\u3000\u3 Shengda Resources Co.Ltd(000603) 896 Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) )
Event:
Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) released the first quarterly report: in the first quarter of 2022, the company achieved operating revenue of 204 million yuan (+ 16.99%), net profit attributable to parent company of 59 million yuan (+ 43.07%) and net profit not attributable to parent company of 53 million yuan (+ 48.89%).
Key investment points:
The company's overall revenue grew steadily and the profit margin was further released. In the first quarter of 2022, the company achieved an operating revenue of 204 million yuan (+ 16.99%), and the revenue side maintained steady growth. In the first quarter of 2022, the net profit attributable to the parent company was 59 million yuan (+ 43.07%), deducting the net profit not attributable to the parent company was 53 million yuan (+ 48.89%), and the profit space was further released.
The gross profit level gradually increased, and the cost side expenditure decreased steadily. In the first quarter of 2022, the gross profit margin of the company reached 85.47%, an increase of 1.62pct compared with the same period last year (83.85%), and the profitability increased steadily. In the first quarter of 2022, the sales expense ratio was 46.73% (- 0.87pct), the management expense ratio was 8.60% (- 2.15pct), the R & D expense ratio was 5.31% (+ 0.41pct), and the financial expense ratio was - 2.28% (- 1.05pct). The sales and management expenses were effectively controlled and showed a steady downward trend; R & D expenses increased steadily to promote the innovative development of the company.
Rely on the advantages of core brands and actively promote the whole country. The company has three major advantages: Provenance breeding, geographical environment and processing technology, and has successfully built the core advantages of Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) brand. The company's unique third-generation spore powder wall removal processing technology is ahead of its peers and provides commercial core technical barriers for the company's products to the whole country.
Profit forecast and investment rating predict that the revenue in 2022 / 2023 / 2024 will be 942 million yuan / 1.185 billion yuan / 1.522 billion yuan, the corresponding net profit attributable to the parent company will be 254 million yuan / 324 million yuan / 419 million yuan, and the corresponding PE will be 34.89/27.36/21.11. Maintain the "buy" rating.
The risk indicates the risk that the production and operation qualification is cancelled, the risk that the policy leads to the loss of part of the product sales market, the risk that the product sales promotion is less than expected, the risk of uncertainty in the development of the company's second growth curve, the risk that the R & D progress is less than expected, and the fierce peer competition leads to a serious decline in product sales
