Events:
The company released the first quarter report that during the reporting period, the company realized operating income of 194 million yuan, down 0.02% from the same period last year, and realized net profit of 45.67 million yuan belonging to shareholders of listed companies, an increase of 9.59% over the same period last year. Net profit belonging to shareholders of listed companies after deducting non-recurring profits and losses was 45.24 million yuan, up 46.49% from the same period last year, and basic earnings per share was 0.21 yuan.
Analysis and comment
The profit end is affected by non-recurring profits and losses, and the non-profit after deduction exceeds expectations. 2022Q1 achieved a net profit of 45.67 million yuan, an increase of 9.59% over the same period last year. The main influencing factor on the profit side is that the non-recurrent profit and loss of 2021Q1 is 10.7844 million yuan (refers to the profit and loss of entrusted investment or management assets and other non-operating income and expenditure), while the 22Q1 is only 421900 yuan, resulting in a low growth rate of apparent return net profit. However, the net profit deducted from non-return was 45.24 million yuan, an increase of 46.49% over the same period last year, exceeding expectations.
The control on the cost side is obvious, and the income side is expected to be affected by the epidemic. On the expense side, 2022Q1's overall gross profit margin was 52.33%, year-on-year-2.98%, while the period expense rate was 23.24%, down 11.68% from the same period last year. Among them, the sales expense rate was 8.50%,-8.09% compared with the same period last year, which was expected to be related to the failure to carry out normal sales activities due to the epidemic; the management expense rate was 11.43%,-0.24% year-on-year. The rate of financial expenses is 3.31%, which is-3.35% compared with the same period last year. From a quarterly point of view, the company's 21Q3, 21Q4 and 22Q1 revenue in a single quarter is 1.67,2.33 and 194 million yuan respectively, with year-on-year growth rates of + 25.76,16.57 and-0.02% respectively. The revenue side is expected to be basically flat due to the epidemic in the first quarter.
With the common development of many varieties in Special one Pharmaceutical Industry, the "1x N" product line matrix is worth looking forward to. "1" is the main variety of Zhike Bao tablets. As the company's exclusive product, Special Yiyi Pharmaceutical Co., Ltd. has a long history of nearly a hundred years, and its curative effect is outstanding. According to the company announcement, Zhike Bao tablets are expected to sell 2500 million boxes (about 330 million yuan) in 2022. In the favorable market space and competition pattern, it is expected to achieve a further huge leap.
N "is a large number of approval documents owned by the company, which makes efforts in the three major directions of proprietary Chinese medicine, chemical medicine and chemical raw material medicine at the same time. Focus on the development of proprietary Chinese medicine varieties, cultivate skin disease blood poison pills and Jiangtangshu pills as major varieties after Zhike Bao tablets, actively develop chemical preparations, participate in consistency evaluation, collection and bidding in hospitals, and increase the company's product marketing channels. at present, 11 products of the company have passed the consistency evaluation, and other projects are being promoted as planned. At the same time, increase the market promotion of API, improve the market share of existing API products.
Investment suggestion
We maintain our previous profit forecast. It is estimated that the company's income in 2022 to 2024 is 9.2 shock 11.3 / 1.36 billion yuan respectively, an increase of 21.2%, 22.8% and 20.8% respectively over the same period last year. The net profit returned to the home is RMB 2.510 million, an increase of 42.1% and 35.1%, respectively, compared with the same period last year. The corresponding EPS is 0.81, 1.11 and 1.50 yuan, respectively, and the corresponding valuation is 15X/11X/8X. Maintain a "buy" investment rating.
Risk hint
Policy change risk; drug price reduction risk; management risk.