通过精益管理+信息化建设，桂林三金毛利率及费用率持续改善桂林三金毛利率从2022 年底的70.98%提升至2023H1 的73.27%，上升2.29pct；费用率方面，公司销售费用率、管理费用率均大幅下降，从2022年底的27.47%/14.00%分别降至2023H1 的22.92%/7.81%，带动整体费用率从2022 年底的51.79%降至2023H1 的36.01%，下降15.78pct。随着公司精细化管理及信息化建设持续推进，我们预计公司盈利能力有望保持良好增长趋势。Incidents:
On August 25, Guilin Sanjin announced its semi-annual report for 2023: the company achieved total operating revenue of 1,194 million yuan (yoy +19.96%) in the first half of 2023, of which the main business revenue was 1,187 million yuan (yoy +19.67%); realized net profit of 380 million yuan (yoy +25.30%); net profit of 367 million yuan (yoy +26.3%) was deducted from non-return net profit. Among them, 2023Q2 achieved revenue of 478 million yuan (yoy -0.07%) in a single quarter, net profit of 210 million yuan (yoy +15.01%), net profit of 203 million yuan (yoy +15.48%) after deducting non-return net profit of 203 million yuan (yoy +15.48%).
Marketing planning+communication and promotion were effective. Industrial revenue increased steadily in the first half of 2023, and the company's proprietary Chinese medicine (industrial) sector achieved revenue of 1,099 billion yuan (yoy +19.62%). This is mainly due to the company continuing to promote the “value marketing” strategy and formulating special incentive policies for key first-tier and second-tier varieties: optimizing and adjusting the three-gold granule sales policy; reshaping the distribution rules of Sanjin tablets and the price system for Guilin watermelon cream (spray), watermelon cream throat freshener tablets; in view of the company's continuous development of terminal sales growth points and promotion of brand rejuvenation strategies, superposition strategies Number of people who are unwell Increase. We expect the company's industrial revenue to rise steadily in the future.
Through lean management+informatization construction, Guilin Sanjin's gross margin and expense ratio continued to improve from 70.98% at the end of 2022 to 73.27% of 2023H1, up 2.29pct. In terms of cost ratio, the company's sales expense ratio and management expense ratio both dropped sharply, from 27.47%/14.00% at the end of 2022 to 22.92%/7.81% of 2023H1, driving the overall cost rate from 51.79% at the end of 2022 to 36.01% of 2023H1, down 36.01% 15.78 pct As the company's refined management and informatization construction continue to advance, we expect the company's profitability to maintain a good growth trend.
The performance of Baifan Biotech's CDMO platform continues to grow, and Shanghai's Sanjin losses are expected to be drastically reduced by the end of 2022. Baifan Biotech has signed separate strategic cooperation agreements with Baifan Biotech, Huabao Exxu Biotech, and Maggie Biotech, with the aim of deepening cooperation between the two sides in CDMO services and project development. As the company's CDMO orders continue to grow, the company aims to achieve break-even and gradually profit by 2023. The losses of Shanghai Sanjin in 2020-2022 reached 0.58/206/304 million yuan respectively. Given that Baifan Biotech's CDMO business losses continued to decrease in 2023, Shanghai Sanjin's losses over the years are expected to improve in 2023.
Profit Forecasts and Investment Ratings
We expect the company's operating income to be 23.20/27.14/3.148 billion yuan from 2023-2025, and net profit to parent to be 468/553/659 million yuan, maintaining the “buy” rating.
Risk warning: risk of changes in industry policies, risk of falling prices of company products, risk of increased market competition, risk of price fluctuations of raw and auxiliary materials
