\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 079 Humanwell Healthcare (Group) Co.Ltd(600079) )
Event:
Humanwell Healthcare (Group) Co.Ltd(600079) release the annual report of 2021 and the first quarterly report of 2022. In 2021, the annual revenue was 20.441 billion (year-on-year + 0.35%), the net profit attributable to the parent was 1.390 billion (year-on-year + 20.99%), and the net profit deducted from non attributable to the parent was 1.078 billion (year-on-year + 41.39%). In 2022, Q1 achieved a revenue of 5.160 billion (year-on-year + 10.48%), a net profit attributable to the parent of 932 million (year-on-year + 209.95%), and a net profit deducted from non attributable to the parent of 327 million (year-on-year + 20.57%), and the performance met expectations.
Comments:
Refined hemp drugs and subsidiaries turn losses to drive performance
In 2021, Yichang humanwell realized a profit of 1.860 billion, with a year-on-year increase of 18%, of which the sales volume of Ruifen increased by 28%, the sales volume of Shufen increased by 14%, and the sales volume of hydromorphone / naborphine increased by 68% / 24% respectively, driving the performance. The non profits deducted from Q1 in 22 years increased by 11% for Yichang humanwell and 30 million year-on-year for Three Gorges pharmaceutical. Q1 sold the equity of subsidiaries, which brought 540 million investment income, making the non recurring profit and loss higher. Compared with the Wuhan epidemic in 2020q1, the growth rate of income / profit of Yichang human welfare was – 1% / 2% respectively (intubation rescue led to the growth rate of anesthetics at that time, but this year’s Q1 did not have this factor). It is not easy for the growth rate of income / profit in Q1 of 22 years to be 12% / 11%. We look forward to the recovery of the growth of anesthetics after the epidemic improves.
The refocusing process continues to advance, and the financial burden is expected to further decline
In 2021, the asset liability ratio of the company has decreased from 59.10% in 20 years to 54.64%, and the financial expenses decreased by 290 million year-on-year in 2021. In 2022, hande humanwell will be sold in Q1, and it is expected to complete the equity sale of Tianfeng Securities Co.Ltd(601162) in the future. The refocusing process continues, the financial expenses further decline and improve the performance.
Maintain “buy” rating
The company is the leader of anesthetics. The extension of products from analgesia to sedation, the combined sales of analgesia / sedation and the reduction of financial burden brought by the refocusing strategy are expected to continue to contribute to the performance after the recovery of the epidemic. Combined with the investment income of sold assets, it is estimated that the income in 22-24 years will be 217.20/237.50/25.764 billion respectively, and the net profit will be 1.902/22.37/2.637 billion respectively (the original profit forecast in 2022 is 1.787 billion), corresponding to the closing price of PE on April 27, which is 12 / 10 / 9 times respectively. Maintain the “buy” rating.
Risk tips
Occupation of funds by major shareholders; Weakening of barriers to narcotic drugs; The promotion of new drugs is not as expected; Less than expected
