\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 436 Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) )
Core conclusion
Event: Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) released the first quarterly report of 2022. During the reporting period, the operating revenue was 2.348 billion yuan (year-on-year + 17.30%), the net profit attributable to the parent company was 689 million yuan (year-on-year + 21.93%), and the net profit not attributable to the parent company was 676 million yuan (year-on-year + 20.78%), and the performance growth was in line with expectations.
The sales volume of Niuhuang Pill in the domestic market has increased rapidly. It is estimated that 22q1 Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) (drugs for liver diseases) achieved a revenue of 1.101 billion yuan (year-on-year + 19.70%), of which domestic sales were 966 million yuan (year-on-year + 21.33%). Online channels led to the growth of overall domestic sales; Overseas sales reached 135 million yuan (year-on-year + 9.11%). 22q1 cardiovascular drugs (mainly Angong Niuhuang pills after 21q2) achieved a revenue of 66 million yuan, and the volume increased rapidly.
R & D continued to invest heavily, and other rates were basically stable. 22q1 invested 78 million yuan in R & D expenses, and the R & D expense rate reached 3.33%, an increase of 2.23 PCTs year-on-year. Other rates remained basically stable. The experience Pavilion grew rapidly year-on-year. According to the data of Gaode map, the number of 22q1 Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) experience pavilions reached 375, an increase of 56 compared with 21q1 (year-on-year + 18%), covering 31 provinces and municipalities directly under the central government, and there are more than 10 experience pavilions in 12 provinces and cities.
Give "overweight" rating. It is estimated that the net profit attributable to the parent company in the next three years will be RMB 2.983/3.639/4.386 billion respectively, EPS will be RMB 4.56/6.00/7.23 respectively, and the corresponding PE will be 64.9x/49.4x/41.0x respectively. Considering that the company is a leader in the traditional Chinese medicine industry, and its core products have the strength of both volume and price rise, it is not affected by the price reduction of centralized procurement, so it is rated as "overweight".
Risk tip: the expansion speed of the experience hall is lower than the expected risk, the risk of insufficient supply of raw materials or higher price than the expected risk, and the risk of epidemic counterattack.
