\u3000\u3000 Hubei Jumpcan Pharmaceutical Co.Ltd(600566) (600566)
Events
On January 20, 2022, the company issued the annual performance express of 2021. It is estimated that the company will realize an operating revenue of 7.631 billion yuan in 2021, an increase of 23.77% over the same period of last year; The total profit was 1.888 billion yuan, an increase of 27.28% over the same period last year; The net profit attributable to shareholders of listed companies was 1.664 billion yuan, an increase of 30.31% over the same period last year; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 1.56 billion yuan, an increase of 26.37% over the same period of last year.
Comments
The impact of the epidemic was gradually eliminated, and the operating revenue of Q4 reached a record high in a single quarter
In 2021, Q4 company is expected to achieve an operating revenue of 2.221 billion yuan, a year-on-year increase of 20.01%, and a net profit attributable to the parent company of 392 million yuan, a year-on-year increase of 23.52%. Q4's single quarter revenue reached a new high. In terms of demand, with the effective control of the epidemic, the isolation measures were gradually lifted, the medical institutions gradually returned to normal operation, and the adverse impact of the epidemic on the company's operation was gradually eliminated. In terms of operation, the company's product revenue structure has been further optimized and improved, and the sales of echelon products have achieved rapid growth; At the same time, the company strengthened the expansion of sales channels, actively promoted the development of blank market and potential market, and formed new increment.
Brand influence builds a product moat, and the variety structure is continuously optimized
Pudilan anti-inflammatory oral liquid, Xiaoer daiqiao Qingre Granule, Sanao tablet, Fuyanshu capsule, Chuanxiong Qingnao Granule, Shengui Yangxue tablet and other products of the company come from famous prescriptions and play a role in meeting the needs of clinical medication and health services. According to the data of Intranet, Pudilan anti-inflammatory oral liquid ranked first in the market share of Chinese patent medicine for clearing heat and detoxification in public hospitals in 2020; Xiaoer douqiao Qingre Granule ranked first in the market share of Chinese patent medicine for pediatric cold in national public hospitals in 2020. The company continues to optimize the variety structure and maintain a strong brand influence in advantageous markets such as pediatrics.
Focus on pediatric medication, and cooperate with growth hormone to open up growth space
Recently, the company signed a cooperation agreement with Tianjing biology to obtain the exclusive license for the development, production and commercialization of its long-acting growth hormone in mainland China (excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan). Hubei Jumpcan Pharmaceutical Co.Ltd(600566) has more than 3500 professional sales teams, covering more than 23000 hospital terminals. It is expected to promote product promotion with the help of the company's channel advantages.
Profit forecast and investment rating
We believe that the sales of Pudilan, Xiaoer douqiao and other products of the company are expected to be better than expected, and raise the profit forecast. We expect the operating revenue of the company from 2021 to 2023 to be RMB 7.631, 8.547 and 9.425 billion respectively (the previous value is RMB 7.233, 8.043 and 8.510 billion), and the net profit attributable to the parent company to be RMB 1.664, 2.019 and 2.226 billion respectively (the previous value is RMB 1.708, 1.894 and 2.026 billion), Maintain the "buy" rating.
Risk tips: ① product sales promotion is not as expected; ② There is uncertainty in the R & D and sales of growth hormone products; ③ Risk of price fluctuation of core drugs; ④ The risk of stock price fluctuation; ⑤ The performance express is the preliminary accounting result. Please refer to the data disclosed in the annual report
