\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 998 Jointown Pharmaceutical Group Co.Ltd(600998) )
The revenue grew steadily in 2021, and the performance growth trend was good from 2022q1, maintaining the “buy” rating
On April 25, the company released its 2021 annual report: the revenue in 2021 was 122407 billion yuan (+ 10.42%); The net profit attributable to the parent company is 2.448 billion yuan (- 20.38%); Deduct non net profit of 1.403 billion yuan (- 24.80%); Net operating cash flow was 3.459 billion yuan (+ 0.44%); EPS1. 27 yuan / share (- 0.33 yuan / share). The company released the first quarterly report of 2022: the revenue of 2022q1 was 35.15 billion yuan (+ 7.73%); The net profit attributable to the parent company was 452 million yuan (- 40.48%); Realized a net profit of 477 million yuan (+ 13.52%); Net operating cash flow -2.646 billion yuan (- 9.27%); EPS0. 23 yuan / share (- 0.17 yuan / share). Based on the growth rate of the company in 2021, we lowered the profit forecast for 20222023 and added a new profit forecast for 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 3.022 (- 6.55), 3.551 (- 7.72) and 4.182 billion yuan respectively, EPS will be 1.61/1.89/2.23 yuan / share respectively, and the current share price corresponding to PE will be 6.8/5.8/4.9 times respectively. The transformation effect of the company is gradually showing, the industrial chain extension business will gradually enter the harvest period, and the business ceiling will be improved under digital empowerment, Innovative business types become a new engine for business growth and maintain the “buy” rating.
We will continue to promote all category operations, all channel coverage and all scene services
In the whole category operation, the company’s product specifications increased to 510000. In terms of Omni channel coverage, the company’s b-end customer scale increased to 397000, realizing the full coverage of terminal channels; The company has more than 26 million online and offline C-end customers. In terms of full scenario services, the company has expanded from a single traditional pharmaceutical distribution business model to multi scenario business models such as digital distribution, general agent promotion, third-party logistics and technological value-added services.
While consolidating the achievements of transformation, actively cultivate new driving forces and new business forms
The “ten thousand stores alliance” plan has made a breakthrough. By the end of 2021, the “ten thousand stores alliance” plan has realized 6138 self operated and franchised pharmacies, including 231 Direct stores and 5907 franchised stores, covering 28 provinces and cities in China. It is estimated that there will be more than 10000 pharmacies by the end of 2022, and strive to develop more than 30000 alliance pharmacies in the next three years, serving more than 100 million C-end members.
Risk tip: the implementation of digital transformation is not as expected; The promotion of industrial chain extension service projects was lower than expected, and the price reduction of drugs was higher than expected.
