Main points of investment:
The company released its quarterly report for the third quarter of 2022 on November 1: the operating income in the first three quarters of 2022 was 1.493 billion yuan, + 11.27% compared with the same period last year; the net profit was 350 million yuan, + 15.01%, and 299 million yuan, + 15.09%, respectively. The basic income per share is 0.48 yuan; of which, the operating income in the third quarter of 2022 was 502 million yuan,-8.91% compared with the same period last year; the net profit of returning to the mother was 129 million yuan, + 0.45% compared with the same period last year; and the net profit was 107 million yuan,-4.24% of the same period last year. The fluctuation of the performance in the third quarter is mainly due to the unstable epidemic situation and the limited pulp collection in the first half of the year. Generally, there is a lag period of about six months from pulp collection to the sales of blood products, and it is expected to improve in the fourth quarter.
In the first three quarters of 2022, the company's gross profit margin was 49.67%, up 2.25% from the same period last year, mainly due to the improvement of the sales structure of the company's products and the increase in the proportion of high value-added blood products in the first three quarters. The company's sales expense rate was 14.56%, up 3.12% from the same period last year, and the management expense rate was 11.11%, down 0.88% from the same period last year. The R & D expenditure rate was 2.95%, up 1.18% from the same period last year, and the financial expenditure rate was-2.60%, which was basically the same as that in the same period last year (- 2.55%).
At present, the company has 27 pulp stations, including 11 in Shuanglin, Guangdong, 2 for examination and approval, 6 in Deyuan in Xinjiang and 10 in Paisfico in 2021. By the end of 2023, the construction of 9 slurry stations and 2 relocation slurry stations in Pesfico will be completed. During the 14th five-year Plan period, the company will further strengthen the expansion of pulp stations, and the company is expected to become a leader in blood products in the future. The increase of pulp collection will help the company to increase its market share in the blood products industry.
The company expects to achieve a net profit of about 550000 yuan per ton of pulp this year, and the average level of better enterprises in the standard industry in the next two years. At present, the company's profit per ton of pulp is 430,000 yuan / ton (estimated by the annual report data of 2021); in the later stage, it will contribute to the profit of ton pulp through the following aspects. 1) the special free pulp has been distributed and sold in 21 years, and the current yield has been optimized; 2) the high value-added fibrinogen products are expected to continue to be sold in the 22 years and is expected to continue in the future; 3) the excavation of special specification products will contribute to 4% of the profit per ton of pulp in the medium and long term.
The improvement of yield and fine management ability will also lead to the improvement of the company's profitability. In addition, the listing of new products will also contribute to the improvement of the company's net profit per ton of pulp. Guangdong Shuanglin people prothrombin complex (PCC), a subsidiary, has passed the on-site verification of production registration and is expected to obtain production approval by the end of this year or early next year. Guangdong Shuanglin people's fibrinogen will also accelerate the listing work in the next two years; the sales scale of the company's eight factors and fibrinogen is expected to increase rapidly, and the proportion of high gross profit exemption products will be further increased, which will contribute to the improvement of the company's net profit per ton of pulp.
It is estimated that the company's earnings per share in 2022,2023 and 2024 are 0.70,0.95 and 1.20 yuan respectively, corresponding to the closing price of 19.40 yuan on November 4, and the dynamic PE is 27.71,20.42,16.17 times respectively, maintaining the company's "buy" investment rating.
Risk tips: uncertainty of epidemic situation, uncertainty of new product research and development