Events:
2022H1 achieved revenue of 801 million yuan, year-on-year (adjusted, same below) + 50.31%, net profit of 297 million yuan, year-on-year-6.99%, deducting non-return net profit of 260 million yuan, + 80.03%.
22Q2's single-quarter net profit is 146 million yuan,-35.95% compared with the same period last year, and-3.49% compared with the previous quarter. The performance is in line with our expectations.
The substantial increase in non-deduction performance mainly came from Garden Pharmaceutical, and the return net profit of traditional VD3 resilient companies declined slightly in the first half of the year compared with the same period last year, mainly due to the inclusion of large base relocation compensation in the same period last year, excluding non-recurrent profits and losses, the company's core performance increased significantly, mainly from Garden Pharmaceutical's valsartan amlodipine tablets (I), levofloxacin tablets and other drugs have been selected with volume procurement, Garden Pharmaceutical for the whole year of 21 years. Net 500 million yuan run. 160 million yuan, 22H1 achieved net profit in addition, due to weak feed demand, ordinary VD3 prices have been in the downward channel this year. According to data from Boya and Hexun, the average price of domestic VD3 (500000 IU/g) 22H1 is 86 yuan / kg, with an average price of 128yuan / kg in the same period last year, down 33% from the same period last year, but the company's gross profit margin of vitamin D3 and D3 analogues only dropped from 67.58% in the same period last year to 62.61% of 22H1. The decline in gross profit margin is much lower than the price decline, reflecting the price control ability of the long Association of the company and the integrated cost control ability of the whole industry chain.
The growth path is clear: 25 hydroxy VD3 and full active VD3 relay support company's long-term and short-term development, Jinxi Science and Technology Park annual production of 1200 tons / year 25 hydroxyl VD3 is about to be put into production, with the improvement of market penetration, the company's 25 hydroxy VD3 continuous volume is expected to support rapid growth. In the medium and long term, there is a large market space for ossifying alcohol APIs and preparations. According to the estimation of the feasibility report of the company's convertible bond raising project, the average annual profit of the ossified alcohol project is expected to reach 1.25 billion yuan, which is expected to lay the foundation for the company's long-term growth.
Earnings forecast, valuation and rating
The profit is 5. 5% respectively. We are ten and six. According to the profit forecast of 45%, the company is expected to be 797 million yuan, with a corresponding growth rate of 6.30%, 26.42% and 23.65%, respectively. The current stock price is 797 million times higher than that of PE in 20-16-13. In view of the clear growth of the company, we maintain the target price of 23.25 yuan and maintain the "buy" rating.
Risk Tips:
The production or market promotion of ossified alcohols is not as expected, and the market promotion of 25-hydroxy VD3 is not as expected.