\u3000\u3 China Vanke Co.Ltd(000002) 728 Teyi Pharmaceutical Group Co.Ltd(002728) )
Main points:
Event:
The company released the first quarter report. During the reporting period, the company realized an operating revenue of 194 million yuan, a year-on-year decrease of 0.02%, a net profit attributable to shareholders of listed companies of 45.67 million yuan, a year-on-year increase of 9.59%, a net profit attributable to shareholders of listed companies deducting non recurring profits and losses of 45.24 million yuan, a year-on-year increase of 46.49%, and a basic earnings per share of 0.21 yuan.
Analysis and comments
The profit side is affected by non recurring profit and loss, and the profit after deducting non recurring profit is higher than expected. In 2022q1, the company realized a net profit attributable to the parent company of 45.67 million yuan, a year-on-year increase of 9.59%. The main influencing factor on the profit side is that the non recurring profit and loss in 2021q1 is 107844 million yuan (the profit and loss of assets invested or managed by others and other non operating income and expenditure), while that in 22q1 is only 4219 thousand yuan, resulting in the low growth rate of apparent net profit attributable to the parent. However, the net profit deducted from non parent company was 45.24 million yuan, with a year-on-year increase of 46.49%, exceeding expectations. The cost side is obviously controlled, and the income side is expected to be affected by the epidemic. From the cost side, the overall gross profit margin of 2022q1 company was 52.33%, with a year-on-year increase of – 2.98 percentage points; The period expense rate was 23.24%, a year-on-year decrease of 11.68 percentage points; Among them, the sales expense rate was 8.50%, with a year-on-year increase of -8.09 percentage points, which is expected to be related to the failure of the epidemic to carry out normal sales activities; The management fee rate was 11.43%, with a year-on-year increase of -0.24 percentage points; The financial expense rate was 3.31%, with a year-on-year increase of – 3.35 percentage points. On the revenue side, the revenue of 21q3, 21q4 and 22q1 was 167 million yuan, 233 million yuan and 194 million yuan respectively, with a year-on-year growth rate of + 25.76, + 16.57 and – 0.02% respectively. The revenue side was basically flat, which is expected to be affected by the epidemic in the first quarter.
Teyi Pharmaceutical Group Co.Ltd(002728) multiple varieties develop together, and the “1 + n” product line matrix is worth looking forward to. “1” is the main variety of zhikebao tablets. As the exclusive product of the company, Teyi Pharmaceutical Group Co.Ltd(002728) zhikebao tablets have a long history of nearly 100 years and outstanding curative effect. According to the company’s announcement, it is estimated that 25 million boxes (about 330 million yuan) of zhikebao tablets will be sold in 2022. Under the favorable market space and competition pattern, it is expected to achieve further huge leaps.
“N” refers to many approvals owned by the company, and works simultaneously in the three directions of Chinese patent medicine, chemical medicine and chemical API. The development of zhidu pill and Zhixue pill as the major varieties of zhidu pill; Actively develop chemical drugs, participate in consistency evaluation, centralized procurement and hospital bidding, and increase the company’s product marketing channels. At present, 11 products of the company have passed the consistency evaluation, and other projects are being promoted as planned; At the same time, strengthen the market promotion of API and improve the market share of existing API products.
Investment advice
We maintain our previous profit forecast. It is estimated that the company’s revenue from 2022 to 2024 will be RMB 920 / 11.3 / 1.36 billion respectively, with a year-on-year increase of 21.2% / 22.8% / 20.8% respectively, and the net profit attributable to the parent company will be RMB 180 / 2.5 / 330 million respectively, with a year-on-year increase of 42.1% / 36.7% / 35.1% respectively, with a corresponding EPS of RMB 0.81/1.11/1.50 and a corresponding valuation of 15x / 11x / 8x. Maintain the “buy” investment rating.
Risk tips
Risk of policy change; Risk of drug price reduction; Operational risk.
