\u3000\u3 China Vanke Co.Ltd(000002) 873 Guiyang Xintian Pharmaceutical Co.Ltd(002873) )
The epidemic affected the growth rate in the short term, and the profitability increased steadily, maintaining the "buy" rating
On April 28, 2022, the company released the first quarterly report of 2022: in 2022q1, the company realized an operating revenue of 249 million yuan, a year-on-year increase of 16.10%; The net profit attributable to the parent company was 308793 million yuan, a year-on-year increase of 21.73%; The net profit attributable to the parent company after deduction was 297275 million yuan, a year-on-year increase of 19.55%; The net cash flow from operating activities was 3.6957 million yuan, a year-on-year decrease of 77.96%. The growth rate of the company's revenue and profit is in line with our expectations. We keep the profit forecast of the company unchanged. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 133 million yuan, 170 million yuan and 211 million yuan respectively, and the corresponding EPS will be 0.80, 1.02 and 1.27 yuan / share respectively. The corresponding PE of the current stock price will be 16.2, 12.7 and 10.2 times respectively, maintaining the "buy" rating.
The equity incentive plan set the goal of doubling revenue for three years, strengthened the determination of development, and steadily promoted the projects invested by raising funds
The equity incentive plan provides power support and measure guarantee for the doubling of three-year revenue. In 2021, the company implemented the equity incentive plan and granted a total of 3.17 million restricted incentive shares to 60 management and technical backbone employees, providing strong driving force and measure guarantee for the doubling of three-year Revenue: in terms of marketing, the company continued to optimize the personnel structure of the marketing team, adhered to "stimulating the OTC channel market with clinical efficacy", and continuously improved the product coverage of chain pharmacies; In terms of product R & D, it actively responded to the national policy support for the traditional Chinese medicine industry and continuously increased the talent and capital investment in product R & D. The successful completion and operation of engineering construction projects has promoted the R & D and production capacity to a new level. The "construction of traditional Chinese medicine formula granules" project and the "construction of gel agent and mixture production line" are still in orderly progress. It is expected to be put into operation in 2023, which is expected to further help the company's capacity improvement and product line expansion.
Sufficient pipeline under research, vigorously expand OTC channels and open up future growth space
The company actively develops new indications with varieties, re evaluates the listed varieties, and selects the drugs with the best clinical efficacy for comparative test, so as to continuously improve the competitiveness of products. In terms of R & D and reserves, the company has three new Chinese medicine products, namely, longcen panzhishu granule, Kue Jieyin gel and zhuyutong granule, and has completed phase III clinical trials; There are 445 varieties of traditional Chinese medicine formula granules that have entered the clinical research, 60 of which have completed the national standard filing, and 34 of which are in the application process; And the research and development of classic famous products has also achieved initial results, which is expected to become a new revenue and profit growth point of the company.
Risk tip: drug research and development failed, channel promotion was not as expected, etc.
