\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 436 Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) )
Key investment points
Event: the company achieved an operating revenue of 8.022 billion yuan in 2021, with a year-on-year increase of 23.2%; The net profit attributable to the parent company was 2.431 billion yuan, a year-on-year increase of 45.5%; The net profit attributable to the parent company was rmb2.406 billion, representing a year-on-year increase of rmb2.406 billion.
The sales of series products reached a new high and the company's revenue accelerated growth: in 2021, the company implemented the business model of "self support + controlled sales + dynamic sales". The sales of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) series products such as Yindan Pinggan capsule, Chuanbei Qingfei syrup and other single products reached a record high. In terms of categories, among the company's products above 10 million levels, liver disease drugs, cardiovascular drugs, cold drugs, respiratory drugs and dermatological drugs achieved revenue of 3.7 billion yuan (year-on-year, + 45.8%, the same below), 96.089 million yuan (+ 3166.3%), 11.226 million yuan (- 47.4%), 27.166 million yuan (+ 31.5%) and 12.347 million yuan (+ 577.5%) respectively; The gross profit margin was 81.79% (- 0.16pp), 50.72% (+ 34.09pp), 9.04% (+ 8.2pp), 50.15% (+ 16.04pp) and 64.17% (+ 3.22pp) respectively.
The strategy of "multi-core drive and two-way development" has been continuously promoted, and a multi business cluster pattern in the health field has been formed: in 2021, the company will timely optimize the development strategy and implement the new strategic blueprint of "multi-core drive and two-way development": make Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , expand Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) brand Angong Niuhuang Pill, and strengthen Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) cosmetics; Tap the potential inward and steadily promote extension M & A outward Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) brand "Angong Niuhuang Pill" has been successfully introduced to the market Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) toothpaste has become the first brand of Qinghuo toothpaste in China. In addition, the company has made breakthroughs in new drug research and development. Apixaban tablet has obtained the drug registration certificate, pzh2107 (LDS tablet) has obtained the notice of approval for drug clinical trial, and three new drugs of chemical medicine class 1, two new drugs of traditional Chinese medicine class 1.1 and one new drug of traditional Chinese medicine class 1.2 have entered the stage of clinical research. The company has basically formed a pattern of multi business gathering in the health field, and the product structure has been optimized.
Optimize channel construction and further strengthen the guarantee of raw materials: the company continued to optimize channels. First, in terms of special retail, the company launched the special retail business of guoyaotang and added Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) Hongren health center and its retail stores with special retail supply support for capsule dosage forms; Second, in terms of online retail, we launched the construction of online sales platform, launched tmall flagship store of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) pharmacy and JD flagship store of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) pharmacy successively, and guaranteed the supply. At the same time, the company made strategic reserves for musk, bezoar and snake gall, the main raw materials of a series of products, to control the cost to the greatest extent. At the end of 2021, the book value of the company's raw material inventory was 1.492 billion yuan, a year-on-year increase of 11.62%. In addition, the company has solidly promoted the construction of medicinal material base and consolidated the guarantee of raw materials. The construction of two "fujiuwei" medicinal material bases of Clematis and Dendrobium candidum has been completed to escort the sustainable development of the company.
Profit forecast and investment rating: we maintain the forecast of the company's net profit attributable to the parent company from 2022 to 2023 to be RMB 2.995/3.626 billion respectively, and the net profit attributable to the parent company in 2024 is expected to be RMB 4.380 billion, corresponding to 63 times, 52 times and 43 times of the current market value of PE respectively. Maintain the "buy" rating.
Risk warning: the development of daily chemical business may be lower than expected; Raw material supply and price fluctuation.
