For the first time, the company was given a neutral rating. It is estimated that the company's EPS in 2019-2021 will be 0.32 yuan 0.33 yuan. Referring to the PE28X of similar companies in the industry in 2020, the company will give a target price of 9.32 yuan and give a neutral rating for the first time.
The income of traditional Miao medicine business has increased steadily. The company is a listed pharmaceutical company integrating R & D, production and sales of seedling medicine. Starting with the implementation of "science and technology seedling medicine, cultural seedling medicine and ecological seedling medicine", the sales income of H1 core product Yindanxinnaotong soft capsule in 2019 was 356 million yuan, an increase of 36.41% over the same period in 2018. Granule products represented by Xiaoer Chaigui antipyretic granules, Shuangyanghou Bitong granules and Xiaoke granules Sales revenue in the first half of 2019 was 322 million yuan, an increase of 29.32 percent over the same period last year. The company's overall sales income of proprietary Chinese medicine H1 in 2019 was 1.208 billion yuan, a slight increase of 4.30% over the same period last year.
The integration project of Miao medicine and medicine has been continuously promoted. Tangning Tongluo is an important variety developed by the company for promoting body mass and relieving thirst, activating blood circulation and dredging collaterals, clearing away heat and purging fire. Through the establishment of two traditional Chinese medicine diabetes hospitals in Guiyang and Changsha, the company has actively developed the Miao medicine integration project with Tangning Tongluo as its core competitiveness. Tangning Tongluo project has obtained the clinical approval of military medical preparation in 301 Hospital. At the same time, the company has carried out cooperation on Tangning Tongluo project with Inner Mongolia Hospital of traditional Chinese Medicine, Ruikang Hospital affiliated to Guangxi University of traditional Chinese Medicine, Guangdong Hospital of traditional Chinese Medicine, Beijing Guanganmen Hospital and other well-known Chinese medicine third-class hospitals in Beijing. have entered the stage of evaluation. If the future project research and development progresses smoothly, it can enhance the company's competitiveness in the pharmaceutical industry and lay the foundation for the realization of the company's development strategy and sustainable development.
Catalyst: great progress has been made in the research and development of Tangning Tongluo project.
Risk hint: some of the company's core varieties of traditional Chinese medicine enter the key monitoring catalogue.