Event: the company issued a semi-annual report, achieving operating income of 480 million yuan, year-on-year + 11.93%; return to the mother net profit of 55 million, year-on-year-6.14%; basic earnings per share 0.28 yuan per share.
Comments: 2022Q2 performance improved, gross profit margin increased. 2022H1's revenue / return net profit was 480 million yuan respectively, + 11.93% /-6.14% compared with the same period last year, of which Q2 revenue / return net profit was 248 million yuan, respectively, and 17.99% compared with the same period last year. In terms of gross profit margin, Q2 gross profit margin is 28.5% higher than Q1 month-on-month 1.8pct.
The company develops the market in all directions at home and abroad. The company firmly seizes the opportunity of generic drug consistency evaluation and national drug centralized procurement, and relies on its own advantages in quality and scale to tap incremental potential around key customers to enhance single product increment and multi-category introduction; at the same time, actively expand customers through stock customer introduction, bidding and other ways, the company issued a total of 888 authorization letters for downstream pharmaceutical companies in the first half of the year, and reserved a large number of projects for the company to further improve its market share. In the face of repeated domestic epidemics, the company quickly followed up the needs of overseas markets, and its foreign sales increased by 47.75% in the first half of the year compared with the same period last year.
Issue convertible bonds to improve product layout and contribute to new profits. The company announced on July 13, 2022 that the total amount of convertible bonds to be raised will not exceed 633 million yuan, of which 326 million yuan will be used for aluminum-plastic film projects and functional polyolefin membrane materials projects. According to the company announcement, after putting into production, it can produce 120 million square meters of high barrier functional aluminum-plastic film and 30, 000 tons of functional polyolefin membrane materials.
Aluminum-plastic film is mainly used for cell packaging of soft-package battery. under the environment of vigorously developing new energy industry and new energy storage equipment in our country, aluminum-plastic film is expected to become the new growth core of the company. At present, China's polyolefin material upstream production industry and downstream high-end membrane material industry operate relatively independently, this fund-raising project will help to promote the market application of domestic upstream polyolefin materials in downstream bioengineering, medical devices, consumer electronics and other fields, and increase the company's market share in high-end functional membrane materials.
Rely on the experience of pharmaceutical packaging products, actively expand related business. Based on the fundamentals of its own medicine package plate, the company turns its attention to the consumer market and continues to expand the application scene. At present, the company has been extended to high barrier recyclable packaging, cheese stick packaging, lithium battery flexible packaging and other fields, injecting new vitality into the company's performance.
Coverage for the first time, giving the company an "overweight" rating. It is estimated that the company's net profit from 2022 to 2024 will reach 1.1,1.4 and 170 million yuan respectively, an increase of 7%, 22% and 22% over the same period last year, with a corresponding valuation of 27, 22 and 18 times.
Risk hint: the risk of rising raw material prices; valuation and profit forecasts do not meet expectations.