Event: the company released its semi-annual report of 2022, with operating income of 796 million yuan in the first half of the year, an increase of 27.69% over the same period last year, and a net profit of 288 million yuan, an increase of 27.75% over the same period last year, deducting 270 million yuan of non-net profit, an increase of 22.81% over the same period last year.
The performance is growing steadily, and the volume of injection at home and abroad is expected to continue. In the first half of the year, the company's revenue and profits maintained steady growth, and we expect to be mainly driven by the rapid growth of revenue from digestive tract drugs, non-steroidal anti-inflammatory drugs and anti-allergic drugs, with revenue growth rates of 61.44%, 46.35% and 32.77%, respectively. On a quarterly basis, 22Q2 revenue was 428 million yuan, an increase of 22.31% over the same period last year, and its net profit was 126 million yuan, an increase of 21.11% over the same period last year, deducting 121 million yuan from non-net profit, an increase of 19.63% over the same period last year. With the continuous enrichment of overseas injection products, the capacity bottleneck is expected to be gradually lifted, and the continuous volume is worth looking forward to.
Products: income of antibiotics is 168 million yuan (+ 5.72%), gross profit rate is 68.65% (+ 0.77pp); income of anti-allergic drugs is 177 million yuan (+ 32.77%), gross profit margin is 85.56% (- 0.04pp); income of cardiovascular and cerebrovascular drugs is 136 million yuan (+ 18.47%), gross profit margin is 77.25% (+ 2.91pp). The income of non-steroidal anti-inflammatory drugs was 113 million yuan (+ 46.35%), the gross profit rate was 90.65% (- 1.08pp), the income of digestive tract drugs was 109 million yuan (+ 61.44%), and the gross profit rate was 76.50% (- 0.67pp). Revenue from major products has maintained rapid growth.
The gross profit margin fell slightly and the rate of expenses for the three items remained stable. Gross profit margin: 22H1, 22Q gross profit margin is 75. 5% respectively.
50% (- 2.20pp) and 72.05% (- 2.85pp), gross profit margin decreased slightly, mainly due to the increase in raw material costs, manufacturing costs and the impact of the epidemic. Expense rate: the total expense rates of the three items were 23.69% (+ 1.39pp) and 25.76% (+ 0.55pp), respectively, which remained basically stable, of which the financial expense rate was 4.79% (+ 2.83pp) and 4.73% (+ 1), respectively.
53pp), mainly because of the interest on collective convertible bonds, the interest expenditure in the first half of the year was 42.57 million yuan (+ 174%). R & D investment:
The R & D expenses of 22H1 and 22Q are 132 million yuan (+ 20.86%) and 75.8 million yuan (+ 27.62%) respectively, accounting for 16.65% (- 0.94pp) and 17.72% (+ 0.73pp) of income.
Layout of contrast agents, preparation pipelines drive growth at home and abroad. According to the company's semi-annual report of 2022, the development of the first generic contrast agent, iopamol injection, was approved in the Netherlands in May and successfully entered the field of contrast media, while applying for generic drugs in China, Europe and the United States. The company has rich technical reserves and experience in preparation technology research and global registration. at present, 184 product approvals have been obtained. it includes 63 domestic chemical drug approvals, 79 overseas preparation production approvals, 38 API approval numbers and 4 pharmaceutical excipient production approval numbers. at present, there are more than 140 varieties, involving the first imitation + challenge patent generic drugs, improved new drugs 505b (2) and new physical compound new drugs. Rich products are expected to lead to sustained and rapid growth of business at home and abroad. On the domestic side, the approval of new products, the sale of collected varieties, the expansion of indications, and the upgrading of existing products will all drive the sustained growth of domestic business; on the foreign side, the active bidding of approved varieties, the development of new markets, the listing of new varieties, and CMO business will also drive the continuous growth of foreign business.
Profit forecast and investment advice: we expect the company's income from 2022 to 2024 to be 18.90,23.21 and 2.803 billion yuan, up 25.25%, 22.82% and 20.77% year-on-year, and the return net profit to be 5.19,6.70 and 849 million yuan, up 24.63%, 28.95% and 26.87% over the same period last year. The current share price corresponds to 2022-2024 PE times 23-18-14. Considering that the company is a scarce injection exporter in China, it is currently in the stage of rapid product approval and rapid growth at home and abroad. sustained and rapid growth in the future is worth looking forward to, and the "buy" rating is maintained.
Risk prompt events: drug price reduction risk; domestic and foreign product approval does not meet the expected risk; external policy uncertainty risk; public information lag or not updated in a timely manner.