\u3000\u3 China Vanke Co.Ltd(000002) 332 Zhejiang Xianju Pharmaceutical Co.Ltd(002332) )
Event: the company released its 2021 annual report. In 2021, it realized an operating revenue of 4.337 billion yuan, a year-on-year increase of 7.92%; The net profit attributable to the parent company was 616 million yuan, a year-on-year increase of 22.09%; Deduct non net profit of 581 million yuan, an increase of 26.46% year-on-year.
The performance is in line with expectations, and the advantages of anesthesia and respiratory preparations are growing rapidly. In 2021, the company's performance slightly exceeded the previous performance express (net profit attributable to the parent company + 20.86%, net profit deducted + 24.24%), and continued to maintain a rapid growth of more than 20%. Compared with 2019, the revenue side increased by 8.14% and the profit increased by 22.51%. Excluding the influence of the epidemic base, the company still achieved rapid growth. We expect that it is mainly driven by the rapid growth of anaesthetic muscle relaxation and respiratory preparations business, while the API business is driven by price, cost Base number and other factors. Among them, the revenue of preparation business was 2.498 billion yuan, a year-on-year increase of 20%, with a stable performance. Quarter by quarter, Q4's revenue was 1.02 billion yuan, a year-on-year decrease of 6.01%, a compound increase of 4.19% compared with the same period in 2019, and the net profit attributable to the parent was 157 million yuan, a year-on-year increase of 7.30%, a compound growth rate of 14.49%, deducting 133 million yuan of non net profit, a year-on-year increase of 15.05% and a compound growth rate of 18.36%. The company continues to plough deeply in the steroid hormone track, and the API + preparation is integrated. There are 22 consistency evaluation varieties of the preparation end company, 9 of which have been declared and 5 have been evaluated; There are 18 new imitation varieties, and 5 have been declared. The development of API customers has been steadily promoted, and the industrial chain advantages in the international market have been gradually brought into play; Form synergy with newchem in some markets. Under the deepening layout of API and preparation, it is expected to continue the steady growth trend in the next few years.
Sub business: the core preparation category performed steadily, and the API sales increased steadily.
Preparation: maintain rapid growth, and the performance of anesthetic muscle relaxation and respiratory preparations is bright. In 2021, the sales revenue of the company's preparations was 2.498 billion yuan (+ 20%, year-on-year growth, the same below), including 2.38 billion yuan (+ 18%) from the sales revenue of self operated products of preparations and 118 million yuan from the sales revenue of preparation distribution of the pharmaceutical development department. Treatment areas: 1) gynecological family planning preparations. The main products are progesterone capsule (Yimaxin), levonorgestrel enteric coated capsule and mifepristone tablets, with a sales revenue of 525 million yuan (+ 10%). 2) The main products of anesthetized muscle pine preparations are benzenesulfonacetracuronium and rocuronium injection for injection, with a sales revenue of 643 million yuan (+ 23%). According to the data of Newport premium, the sales of rocuronium injection public hospital of the company in 2021 was 173 million yuan (+ 41.78%). 3) respiratory preparations, the main products are Mometasone Furoate Nasal Spray, Tiotropium Bromide Powder for Inhalation and Ciclesonide Aerosol, with a sales income of 521 million yuan (+42%). According to NEWPORTPREMIUM data, sales of Mometasone Furoate Nasal Spray public hospital in 2021 amounted to 82 million 460 thousand yuan (+60.08%). 4) Department of dermatology products are mainly Mometasone Furoate Gel, Mometasone Furoate Cream and Fluticasone Propionate Cream, with sales income of 148 million yuan (+6%). 5) The sales revenue of general medicine preparations was 480 million yuan (+ 10%). 6) The income from comprehensive investment promotion products is 43 million yuan (- 4%). 7) The income of other outsourcing agent products is RMB 20 million (- 33%).
API: API sales increased steadily. In 2021, the company's API and intermediate revenue was 1.793 billion yuan (- 4.6%), of which the main self operated API revenue was 786 million yuan (- 4.5%); The income of Italian subsidiary newchem is 604 million yuan (- 4.3%); Haisheng pharmaceutical company has a revenue of 64 million yuan (- 55%).
Expense rate: the gross profit margin increased slightly, the expense rate remained stable during the period, and the R & D investment continued to grow. Gross profit margin: in 2021, the company's gross profit margin is 58.23% (+ 2.59pp), which is expected to be mainly driven by the rapid growth of preparation revenue. Expense rate: in 2021, the company's sales expense rate was 29.51% (+ 2.25pp), the management expense rate was 6.46% (+ 0.28pp), and the financial expense rate was 0.002% (- 2.13pp). The change of financial expense rate was mainly due to the decrease of interest expense and exchange gain and loss. R & D Investment: in 2021, the company's R & D expenditure was 243 million yuan (+ 16.79%), accounting for 5.61% (+ 0.43pp) of revenue.
Profit forecast and investment suggestions: according to the annual report data, we adjusted the profit forecast. It is estimated that the company's revenue from 2022 to 2024 will be RMB 507 million, 5.897 billion and 6.879 billion, with a year-on-year increase of 15.5%, 17.8% and 16.7%; The net profit attributable to the parent company was 761 million yuan, 940 million yuan and 1163 million yuan (732 million yuan and 921 million yuan before the adjustment in 2022 and 2023), with a year-on-year increase of 23.5%, 23.5% and 23.8%. The current share price corresponds to 12, 10 and 8 times of PE from 2022 to 2024. Considering that the company is the leader in the integration of steroid hormone high-quality track APIs and preparations, and the variety layout of high barrier APIs and preparations continues to deepen, it is expected to maintain steady growth for a long time and maintain the "buy" rating.
Risk warning events: product price reduction risk, exchange rate fluctuation risk, overseas acquisition and integration failure risk, public information lag or untimely update risk.
