Core viewpoints
Outstanding performance in the second half of 1919. The company announced its annual report and quarterly report that its revenue for the whole year was 1.403 billion yuan, an increase of 15.62% over the same period last year. The net profit belonging to shareholders of listed companies was 364 million yuan, an increase of 14.27% over the same period last year, and the non-net profit was 303 million yuan, an increase of 10.01.01 over the same period last year. Q4 had outstanding performance. Q4 achieved revenue of 432 million yuan in a single quarter, an increase of 21.02% over the same period last year, and net profit was 89 million yuan, an increase of 21.81%. Maintain rapid growth. At the same time, the company also announced its quarterly report for 20 years. Due to epidemic factors, the sales of the company's hospital end and drugstore side were affected to varying degrees. The company's Q1 revenue and profit side declined. Q1 realized revenue of 152 million yuan, a decrease of 39.97% over the same period last year, and a net profit of 49 million yuan, a decrease of 42.52% over the same period last year. It is expected that with the gradual control of the epidemic, both the company's revenue and profit end will gradually recover.
Meticulous management has gradually achieved results. In recent years, the company has been strengthening the development strategy of "one axis, two wings and three supports", and constantly strengthening its own fine management. During the reporting period, the company continued to strengthen the level of channel sales, products and academic promotion. In personnel assessment, task indicators and other aspects of varying degrees of adjustment, further through the characteristics of academic, brand and cultural promotion, expand and enhance the influence of the company's brand. At present, it has achieved obvious results, correspondingly, the profit side of the company showed an accelerated trend in the second half of 19 years, and the accelerated trend is expected to continue.
Motivate the team and be optimistic about the long-term development of the company. The company launched restricted stock in March 19, giving equity incentives to 65 core employees of the company. judging from the current actual results, the company has significantly improved in all aspects after the incentives. It is expected that with the further mobilization of the enthusiasm of the core staff of the company in the future, the company is expected to maintain steady development for a long time.
Financial forecasts and investment suggestions
Due to the impact of the epidemic in the first quarter, our profit forecast for the company has been slightly adjusted. It is estimated that the company's EPS for 2020-2022 will be 0.77,0.89 and 0.98 yuan (the original EPS for 2020-2021 is 0.83,0.88 yuan). According to the comparable company, we will give the company a 20-year 35x valuation, corresponding to a target price of 26.95 yuan, and maintain an overweight rating.
Risk hint
Drug sales are not as expected; if the epidemic continues further, it may continue to have a certain impact on the company's sales.
