the company’s R & D expenses were 523 million yuan, with a year-on-year increase of 114.74%. The company strengthened the introduction of BD and paid a total down payment of 224 million yuan to Tianjing biology. Etan growth hormone is in phase III of clinical trial and is progressing smoothly. Etan growth hormone uses Fc fusion protein technology, and the compliance and competition pattern of long-acting products are ideal. The company is optimistic about the development prospect of long-acting growth hormone.
Profit forecast and investment rating
We believe that the sales of Pudilan, Xiaoer douqiao and other products of the company are expected to be better than expected, and slightly raise the profit forecast. It is estimated that the operating revenue of the company from 2022 to 2024 will be RMB 8.566 billion, RMB 9.494 billion and RMB 10.453 billion respectively (the value before 22/23 is RMB 8.547 billion and RMB 9.425 billion respectively), and the net profit attributable to the parent company will be RMB 2.031 billion, RMB 2.243 billion and RMB 2.445 billion respectively (the value before 22/23 is RMB 2.019 and RMB 2.226 billion respectively), maintaining the “buy” rating.
Risk tips: ① product sales promotion is not as expected; ② There is uncertainty in the R & D and sales of growth hormone products; ③ Risk of price fluctuation of core drugs
