\u3000\u3000 Guizhou Xinbang Pharmaceutical Co.Ltd(002390) (002390)
The main business grew steadily, excluding the impact of non expenses, and the performance growth exceeded expectations
On January 24, 2022, the company released the performance forecast for 2021: in 2021, the company realized a net profit attributable to the parent of 260-286 million yuan, an increase of 50% ~ 65% year-on-year; The net profit attributable to the parent company after non deduction was RMB 279-308 million, with a year-on-year increase of 40% ~ 55%. Quarter by quarter, the net profit attributable to the parent company of 2021q4 was 50-76 million yuan, with a year-on-year change of - 0.2% ~ 51.5%; The net profit attributable to the parent company after non deduction was 53-83 million yuan, with a year-on-year change of - 30.5% ~ 8.5%. The company's profit growth is in line with our previous expectations. According to the performance forecast, the main business income of the company's three business segments of pharmaceutical circulation, medical services and pharmaceutical manufacturing in 2021 increased steadily compared with that in 2020, with gradual improvement of operation efficiency and profitability. The company's medical service business has obvious advantages and development potential in Guizhou Province. We maintain our profit forecast for the company. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 280 million yuan, 351 million yuan and 437 million yuan respectively, with corresponding EPS of 0.14, 0.17 and 0.22 yuan / share respectively. The current share price corresponds to 41.4/33.0/26.5 times of PE, maintaining the "buy" rating.
The core business medical service has great growth potential, and the profitability of Guizhou cancer hospital has been rapidly improved
The medical service business of the company adheres to the network layout of tumor specialty and general hospital. It has 7 medical institutions, including tumor hospital, Baiyun hospital, Wudang hospital and Renhuai new Chaoyang Hospital, which are distributed in Guiyang, Anshun, Zunyi and Liupanshui, with more than 5000 beds. In 2021h1, the income of Guizhou cancer hospital was 540 million yuan (compared with 2019h1 + 16.88%), the net profit was 40 million yuan (compared with 2019h1 + 142.54%), the net interest rate increased by 3.8pct to 7.4% compared with 3.6% in 2019h1, and the profitability increased rapidly.
The equity incentive plan stimulates the motivation of employees and helps the company maintain steady growth
On September 23, 2021, the company issued the announcement on the grant of stock options in 2021. The grant date was September 22, and 83376743 stock options were granted to 456 incentive objects (including 7 directors and senior executives and 449 key personnel). The performance assessment objectives of the incentive plan for 2021-2023 are RMB 280 million, RMB 350 million and RMB 430 million respectively after excluding the share based payment expenses of the equity incentive plan, which plays a significant role in reducing the company's retention cost, stimulating the motivation of employees, attracting and retaining outstanding talents in the industry and maintaining the sustained and steady growth of the company.
Risk warning: the cost of medical insurance is becoming more and more strict; The improvement progress of hospital single bed output was less than expected.
