\u3000\u3000 Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) (600436)
Event: the company released the performance express for 2021. In 2021, the company’s revenue was RMB 8.026 billion, a year-on-year increase of + 23.27%, and the net profit attributable to the parent was RMB 2.433 billion, a year-on-year increase of + 45.55%, deducting the net profit not attributable to the parent of RMB 2.430 billion, a year-on-year increase of + 52.93%.
In 2021q4, the company’s revenue was RMB 1.914 billion, a year-on-year increase of + 32.85%, the net profit attributable to the parent was RMB 422 million, a year-on-year increase of + 23.04%, and the net profit not attributable to the parent was RMB 427 million, a year-on-year increase of + 59.27%.
The performance is in line with expectations. The company achieved 23% growth in revenue and 46% growth in profit in the whole year of 21 years, which is in line with our previous expectations. Looking at 21q4 alone, the revenue side still has high growth. In comparison between quarters, the year-on-year growth is accelerating, and the growth rate of the profit side is lower than that of the revenue side. We expect that there may be cost disturbance, and the actual growth rate should be higher. In the past 21 years, the company achieved rapid growth, which was mainly due to the accelerated growth of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) series drugs and the significant improvement of the overall profit margin. The net profit attributable to the parent company in the past 21 years was 30.31%, significantly higher than 25.67% in the past 20 years; We judge that the key to the improvement of the company’s net profit margin is the new online Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) tmall flagship store and Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) Jingdong flagship store of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) pharmacy in Q3, resulting in the proportion of direct sales.
It is expected that the growth of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) series drugs will accelerate and the profit margin will be further improved. From the first three quarters of 21 years, the company’s revenue from liver disease drugs (mainly Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) ) was 2.99 billion yuan, a year-on-year increase of + 33.88%. According to the calculation of our model, the net profit margin of the company’s pharmaceutical industry increased from 54.8% in 20h1 to 57.3% in 21h1, reaching 58% – 59% in the whole year, and the Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) net interest rate continued to increase. From the perspective of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) channel changes, the biggest highlight this year is the increase in the proportion of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) direct sales. According to the online sales data of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) major pharmacies Jingdong and Ali, the proportion of direct sales may reach 30% or higher. With the addition of more than 300 Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) experience halls built in recent years (jointly built, and the channel profits belong to partners), Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) has basically realized the control of the channel and terminal of core drugs, Thus ensuring the control over the price system.
New single products such as Angong Niuhuang Pill are being cultivated. In addition to liver diseases, the company achieved a revenue of 208 million yuan in the first three quarters, a year-on-year increase of + 164%. According to the data of cardio cerebrovascular and “other drugs” announced by the company, we judge that the revenue of the company’s new Angong Niuhuang Pill in the first three quarters is likely to have exceeded 100 million. Since its release last year, it has a rapid momentum and is expected to become a large single product other than Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) .
4.48 billion yuan was invested in Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) park to accelerate the development of great health and cosmetics. The board of directors of the company passed a resolution to invest in the construction of Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) park with its own funds of no more than 4.48 billion yuan. The two projects are Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) great health intelligent garden and Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) health beauty garden respectively. The background of building Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) park is that the current plant area, process layout and equipment capacity of the company’s old plant can no longer meet the development needs of the company and the market. By building a new park, the company can further improve the automation and intelligence level of the company, improve the product quality management efficiency, fully meet the market demand and ensure the long-term and stable development of the enterprise. The investment of dahealth smart Park disclosed by the company is about 2.8 billion yuan, the after tax internal rate of return is 25.41%, and the dynamic investment payback period is 9.74 years (including the construction period); The investment of health beauty park is about 1.68 billion yuan, the after tax internal rate of return is 29.34%, and the dynamic investment payback period is 9.13 years (including the construction period).
Profit forecast: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 2.43 billion yuan, 3.17 billion yuan and 4 billion yuan respectively, with corresponding growth rates of 45.4%, 30.3% and 26.3% respectively; EPS is 4.03 yuan, 5.25 yuan and 6.63 yuan respectively, and the corresponding PE is 97x, 75X and 59x respectively. Maintain the “buy” rating.
Risk tip: Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) revenue growth rate declined; The rise of raw material prices leads to the decline of product gross profit margin; The volume of daily chemical products is less than expected; The epidemic continues to affect Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) overseas sales.
