Main points of investment:
The overall performance is basically in line with expectations, and the cost of sales has dropped greatly. Ssangyong shares released its quarterly report for 2015: revenue reached 165 million yuan, up 302.15% from the same period last year, slightly down 2% from the previous month (Jinbao Pharmaceutical Co., Ltd., September 2014). The net profit returned to the mother was 34.3617 million yuan, an increase of 57.31% over the previous month. Sales expenses in the first quarter were 3.5205 million yuan, down about 76% from the previous month, and even lower than the 3.6409 million yuan in the same period last year (before the merger of Jinbao Pharmaceutical).
The growth rate of pharmaceutical business performance has improved. Jinbao Pharmaceutical made a net profit of about 28.95 million yuan in the first quarter, up 26.87 percent from the previous quarter. With the pre-treatment and extraction workshop, solid workshop, R & D center and related supporting facilities of Leda non-traditional Chinese medicine antiviral production base put into production in 2014-2015, the production and sales of related products will continue to increase.
The performance of chemical business has declined slightly, and the operating rate is expected to increase in the future. The chemical business was mainly affected by factors such as the increase in depreciation of the company's new fixed assets, with a net profit of 5.4076 million yuan in the first quarter, down 10.25% from the same period last year. In the future, on the one hand, with the development of environmentally friendly green tires, on the other hand, the company will continue to reduce costs and increase efficiency in a variety of ways to open up the market, and the utilization rate of silica capacity is expected to be improved.
Do not adjust the profit forecast for the time being, and maintain the "overweight" rating. On the one hand, the growth rate of Jinbao Pharmaceutical Industry will further increase in the future, on the other hand, the company will continue to seek relevant high-quality targets and improve the variety and field layout of the company's pharmaceutical business through epitaxial mergers and acquisitions. It is estimated that the EPS in 2015-17 is 0.46,0.58 and 0.72 yuan, respectively, and the corresponding EPS E is 48x, 38x and 31x, respectively.
Risk hint. The risk of integration within the company, the risk of raw material fluctuations, the risk of sales falling short of expectations.