Overview of events

The company issued a half-year performance forecast for 2022, which exceeded expectations: the net profit for 2022 is expected to be 98.65 million yuan to 109.32 million yuan (+ 85% MUE 105%), and the non-homed net profit will be deducted from RMB 96.12 million to 106.51 million yuan (+ 85% Mel 105%).

High-speed volume of core products

The company continues to cultivate carefully in the sales channel, the core products have been precipitated and formed a certain industry dominant position and market influence. Many of the company's core products are in the stage of new approval and rapid release of medical insurance, which are basically exclusive varieties made in China and have a good competition pattern. With the gradual growth of sales of multi-vitamins for injection (12), children multi-vitamin injection (13), multi-trace element injection and other products, the company's performance has increased steadily.

Investment suggestion

As a leading enterprise of parenteral nutrition medicine in China, the company has a comprehensive layout of upgraded products such as amino acids, vitamins, electrolytes and trace elements, which is in a dominant position and forms a synergistic effect in the market competition. the company's income and profits will maintain rapid growth in the next three years.

To keep the profit forecast unchanged, the company's expected operating income for 2022-2024 will be 1.933 soybean 2.542 billion yuan respectively, and the expected EPS for 2022-2024 will be 0.33 pound 0.46 pound 0.64 yuan, corresponding to the closing price of 9.63 yuan per share on July 12, 2022, PE will be times that of 29-21-15, and the "buy" rating will be maintained.

Risk hint

Core product health insurance price reduction risk, new product promotion less than expected risk, collection risk