This report is read as follows:
The company's layout of medicine, agrochemical, tourism and other fields, the overall business is stable.
Main points of investment:
For the first time, the company was given a neutral rating. It is estimated that the company's EPS in 2019-2021 will be 0.24, 0.25, and 0.26 yuan. With reference to the PE19X of similar companies in the industry in 2020, the company will give a target price of 4.70 yuan and a neutral rating for the first time.
Agrochemical and tourism business as a whole is stable. The agrochemical business of the company is mainly for the research and development, production and sales of pesticide products, as well as GLP registration technical services, which can provide domestic and well-known international agrochemical companies (such as Dow Chemical, etc.) with high technology content and advanced pesticide intermediates, crude drugs and preparation products. Affected by the tightening of environmental protection and safety supervision, the agrochemical industry is still in a business cycle, but affected by natural disasters in North America and other regions. The demand for pesticides has declined in stages. In 2019, the business income of H1 agrochemical industry was 2.977 billion yuan, down 9.24% from the same period last year. In 2018, the company completed the integration of some tourism assets in the system, the strength of the development and operation of scenic spots was further enhanced, and the effect of coordinated development gradually appeared. H1 income in 2019 was 402 million yuan, down 1.74% from the same period last year.
Pharmaceutical business is expected to grow steadily. In terms of pharmaceutical business, the company has a number of products in the field of skin and tuberculosis treatment. at present, more than a dozen of the products on sale have completed drug consistency evaluation and reference preparation records, of which levocetirizine hydrochloride tablets have been passed for the first time. in the future, the company is expected to become a small leader in subdivided specialist areas. In terms of medical business, the company operates comprehensive medical institutions, specialist medical institutions and medical supply chains by means of acquisition, new establishment, equity participation and so on. at present, the medical institutions operated by the company are Rheinland Rehabilitation Hospital in Germany, Paracel Biological treatment Center in Switzerland, Mann skin Beauty Hospital (chain), Northern Kuanren Hospital attached to the second Hospital of heavy Medicine, and Beijing Watson Rehabilitation Hospital are under construction. In the future, it is expected to build a characteristic health industry brand in the fields of rehabilitation medicine, medical beauty and so on.
Catalyst: important varieties pass consistency evaluation and new hospitals are put into operation.
Risk hint: aggravation of natural disasters in overseas areas