\u3000\u3000 Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) (600436)
Key investment points
Event: the company released the performance express. In 2021, the operating revenue was 8.03 billion yuan, a year-on-year increase of 23.3%, the net profit attributable to the parent was 2.43 billion yuan, a year-on-year increase of 45.6%, and the net profit deducted from non attributable to the parent was 2.43 billion yuan, a year-on-year increase of 52.9%.
The revenue side accelerated quarter by quarter, and daily chemical and cardiovascular drugs increased brightly. The company’s Q1 / Q2 / Q3 / Q4 revenue in 2021 was 2 billion yuan / 1.85 billion yuan / 2.26 billion yuan / 1.91 billion yuan respectively, with a year-on-year growth rate of 17% / 21% / 24% / 33% respectively. Q4 revenue increased. On the one hand, due to the low base of 2021q4, the company replaced the drug registration certificate for 2021q4 Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) products, and the market supply lagged behind. On the other hand, the sales revenue of Xiamen Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) Hongren Pharmaceutical Co., Ltd. (merger) and its holding subsidiary Fujian Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) Cosmetics Co., Ltd. (merger) increased. In the first three quarters of 2021, the revenue of cardiovascular drugs (mainly Angong Niuhuang Pill) was 84.054 million yuan, with a year-on-year increase of 3854.9%, and the gross profit margin was 50.9%, with a year-on-year increase of 42pp. It is expected that the product is expected to exceed 100 million yuan in 2021, and will continue to grow rapidly in the future, becoming the next heavy single product. Fujian Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) Cosmetics Co., Ltd. is also about to be split and listed. The company plans to implement equity incentive in cosmetics companies, which is expected to further promote the revenue growth of cosmetics sector.
Online channels returned to normal, and Q4 profit growth slowed down. The net profit attributable to the parent company Q1 / Q2 / Q3 / Q4 was 570 million yuan / 550 million yuan / 900 million yuan / 420 million yuan respectively, with a year-on-year growth rate of 21% / 38.5% / 93% / 22% respectively. The profit side achieved rapid growth throughout the year, mainly due to the company’s expansion of marketing channels, the addition of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) tmall flagship store and Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) Jingdong flagship store of large pharmacy in May and July, the expansion of online sales channels and the increase in the proportion of direct sales, driving a significant increase in gross profit margin. Due to the market speculation Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) in the second and third quarters, the proportion of online sales revenue increased significantly. With the return of online sales to normal sales since the fourth quarter, the overall Q4 net profit margin decreased. In the future, online channels will be steadily expanded as conventional channels.
Invest in new industrial parks to lay a foundation for long-term development. The company plans to invest no more than 4.48 billion yuan to build Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) Park, and the construction period of the project is 3-5 years. At present, the company’s existing workshop area, process layout and equipment capacity can no longer meet the needs of the company and market development, resulting in a certain degree of restriction on the expansion of capacity. With the expansion of production capacity, it is conducive to provide the production capacity of various products of the company in all aspects. Among them, Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) great health intelligent park mainly produces a series of products such as compound Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) buccal tablets, compound Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) ointment, compound Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) hemorrhoids ointment and Yindan Pinggan capsule. Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) health beauty Park mainly produces skin care products with special effects, such as skin whitening and snow muscle flawless Moisturizing Series, anti aging and firming series, barrier repair and Yurun Xianyan Moisturizing Series; Queen series (cream).
Profit forecast: EPS is expected to be 4.04 yuan, 5.20 yuan and 6.96 yuan from 2021 to 2023, and the corresponding PE is 97 times, 75 times and 56 times respectively.
Risk tip: Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) price increase is less than expected, Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) volume is less than expected, and cosmetics sales are less than expected.
