医药板块稳健增长，毛利率持续改善，动保板块业绩强劲增长，毛利率有所波动。医药板块稳健增长，毛利率持续改善，动保板块业绩强劲增长，毛利率有所波动。2022 年公司医药原料药板块实现营收19.92 亿元，同比增长28.34%，毛利率为25.51%，同比变动3.13pct，医药中间体实现营收14.64 亿元，同比增长14.38%，毛利率43.17%，同比变动1.15pct，医药制剂实现营收1.58 亿元，同比增长24.18%，毛利率9.22%，同比变动1.39pct，动保原料药实现营收18.61 亿元，同比增长41.97%，毛利率20.17%，同比变动-9.56pct，动保制剂实现营收2.29 亿元，同比增长2.6%，毛利率14.03%，同比变动-14.01pct。Incident: Recently, the company released its 2022 annual report and 2023 quarterly report. In 2022, the company achieved revenue of 5.721 billion yuan, an increase of 26.98% over the previous year, net profit of 921 million yuan, an increase of 30.43% over the previous year, after deducting 907 million yuan of net profit from non-return mothers, an increase of 31.15% over the previous year. The company achieved revenue of 1.41 billion yuan in the first quarter of 2023, an increase of 19.9% over the previous year, net profit of 195 million yuan, an increase of -2.88% over the previous year, and net profit of 192 million yuan after deducting non-return mother's net profit of 192 million yuan, an increase of -2.67% over the previous year.
Comment:
The company's performance fluctuated in Q1 2023 due to the influence of the passive insurance sector. 2022Q4 achieved revenue of 1,608 million yuan, an increase of 24.41% over the previous year, net profit of 200 million yuan, an increase of 8.05% over the previous year, after deducting net profit of 198 million yuan from non-return mother, an increase of 8.9% over the previous year. 2023Q1 achieved revenue of 1.41 billion yuan, an increase of 19.9% over the previous year, net profit of 195 million yuan, an increase of -2.88% over the previous year, after deducting net profit of 192 million yuan from the non-return mother, an increase of -2.67% over the previous year. The company's performance fluctuated in 23Q1, mainly price fluctuations in the veterinary medicine sector, which had an impact on profitability.
The pharmaceutical sector grew steadily, gross margin continued to improve, the performance of the insurance sector grew strongly, and gross margin fluctuated. The pharmaceutical sector grew steadily, gross margin continued to improve, the performance of the insurance sector grew strongly, and gross margin fluctuated. In 2022, the company's pharmaceutical API sector achieved revenue of 1,992 million yuan, a year-on-year increase of 28.34%, gross margin of 25.51%, a year-on-year change of 3.13 pct, pharmaceutical intermediates achieved revenue of 1,464 million yuan, a year-on-year increase of 14.38%, gross profit margin of 43.17%, a year-on-year change of 1.15 pct, pharmaceutical formulation achieved revenue of 158 million yuan, a year-on-year increase of 24.18%, a gross profit margin of 9.22%, a year-on-year change of 1.39 pct. The gross profit margin was 20.17%, a year-on-year change of -9.56pct, the year-on-year increase of 2.6% over the previous year, and a year-on-year change of -14.01 pct.
Gross margin and net interest rates have declined, and expense ratios are well controlled. Gross margin and net interest rates have declined, and expense ratios are well controlled. The company's comprehensive gross margin in 2022 was 27.55%, with a year-on-year change of -2.59pct, mainly affected by falling prices in the veterinary medicine sector. The company's gross margin in 23Q1 was 26.61%, a year-on-year change of -4.46pct. The company's comprehensive net interest rate in '22 was 16.09%, the year-on-year change was -0.94pct, the company's net interest rate in 23Q1 was 13.83%, and the year-on-year change was -3.2pct. The company's sales expense ratio, management expense ratio, financial expense ratio, and R&D expense ratio in '22 were 1.12%, 8.58%, -1.19%, and 3.45%, respectively. The year-on-year changes were -0.12pct, -0.49pct, -1.81pct, and 0pct.
Profit forecast and investment rating: We expect the company's revenue in 2023-2025 to be 69.51, 80.51, and 8.972 billion yuan respectively, up 21.5%, 15.8%, and 11.5% year-on-year, and net profit of 9.64, 11.36, and 1,261 billion yuan respectively, up 4.7%, 17.8%, and 11% year-on-year. The price-earnings ratio of the corresponding company is 14.45, 12.27, and 11.05 times, considering the gradual commencement of the company's fund-raising projects in the field of personal insurance to maintain the “buy” rating.
Risk factors: environmental risk, risk of price fluctuations of major raw materials, risk of foreign exchange fluctuations.
