\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 436 Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) )
Key investment points
Performance summary: in 2021, the operating revenue was 8.01 billion yuan, a year-on-year increase of 23.3%, the net profit attributable to the parent was 2.43 billion yuan, a year-on-year increase of 45.6%, and the net profit deducted from non attributable to the parent was 2.43 billion yuan, a year-on-year increase of 52.9%.
Commercial gross profit increased significantly, and liver disease and cardiovascular drugs increased significantly. 1) Business segments: in 2021, the company's industrial revenue was 3.97 billion yuan (+ 45.4%), circulation revenue was 3.15 billion yuan (+ 10.6%), and daily chemical revenue was 840 million yuan (- 7.1%). Among them, the industrial gross profit margin was 78.4% (+ 0.7pp), while the commercial gross profit margin was 12%, with a year-on-year increase of 3.2pp, mainly due to the increase of commercial gross profit margin through online direct channels. 2) By treatment category: 3.7 billion yuan (+ 45.8%) for liver diseases, with a gross profit margin of 81.8% (- 0.2pp). The gross profit rate decreased slightly, mainly due to the rise in the price of raw materials. In 2021, the revenue of cardiovascular drugs (mainly Angong Niuhuang Pill) was 96.09 million yuan, with a year-on-year increase of 3166%, and the gross profit margin was 50.7%, with a year-on-year increase of 34pp. The rapid growth of Angong Niuhuang Pill was mainly due to making full use of the advantages of the dealer channel network in the pilot area and Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) brand, covering more than 300 national experience pavilions and more than 50 chain terminal stores across the country, quickly entering the market and better completing the sales target. Fujian Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) Cosmetics Co., Ltd. is also about to be split and listed. The company plans to implement equity incentive in cosmetics companies, which is expected to further promote the revenue growth of cosmetics sector.
Online channels returned to normal, and Q4 profit growth slowed down. The net profit margin of the company increased to 30.7% (+ 4.8pp), and the profit side achieved rapid growth throughout the year. There are two main reasons: 1) the sales expense ratio is 8.1% (- 1.8pp), the management expense ratio is 7.2% (+ 0.5pp), the financial expense ratio is - 1.1% (- 0.1pp), and the R & D expense ratio is 2.5% (+ 1pp). The sharp decline in the sales expense ratio is mainly due to the reduction of promotion activities during the period and the significant increase in R & D investment, which is mainly due to the promotion of the secondary development and research of core large items, Accelerate the research and development of new drugs. In 2021, the company obtained two drug registration certificates. 2) The company expanded its marketing channels and added tmall flagship store of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) pharmacy and JD flagship store of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) pharmacy in May and July to expand its online sales channels. The proportion of direct sales increased, driving a significant increase in gross profit margin of 5.6pp. With the return of online sales to normal sales since the fourth quarter, the overall Q4 net profit margin has decreased. In the future, online channels will be steadily expanded as conventional channels.
Invest in new industrial parks and lay a foundation for long-term development. The company plans to invest no more than 4.48 billion yuan in the construction of Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) Park, with a construction period of 3-5 years. At present, the company's existing workshop area, process layout and equipment capacity can no longer meet the needs of the company and market development, resulting in a certain degree of restrictions on the expansion of production capacity. With the expansion of production capacity, it is conducive to provide the production capacity of various products of the company in all aspects. Among them, Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) great health intelligent park mainly produces a series of products such as compound Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) buccal tablets, compound Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) ointment, compound Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) hemorrhoids ointment and Yindan Pinggan capsule Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) health beauty garden mainly produces skin care products with special effects, such as skin nourishing, whitening and snow muscle flawless Moisturizing Series, anti early aging and firming series, barrier repair and Yurun Xianyan Moisturizing Series; Queen series (cream).
Profit forecast and investment suggestions. It is estimated that the EPS from 2022 to 2024 will be 5.08 yuan, 6.62 yuan and 8.72 yuan respectively, and the corresponding PE will be 60 times, 46 times and 35 times respectively. Considering Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) the unique advantages in brand value and product scarcity, the "hold" rating is given.
Risk warning: Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) price increase is less than expected, Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) volume is less than expected, and cosmetics sales are less than expected.
