Set research, production and marketing as one of the innovative pharmaceutical enterprises, the sales network has both depth and breadth. The company's main chemical medicine prescription drugs, mainly in the field of anti-infective drugs, digestive system drugs and parenteral nutrition drugs, many of its products are in a leading position in the market segment. The company's revenue reached 1.64 billion yuan in 2015, with a net profit of 200 million yuan. From 2019 to 2019, the compound growth rate of income was 31.4%, and the compound growth rate of net profit was 7.5%.
Relying on the R & D team, the product layout is further strengthened. In recent years, the company has strengthened its investment in research and development and achieved remarkable results. A total of 109 varieties and 191 drug production approval documents have been obtained, of which 48 varieties have been listed in the national medical insurance catalogue and 13 varieties have been listed in the national base drug catalogue. In addition to continuing to evaluate the quality and efficacy of key generic drugs, the company also speeds up the registration of six drugs, including lansoprazole for injection and levocarnitine injection. In 2019, the company obtained two drug registration documents of tropisetron hydrochloride injection and Ozagrel sodium injection, which further enriched the product pipeline.
Take the market demand as the guide, constantly strengthen the construction of the marketing team. The company mainly adopts the sales model of regional distributors. by 2019, it has established sales channels in 26 provinces and cities, covering major markets throughout the country, and established sales relationships with more than 6500 hospitals above the second level. Professional marketing channels have brought significant sales revenue, with the company's operating revenue growing by 110% in 2017 and 66% in 2018. In the future, the company will further expand the sales team, promote the sinking of product channels, improve the layout of the national logistics system, adjust the distribution commercial network under the provincial two-vote system, dredge the distribution channels and improve the management and control process.
We will actively layout the field of high-end medical services and expand the large health industry chain. The company indirectly invests in Boao Super Hospital by participating in Chengmei International Medical Center, which is the company's first attempt to enter the field of high-end medical services. in the future, Boao Super Hospital will actively expand the field of medical services and lay out a large health industrial chain.
Profit forecast and investment advice. It is estimated that the net profit from 2020 to 2022 will be 250 million / 290 million / 320 million yuan, a year-on-year growth rate of 25%, 15%, 11%, and the EPS is 0.49 yuan / 0.57 yuan / 0.63 yuan. Cover for the first time, giving a "hold" rating.
Risk hint: the risk of intensified market competition and the risk of rising prices of raw materials.
