收入端短期承压，扣非利润稳健增长 2023 年前三季度，公司实现营业收入12.15 亿元，同比下降10.51%；实现归母净利润1.42亿元，同比下降45.27%；实现扣非归母净利润1.22 亿元，同比增长69.90%。其中，单三季度，公司实现营业收入3.60 亿元，同比下降25.73%；实现归母净利润0.35 亿元，同比下降82.02%；实现扣非归母净利润0.34 亿元，同比增长8.04%。受到佰骏医疗不再纳入合并报表和去年同期处置佰骏医疗股权产生投资收益影响，公司收入和归母净利润下滑幅度较大，由于持续聚焦主业，经营效率提升，而扣非归母净利润保持稳健增长。Events:
Fangsheng Pharmaceutical released its third quarterly report on October 26, 2023: in the first three quarters of 2023, the company realized operating income of 1.215 billion yuan, down 10.51% from the same period last year; realized return net profit of 142 million yuan, down 45.27% from the same period last year; and realized non-return net profit of 122 million yuan, an increase of 69.90% over the same period last year.
Main points of investment:
Short-term pressure on the income end, deducting the steady growth of non-profit in the first three quarters of 2023, the company realized operating income of 1.215 billion yuan, down 10.51% from the same period last year; realized return net profit of 142 million yuan, down 45.27% from the same period last year; and deducted non-return net profit of 122 million yuan, an increase of 69.90% over the same period last year. Among them, in the third quarter, the company achieved operating income of 360 million yuan, down 25.73% from the same period last year; net profit from home was 35 million yuan, down 82.02% from the same period last year; and net profit from non-return was 34 million yuan, up 8.04% from the same period last year. Affected by the fact that Baijun Medical is no longer included in the consolidated statement and the investment income resulting from the disposal of Baijun Medical equity in the same period last year, the company's income and return net profit have declined greatly. Due to the continued focus on the main business, the operating efficiency has been improved, while the non-return net profit has maintained steady growth.
Continuous gathering of main industries and continuous improvement of operating efficiency in the first three quarters of 2023, the company's pharmaceutical industry revenue was 1.084 billion yuan, an increase of 3.44% over the same period last year, accounting for 89.20%, an increase of 8.69pct compared with 80.51% of the pharmaceutical industry revenue in 2022. In the first three quarters of 2023, the company deducted the non-parent net interest rate of 10.02%, an increase of 4.74pct from 5.28% in the same period last year.
Pay attention to market opportunities and actively open up the market by the first half of 2023, the company's products include montmorillonite powder, omeprazole enteric-coated tablets, metronidazole suppositories, powerful loquat ointment, and powerful loquat dew were selected into the National essential Drug catalogue (2018 edition). Cefixime tablets, Tenghuangjiangu tablets, cefpropene tablets, Didahuoxue capsules, adefovir dipivoxil dispersible tablets, montmorillonite powder, Xuesaitong dispersible tablets, Xiaoer Jingxing Zhike granules, Yisumaibu tablets, Xuan Qi Jiangu tablets, Xuesaitong tablets, Jianwei Yuyang granules, Shuerjing capsules, Longxue Powder and motherwort granules, a total of 71 products were selected into the National basic Medical Insurance, Catalogue of Industrial injury Insurance and Maternity Insurance drugs (2022 edition). Seize the market opportunity and actively develop sales and promotion.
Profit forecast and investment rating we expect the company to achieve operating income of 1.812 billion yuan, 2.18 billion yuan and 2.628 billion yuan respectively from 2023 to 2025, and realize net profit of 173 million yuan, 224 million yuan and 275 million yuan respectively, corresponding to the PE valuation of 26.70X, 20.54X and 16.75X respectively. The company continues to promote reform and innovation and create the "338 Project" to promote the development of product clusters. In view of the fact that the company continues to focus on the main business, the reform results are emerging, the operating efficiency has been effectively improved, the rating has been upgraded, and the "buy" rating has been given.
The risk indicates the policy risk of the pharmaceutical industry, the release of core products is lower than expected, the implementation of the "338 Project" is not as expected, the company's profitability is declining, product research and development is not as expected, the risk of management change, the risk of core brain drain, and the risk of short-term stock price fluctuations.