The main business performance is sound: from January to June 2015, the company achieved operating income of 456 million yuan, an increase of 33.69% over the same period last year, a net profit of 55.2206 million yuan, an increase of 13.34% over the same period last year, and a net profit of 55.1856 million yuan for shareholders of listed companies, an increase of 13.04% over the same period last year. The net profit of shareholders belonging to listed companies after deducting non-recurrent profits and losses was 50.7503 million yuan, an increase of 23.21% over the same period last year.
Ginseng processing plate has become a new profit growth point: ginseng planting plate mainly completed more than 2800 mu of land lease in the first half of the year. Ginseng processing plate has become a new profit growth point of the company, with sales revenue of 93.6386 million yuan in the first half of the year and net profit of 18.3701 million yuan, accounting for 33.27% of the company's net profit. At the same time, the land problem that has plagued the ginseng processing project is expected to be solved in August. Construction is expected to start in late August.
Capsule growth is good, injection revenue is declining: Zhenyuan capsule and Xinyue capsule, the leading products in the pharmaceutical sector, maintained a good growth trend in the first half of the year, achieving an increase of 14.02% and 32.06%, respectively. The sales revenue of Shengmai injection and Qingkailing injection, the main injection varieties, decreased by 5.97% and 43.39% respectively compared with the same period last year due to the postponement of bidding and the implementation of the policy of controlling the "proportion of drugs". The company is now fully prepared to deal with the bidding work in various regions in the future, and the sales situation is expected to be improved in the second half of the year.
The performance of the cosmetics sector is gratifying: the cosmetics sector was officially sold to the outside world in March 2015. as a new force in the ginseng industry chain, this plate has received strong support from the company in terms of human, material and financial resources, and achieved good results. In the first half of the year, the sales revenue of the cosmetics sector of the company reached 31.9636 million yuan, and the franchise license declared was examined and approved by the Commercial franchise Management Office of the Ministry of Commerce on June 9, further broadening the sales channels of this section.
Profit forecast: we forecast that the operating income of Yisheng Pharmaceutical Co., Ltd. from 2015 to 2018 is 1.01 billion, 1.25 billion, 1.51 billion and 1.81 billion yuan respectively, and the net profit belonging to the parent company is 130 million, 190 million, 210 million and 260 million yuan respectively. From 2015 to 2018, the EPS was 0.40,0.56,0.63 and 0.77 yuan respectively, and the corresponding dynamic price-to-earnings ratio was 44.4,31.1,27.8 and 22.7 times, respectively.
Investment rating: centering on the development strategy of "building the whole industry chain of ginseng", the company gives full play to the synergy of ginseng planting, ginseng processing, medicine, ginseng health products and food, cosmetics, bee products and other major plates to promote the common development of each plate. Ginseng processing plate has become a new profit growth point, the performance of cosmetics sector is higher than expected, the company is expected to make use of Jilin Province to vigorously develop ginseng industry to achieve rapid growth in the future. Considering the company's layout of the whole ginseng industry chain, the extension expectation is strong, so we give the company a "buy" rating for the first time.
Risk tips: market risk, bidding price reduction risk, ginseng price fluctuation risk.
