从盈利能力角度看，2022 年公司毛利率52.60%，同比去年同期提升1.01pct，扣非归母净利率11.08%，比去年同期提升3.23pct；单2023Q1季度毛利率50.55%，比去年同期略有下滑，扣非归母净利率16.70%，比去年同期提升4.67pct，盈利能力提升明显。从费用端看，2022 年销售管理费用率34.61%，同比去年减少3.09pct；研发费用率5.18%，研发投入持续加大；2023Q1 销售管理费用率为26.99%，同比减少7.50pct。Incidents:
Wei Xinkang recently released reports for the first quarter of 2022 and 2023: the company achieved revenue of 1,399 million yuan (+35.31%) in 2022, net profit of 177 million yuan (+84.50%), net profit of 155 million yuan (+90.95%) after deducting net profit of non-return to the mother; on a quarterly basis, 2022Q4 achieved revenue of 331 million yuan (+17.57%), net profit of 26 million yuan (+91.63%), after deducting net profit of 6.039 million yuan (-45.21%) from non-homing mother; 2023Q1 achieved revenue 350 million (+11.13%), net profit of the mother was 60 million (+54.82%), net profit of the non-return mother was 509 million (+54.31%). The high increase in 2023Q1 net profit was mainly due to increased sales of major products, the increase in operating income, and a decrease in cost amortization as the ban on equity incentives was partially lifted.
Net interest rates continue to rise, and sales management expenses rates continue to improve
From the perspective of profitability, the company's gross profit margin in 2022 was 52.60%, up 1.01 pct from the same period last year, and net interest rate of 11.08% after deducting non-return to the mother, up 3.23 pct from the same period last year; the gross profit margin for the 2023Q1 quarter alone was 50.55%, a slight decrease from the same period last year. After deducting net interest rate of 16.70% from the same period last year, an increase of 4.67 pct over the same period last year, the profitability increased significantly. Looking at the cost side, the sales management expense ratio in 2022 was 34.61%, a decrease of 3.09 pct compared to last year; the R&D expense ratio was 5.18%, and R&D investment continued to increase; the 2023Q1 sales management expense ratio was 26.99%, a decrease of 7.50 pct over the previous year.
Channel coverage continues to increase. The three core products continue to be rapidly released by product segment. In fiscal year 2022, the company's service revenue (mainly injectable multivitamin (12)) was 993 million (+35.64%), and it has already won bidding/listing in 30 provincial administrative regions; micronutrient revenue was 182 million (+232.17%), and it has won bids/networks in 26 provincial administrative regions, covering more than 200 hospitals; other sectors have revenue of 100 million (+62.81%), including pediatric multivitamin injections (13) Revenue was 45 million yuan (+52.97%), and 28 provincial administrative regions were successfully bidded/connected to the Internet. Sales focused on pediatric hospitals and pediatric departments in general hospitals, covering more than 120 hospitals.
New varieties awaiting release. Pediatric multivitamin injection (13), medical insurance support to promote hyperplasia, pediatric compound amino acid injection (19AA-I) obtained a drug registration certificate in May 2022, and has already won the bid/listing in 24 provincial administrative regions; the injectable multivitamin (13) and compound amino acid injection (20AA) for injection in September and October 2022 were approved one after another. Furthermore, the drug registration applications for dopamine hydrochloride injections and multi-micronutrient injections (I) were accepted in January 2022 and June 2022, respectively, The company's product matrix continues to grow. Pediatric multivitamin injection (13) is the first domestic product and an exclusive domestic variety. It was included in the “National Basic Medical Insurance, Work Injury Insurance, and Maternity Insurance Drug Catalogue (2022)” through national health insurance negotiations organized by the National Health Insurance Administration in January 2023, laying a solid foundation for sales growth of this product.
Investment advice and profit forecasting
The rapid release of various micronutrient injections continues. With the support of new medical insurance for pediatric multivitamin injections (13), new products are continuously approved. The company's revenue is expected to be 18.60/2511/3.116 billion in 2025, with growth rates of 33.01%/34.98%/24.09% respectively; Guimu's net profit is 257/395/512 million, with growth rates of 105.42%/58.17%/36.07%, respectively; EPS is 0.59/0.91/1.18 yuan/share , the corresponding PE is 25.19/16.33/12.61. Maintain a “buy” rating.
Risk warning
Risk of uncertainty in R&D; risk of price reduction of core health insurance products; risk of increased industry competition; risk of uncertainty in channel expansion, etc.
