\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 436 Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) )
Performance review
On April 22, the company released the first quarterly report of 2022, which realized a revenue of 2.348 billion yuan (+ 17.3%), a net profit attributable to the parent company of 689 million yuan (+ 21.9%), and a net profit not attributable to the parent company of 676 million yuan (+ 20.8%).
Business analysis
All businesses accumulate strength in an all-round way to drive the sustainable development of the company. The company implements the multi-core driving strategy, relies on Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) star single products, creates a series of derivative products, drives the promotion of the whole category through brand effect, and constructs the company's sustainable competitive advantage. In the first quarter of 2022, the company's cardiovascular drugs increased significantly, realizing a revenue of 65.95 million yuan, a year-on-year increase of 143%; The food industry realized an income of 31.98 million yuan, a year-on-year increase of 561%.
The cost ratio structure was continuously optimized, and the profitability increased steadily. In the first quarter of 2022, the sales expense rate was 7.03%, down 2.02 percentage points year-on-year; We actively carried out the secondary development of advantageous varieties and the R & D of innovative drugs with Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) as the core, and the R & D expense rate was 3.33%, up 2.23 percentage points year-on-year. Overall, in the first quarter of 2022, the company's gross profit margin was 49.05%, a slight increase of 0.78 percentage points year-on-year; With the implementation of new products, the company's net interest rate is expected to gradually increase by 5.01% year-on-year.
Continuously optimize channel construction and multi-core drive business development. On the one hand, the company has made efforts in its own online channels, adding tmall flagship store of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) pharmacy and JD flagship store of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) pharmacy to stabilize product prices; On the other hand, actively expand offline retail business, start the special retail business of guoyaotang, and add capsule dosage forms for special supply. In addition, the company has a comprehensive layout in all regions of the country, of which the revenue in North China is 150 million yuan, a year-on-year increase of 41%. With the further maturity of channel construction, the company's business is expected to be stable and good.
Profit adjustment and investment suggestions
We believe that the company's products are expected to continue to achieve both volume and price increases. It is expected that the company's operating revenue from 2022 to 2024 will be 93.8/108.2/12.56 billion yuan, and the net profit attributable to the parent company from 22 to 24 will be 2.91/34.2/4.15 billion yuan, with a year-on-year increase of 20%, 18% and 21% respectively, maintaining the "overweight" rating.
Risk tips
Policy risk; Risk of decline in sales growth due to excessive price increase; The company's daily chemical business development is lower than the expected risk; Risk of raw material supply and price change; The risk that the development of new channels is less than expected; The listing of subsidiaries is less than the expected risk.
