\u3000\u30003 Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) 00260)
The main reasons for the company’s performance exceeding market expectations are as follows: 1) revenue side: in 2021, the company achieved an operating revenue of 2.054 billion, yoy + 55.28%; In 2022q1, the operating revenue was 629 million yuan, yoy + 47.29% and + 9.1% month on month. 2) Profit side: in 2021, the company realized a net profit attributable to the parent company of 170 million, yoy + 105.66%; The comprehensive gross profit margin is 24.73%, yoy-1.97pct; Comprehensive net interest rate + 8.28%, yoy + 2.06pct; The ratio of sales / management / R & D / financial expenses in 2021 is 5.71/4.06/3.62/1.61% respectively, yoy-1.09 / – 1.55 / – 1.28 / – 1.41pct. In 2022, Q1 company realized a net profit attributable to its parent company of 80 million, yoy + 149.09% and + 62.13% month on month. The comprehensive gross profit margin was 27.64%, yoy + 3.06pct, mom + 3.63pct; The comprehensive net interest rate was 12.69%, yoy + 5.22pct, 4.07pct month on month; The ratio of sales / management / R & D / financial expenses in 2022q1 is 5.27/3.51/2.35/1.33%, yoy-1.00 / – 1.33 / – 1.24 / – 0.21pct respectively. 3) Cash flow in 2021: net cash flow from operation / investment / Financing: 174 / – 121 / – 63 million. 2022q1 cash flow: net cash flow from operation / investment / Financing: 0.58 / – 0.70/0.48 billion. 4) On the whole: ① the food sector grew steadily, and the customers of aseptic canning equipment seven layer composite aluminum packaging overlapped and supported each other; ② The pharmaceutical sector benefited from the expansion of covid-19 vaccine production, rapid expansion and thickening the company’s performance; ③ The semiconductor sector benefited from the shortage of chips and the rapid expansion of downstream fabs. According to semi, the global capital expenditure on semiconductor equipment is expected to exceed US $100 billion, and Chinese Mainland accounts for about 1/4 of the market share.
Comments: 1. In 2021, the gross profit margin of the company’s food / pharmaceutical / semiconductor industry was 16.99/31.99/33.47%, yoy-7.92/5.14/2.07pct respectively, and the gross profit margin of packaging materials in food was 17.29%, yoy-7.37pct. The year-on-year growth rate of the revenue of the pharmaceutical and semiconductor industries with high gross profit margin in 2021 is higher than that of the food industry, which is the reason why the profit growth rate of the company is higher than that of the revenue growth. The company’s contract liabilities of 21q1 / Q2 / Q3 / Q4 / 22q1 were 82 / 1.04/1.08/1.54/178 million yuan respectively, and the contracts in hand were sufficient and showed an upward trend. 2. In the field of food safety, the company has deep cooperation with Nestle group, the world’s largest food manufacturer. Sanyuan dairy and Wandashan Dairy, well-known Chinese dairy enterprises, have become strategic partners, and the cooperation with Master Kang holdings is becoming closer and closer; At present, there are few enterprises capable of providing integrated supporting solutions in the industry. Shandong Bihai, a subsidiary of the company, is one of the few enterprises in the field of liquid food that can produce and sell paper aluminum plastic composite liquid food sterile packaging paper and sterile carton filling machine at the same time. 3. In the semiconductor field, the world’s top semiconductor manufacturing equipment enterprise Amat has increased cooperation in semiconductor products. China’s leading memory chip design and manufacturing companies Changjiang storage and Hefei Changxin also have in-depth cooperation in high-end vacuum valves and other products. Gas pipelines and gas control components are also in-depth domestic substitution, and have launched comprehensive cooperation with China’s largest semiconductor equipment supplier Naura Technology Group Co.Ltd(002371) in the semiconductor field. The company is committed to the research of ultra-high clean application materials. It is the only manufacturer of high clean application materials covering semiconductor, biomedicine and food safety in China. 4. In the field of biopharmaceutical, China’s top two pharmaceutical machinery enterprises Tofflon Science And Technology Group Co.Ltd(300171) and Truking Technology Limited(300358) have cooperated deeply with the company for nearly 20 years, and almost all of China’s major traditional Chinese medicine factories have cooperated with the company. The vaccine industry represented by covid-19 vaccine has fully opened up the growth space of the pharmaceutical sector. With the improvement of medical and health level, the demand for other viral vaccines is expected to be fully released. Superimposed on the demand of traditional medical equipment and pharmaceutical factories, the overall revenue has risen to a new level, or will maintain stable growth.
Profit forecast: affected by the covid-19 pneumonia epidemic in April 2022, we adjusted the profit forecast. It is estimated that the net profit attributable to the parent company in 22-23 years will be adjusted from the original 348 / 476 million to 298 / 422 million, corresponding to PE of 30.8/21.7x, maintaining the buy rating.
Risk tip: systemic risk of global economic downturn; Operation and management risks; Industry policy risk; Goodwill impairment risk.
