\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 436 Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) )
Key investment points
Performance summary: in the first quarter of 2002, the operating revenue was 2.35 billion yuan, a year-on-year increase of 17.3%, the net profit attributable to the parent company was 690 million yuan, a year-on-year increase of 21.9%, and the net profit deducted from non attributable to the parent company was 680 million yuan, a year-on-year increase of 20.8%.
Commercial gross profit increased significantly, and liver disease and cardiovascular drugs increased significantly. 1) Sub business segment: in the first quarter of 2002, the company's industrial revenue was 1.18 billion yuan (+ 21.2%), and the circulation revenue was 9.9% 400 million yuan (+ 17.7%), and the income of daily chemical sector is 190 million yuan (- 13.2%). Among them, the industrial gross profit margin is 77.73% (- 0.76pp), and the decline of industrial gross profit margin is mainly due to the rise of raw material prices. The gross profit margin of Commerce was 10.57%, with a year-on-year increase of 3.06pp, mainly due to the increase of online proportion. 2) In terms of regions, the revenue in East China was 1.595 billion yuan (accounting for 68.12% of the total revenue), an increase of 19.6% year-on-year; The revenue of non East China was 747 million yuan, a year-on-year increase of 4.95%.
Cardiovascular and cerebrovascular revenue continued to grow rapidly. The drug for liver diseases was 1.1 billion yuan (+ 19.7%), and the gross profit margin was 81.23% (- 0.82pp). The gross profit rate decreased slightly. We expect that it is mainly due to the rise in the price of raw materials. In the first quarter of 2022, the revenue of cardiovascular drugs (mainly Angong Niuhuang Pill) was 65.85 million yuan, with a year-on-year increase of 142.36%, and the gross profit margin was 47.47%, with a year-on-year increase of 3.95pp. The rapid growth of Angong Niuhuang Pill was mainly due to the rapid growth of Angong Niuhuang pill, which was mainly due to the full use of the dealer channel network in the pilot area and the advantages of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) brand, covering more than 300 experience halls across the country and more than 50 chain 5000 terminal stores across the country, Quickly enter the market and better complete the sales target.
Reasonable cost control and substantial increase in profit margin. In 2022q1, the company's net profit margin on sales reached 30%, with a year-on-year increase of 5.8pp. In addition to the overall gross profit margin driven by the increase of online share, it was also affected by the control of expense rate. The sales expense rate was 7.03% (- 2.02pp), the management expense rate was 3.57% (- 0.27pp), the financial expense rate was -0.59% (+ 0.04pp), and the R & D expense rate was 3.33% (+ 2.23pp).
Profit forecast and investment suggestions. It is estimated that the EPS from 2022 to 2024 will be 5.07 yuan, 6.56 yuan and 8.66 yuan respectively, and the corresponding PE will be 58 times, 45 times and 34 times respectively. Maintain the "hold" rating, and it is recommended to pay attention.
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.
