Main points of the report:
The company is a leading enterprise of Miao medicine, and the overall layout helps Miao medicine integration company is a pharmaceutical company engaged in R & D, production and sales of seedling medicine. Now it has become the backbone enterprise of the new pharmaceutical industry in Guizhou Province and the largest manufacturer of Miao medicine in the country. The company, formerly known as Anshun Pharmaceutical Factory, was founded in 1970 and changed its name to Guizhou Bailing Enterprise Group Pharmaceutical Co., Ltd in 2005.
In 2010, the company was listed on the Shenzhen Stock Exchange. Guizhou Bailing has been listed in the Top 100 list of China's Pharmaceutical Industry for many years in a row. In 2022, Guizhou Bailing was selected into the Top 100 list of China's Pharmaceutical Industry, ranking 44th in the TOP100 list of Chinese traditional Medicine Enterprises. The actual control of the company is Mr. Jiang Wei, the chairman of the company. The wholly-owned / holding subsidiaries of the company comprehensively distribute the fields of pharmaceutical commerce, industry and hospital, helping to realize the integration of Miao medicine.
Marketing reform continues to move forward, and financial performance turns around.
In 2021, the company carried out marketing reform, optimized and improved the sales system, sales incentives and target setting, coupled with the impact of the epidemic in recent years, the cost of the company increased and the net profit decreased. However, with the end of the epidemic and the continuous promotion of marketing system reform, the company's large-scale production cost advantage has been highlighted. The company's net profit in 2022 is growing compared with the same period last year, and its financial performance has turned around. At the same time, the company's capacity expansion and technical transformation project has also entered the final stage, product capacity is expected to be rapidly increased, business revenue is expected to achieve rapid growth.
There are many projects under research to enrich the product layout of the company.
The company's research projects include Huanglian jiedu pill project, Yishen Huazhuo granule project, 1.1 class medicine tifentai project, Tangning Tongluo project and so on. The successful R & D and registration and listing of the project can enrich the company's product structure, help to improve the company's competitiveness and sustainable profitability. According to the latest analysis report of the research project of Tangning Tongluo Project, Tangning Tongluo can effectively alleviate the eye complications caused by diabetes and benefit diabetic patients in the future. At present, there are no similar proprietary Chinese medicine products on the market, if the product research and development and registration are carried out in an orderly manner, the product is expected to become a new business growth driving force of the company.
Investment advice and profit Forecast
The company's marketing reform has entered its third year, and the results of improvement are expected to be gradually reflected, with the continuous improvement of the sales network and the continuous optimization of the sales system. The core product Yindan Xinnaotong soft capsule is expected to achieve volume growth and increase business income after the capacity expansion project. It is estimated that from 2023 to 2025, the net profit of the shareholders of the company belonging to the parent company is 2.96,4.29 and 634 million yuan respectively, the corresponding basic earnings per share are 0.21,0.30,0.45 yuan per share respectively, and the corresponding PE is 43,29 and 20 times respectively. The first recommendation is to give the company a "buy" investment rating.
Risk hint
Industry policy risk, market competition risk, R & D less than expected, cost control risk and so on.