经过多年积累，公司已建立了专业、稳定的职业化的营销队伍。公司自2018 年大力拓展OTC 渠道，以院端市场和 OTC 渠道端形成1:1 的营收贡献格局为目标，有望进一步推进产品销售，提高盈利能力。公司正加快品牌建设，全方位打造公司的医药商业品牌形象。在 OTC 品牌建设方面，公司将继续以“和颜”品牌建设为中心，持续投入资源并进行精细管理，探索在消费者群体中建立独特的女性健康品牌。此外，中药配方颗粒、经典名方、以及资本市场等领域，均将探索建立符合医药产业属性和公司自身业务发展的独特品牌。The performance is in line with expectations, the operating capacity continues to improve, and maintain the "buy" rating.
On March 27, 2023, the company released its 2022 annual report: in 2022, the company realized operating income of 1.088 billion yuan, an increase of 12.15% over the same period last year; net profit of 116 million yuan, up 15.4% over the same period last year; net profit of 106 million yuan, up 12.71% over the same period last year; and net cash flow from operating activities was 76 million yuan, a decrease of 39% over the same period last year. The company's performance is in line with our expectations. It is expected that under the continuous improvement of product power and the vigorous expansion of channels, product sales are expected to achieve rapid growth. We raise the 2023-2024 year and add the 2025 profit forecast. It is estimated that the company's return net profit in 2023-2025 is 1.51,1.87 (1.72) and 228 million yuan respectively, corresponding to EPS of 0.65,0.81,0.98 yuan per share respectively. The current share price corresponding to PE is 20.9,16.9,13.9 times, the company is leading in the field of traditional Chinese medicine, OTC channel expansion helps speed up performance, great growth potential, maintain the "buy" rating.
The channel expansion continues to advance, and the brand strength continues to strengthen.
After years of accumulation, the company has established a professional and stable professional marketing team. The company has made great efforts to expand the OTC channel since 2018, with the goal of forming a 1:1 revenue contribution pattern between the courtyard market and the OTC channel end, which is expected to further promote product sales and improve profitability. The company is speeding up brand building and building the company's pharmaceutical commercial brand image in an all-round way. In terms of OTC brand building, the company will continue to focus on "Heyan" brand building, continue to invest resources and carry out fine management, and explore the establishment of a unique female health brand in the consumer group. In addition, traditional Chinese medicine formula granules, classic prescriptions, capital markets and other fields will explore the establishment of unique brands in line with the attributes of the pharmaceutical industry and the company's own business development.
Continue to carry out R & D reserves to consolidate core competitiveness
Continue to carry out product R & D reserves of new traditional Chinese medicine, traditional Chinese medicine formula granules and classical famous prescriptions, and the development of medium-and long-term product R & D layout is expected to be obvious. At the end of 2022, the company has 30 invention patents, 2 utility model patents, 13 appearance patents, 11 national new drug certificates and 32 drug approval numbers. In terms of R & D reserves, the company has 3 new traditional Chinese medicine products and has completed phase III clinical trials; has 445 varieties of traditional Chinese medicine formula granules, completed 179 national standard records; and the research and development of classic prescription products has achieved initial results. At the same time, the company further optimizes the industrial layout and gradually enters the field of small molecular chemical medicine.
Risk tips: drug research and development failure, channel promotion is not as expected.
