\u3000\u3 China Vanke Co.Ltd(000002) 332 Zhejiang Xianju Pharmaceutical Co.Ltd(002332) )
The performance is in line with expectations and the profit structure is optimized. The company released its annual report for 2021, with a revenue of 4.337 billion yuan in 2021, a year-on-year increase of 7.92%; The net profit attributable to the parent company was 616 million yuan, with a year-on-year increase of 22.09%. The growth of performance came from the obvious growth of the company's preparation sales and the continuous optimization of profit structure. Quarterly, the revenue of 2021q4 was 1.02 billion, a year-on-year decrease of 6.01%, and the net profit attributable to the parent company was 157 million, a year-on-year increase of 7.30%. The performance fluctuated slightly between quarters. On the whole, the performance of the whole year of 21 was in line with expectations and the profitability was improved.
Multiple products are driven together, and the sales of preparations are growing. The company's product structure has been continuously adjusted with the promotion of preparations entering the centralized purchase and the window period of clinical promotion of high-end generic drugs. In 2021, the company's preparation business realized a revenue of 2.498 billion yuan, a year-on-year increase of 20%, of which the sales revenue of self operated products of preparations was 2.38 billion yuan, a year-on-year increase of 18%. Driven by mometasone furoate, tiotropium bromide and other varieties, the profit maintained rapid growth. Rocuronium, an important preparation of the company, has appeared in the catalogue of the seventh batch of centralized procurement, and its impact on the performance has been gradually eliminated. The sales of the company's preparations are expected to develop steadily.
API production capacity continues to release, and R & D is worth looking forward to. In terms of API, under the continuous layout of Yangfu new plant area and Linhai Duqiao plant area, the company is expected to realize the ramp up of API production capacity and improve profitability. After the company focused on the main business of steroids, the advantages of anesthesia and respiratory preparations increased rapidly. At the steroidal drug track, the company has become the absolute leader in the steroidal field in China, forming an integrated pattern of API + preparations. The company has 18 new imitation varieties and has applied for 5. The advantages of API customer development and industrial chain are beginning to appear, and the long-term development is worth looking forward to.
Profit forecast and investment suggestions
With the continuous growth of the company's preparation sales and the release of API production capacity, we have slightly increased the company's gross profit margin and slightly reduced the company's sales expense ratio. It is predicted that the company's earnings per share in 20222024 will be 0.76/0.92/1.09 yuan respectively (compared with 0.70/0.82 in the previous 22-23 years). According to the comparable company, the valuation given to the company is 19 times the P / E ratio in 22 years, and the corresponding target price is 14.44 yuan, maintaining the "buy" rating.
Risk tips
The company's API and preparation sales did not meet expectations; The impact of repeated outbreaks is uncertain
