\u3000\u3000 Yipinhong Pharmaceutical Co.Ltd(300723) (300723)
Key points
Event: the company released the performance forecast for 2021, and it is expected to realize the net profit attributable to the parent company of 293.29 million yuan – 360.97 million yuan, with a year-on-year increase of 30% – 60%; Net profit deducted from non parent company was 19.56 million yuan – 240.24 million yuan, with a year-on-year increase of 35% – 65%. The performance is in line with market expectations.
Comments:
The revenue of self-developed products increased rapidly and the profitability continued to improve: it is estimated that the rapid growth of the company’s performance in 2021 is mainly due to the rapid growth of the sales revenue of main products, such as clindamycin hydrochloride palmitate dispersible tablets, Qinxiang Qingjie oral liquid, Fuganlin oral liquid, etc., and the company’s new products have been approved for listing. In 2021, the company obtained ambroxol hydrochloride drops There are 10 products such as levocetirizine hydrochloride oral drops and 12 drug (RE) registration approvals. The product echelon continues to grow, providing new impetus for the growth of the company. It is estimated that the impact of non operating profit and loss on net profit in 2021 will be about 90 million yuan – 120 million yuan, mainly due to government subsidies, profits and losses from changes in the fair value of other non current financial assets held and investment income.
The innovative layout was steadily promoted to lay a solid foundation for long-term development: in 2021, the subsidiary Ruiteng biology increased capital to Arthrosi to jointly develop gout drug ar882 and antitumor drug ar0 The company has obtained the right to treat the type 2 diabetes treatment of China Taiwan Sheng Da pharmaceutical factory, the oral Innovation Medicine APPS-H0006 and the subsequent upgrade product APPS-H0007, the rights of the Chinese mainland. Guangfa Xinde Ruiteng venture capital industry fund, a subsidiary of Lianrui pharmaceutical, shares in Wuhan Hanhai new enzyme biology, a special enzyme industrialization company. The company continues to explore innovative layout and lay the foundation for long-term development. After innovative drug products are approved to be listed in China, it will enter a new era of innovation driven performance growth.
Profit forecast, valuation and rating: maintain the forecast that the net profit attributable to the parent company from 2021 to 2023 will be RMB 330 / 418 / 523 million, with a year-on-year increase of + 46.45% / 26.61% / 25.04%. According to the latest equity calculation, the corresponding EPS is RMB 1.15/1.45/1.82, and the current price corresponds to 31 / 24 / 19 times of PE, maintaining the “buy” rating.
Risk warning: the risk that sales are lower than expected; Risk of lower than expected R & D of innovative drugs; The risk of M & A integration is lower than expected.
