The 15-year report was lower than expected, but the performance of each subsidiary was different.
Annual report revenue, net profit and net profit after deduction are 6.174 billion, 637 million, 638 million, up 26.87%, 53.07%, EPS0.34 yuan, lower than expected. Revenue of Huabang Pharmaceutical, Parkson Pharmaceutical, Hanjiang Pharmaceutical, Yingtaijiahe, Shandong Fuer, Kaisheng New Materials, parent company increased by 24.78%, 9.91%, 2.23%, 3.32%, 21.24%,-27.11%, and net profit increased by 19.67%, 14.86%,-3.55%, 20.42%,-6.13%, 122.09%.
Parkson Pharmaceutical consolidated statements led to a big increase in performance, more expenses of the parent company.
Parkson Pharmaceutical merged 217 million for the whole year, but its own growth was slow, mainly because the tax rebate was not confirmed. Yingtaijia and net profit growth is much faster than revenue growth due to exchange rate fluctuations in the past two years. The net investment income of the parent company increased to 381 million compared with the same period last year, but there was more internal offset in the consolidated statements; over the past 15 years, the company conducted non-public development issues and stock option plans successively, resulting in a year-on-year increase in management costs by 32.83%.
The company's business sector is integrated, and the development strategy is clearer.
In 15 years, the company divided the business segment into Pharmaceutical Division (Huabang Pharmaceutical and Parkson Pharmaceutical), Agro-Chemical Division (Beijing Yingtai, Shandong Fuer, Kaisheng New Materials), and API Division (Hanjiang Pharmaceutical). To facilitate the unified management of each plate to achieve resource integration and complementary advantages. At present, Beijing Yingtai has listed the new third board, and issued shares at a price of 1.195 billion to acquire a 100% stake in Shandong Fuer, and the company holds a 79.29% stake in Beijing Yingtai. And Kaisheng Xincai 20.20% equity at a price of 132 million transferred to 3 partnerships and 11 natural persons, ready to list the new third board.
Actively expand rehabilitation care, with strong expectation of extension
The company has successively acquired Zi'en Hospital, Rhine Hospital, Swiss Biology, shares in the origin of life, the integration of domestic and foreign resources for the rapid layout of rehabilitation care, currently leading domestic listed companies, it is expected that more denotations will be landed in the future to form a complete network.
Maintain the overweight rating
The pharmaceutical industry and APIs have grown steadily, the agrochemical plate has actively promoted the listing of the new third board, and the integration of domestic and foreign resources has actively distributed rehabilitation medical projects. We predict that the EPS in 15-17 years will be 0.41,0.50,0.60 yuan, corresponding to PE times, 19 times, 16 times, to maintain the overweight rating.
Risk hints: the growth rate of the pharmaceutical industry is lower than expected; the construction of rehabilitation medical network is lower than expected.