投资建议：公司作为风湿骨科类中药龙头企业，将持续受益政策红利、人口老龄化趋势加速和消费升级趋势。我们预计2023-2025 年公司实现营业收入11.59 亿元、14.16 亿元、17.79 亿元，实现归母净利润1.25 亿元、1.49 亿元、1.78 亿元，分别同比增长23.3%、19.5%、19.4%。对应EPS 分别为1.17元、1.40 元、1.67 元，当前股价对应的PE 倍数分别为25X、21X、17X。考虑到公司作为细分行业龙头，竞争优势明显，市占率逐年提升，维持“买入”评级。Incident: On February 2, 2024, the company announced that it intends to appoint Mr. Hu Qifei as the company's general manager after review by the nomination committee of the board of directors.
The senior management team is young and professional, which is conducive to long-term development. According to the company's announcement, in order to meet the company's high-quality development needs and further strengthen and optimize the management structure, Mr. Xie Xiaolin, the controlling shareholder, chairman and general manager of the company, resigned as concurrent general manager; Zhang Zhihong, director and deputy general manager, resigned as deputy general manager; and Mr. Wu Jie, director, deputy general manager and secretary of the board of directors, resigned as deputy general manager. After review by the board nomination committee, it is proposed to appoint Mr. Hu Qifei as the company's general manager to entrust the company's daily operation and management work to a young team that is younger, more professional, more dynamic and has keen market insight.
The proposed appointment of the company's general manager is from Sinopharm Group's background, and is expected to bring about positive changes. According to the company announcement, Mr. Hu Qifei has many years of experience in managing leading enterprises in the Chinese medicine industry: 2005-2007, as Tianjin manager of Guizhou Tongjitang Pharmaceutical Sales Department; 2007-2011, as regional manager of Guizhou Tongjitang Pharmaceutical Sales Department; 2013-2013, as the deputy general manager of the marketing center of China Traditional Chinese Medicine Holdings; from 2017-2021, as the deputy general manager of Tianjiang Pharmaceutical Co., Ltd.; from 2021 to 2023, as Tianjiang Pharmaceutical General manager of the Industry Co., Ltd.
Investment advice: As a leading traditional Chinese medicine company in rheumatology and orthopedics, the company will continue to benefit from policy dividends, accelerated population aging trends, and consumption upgrading trends. We expect that in 2023-2025, the company will achieve operating income of 1,159 billion yuan, 1,416 billion yuan, and net profit to mother of 125 million yuan, 149 million yuan, and 178 million yuan, with year-on-year increases of 23.3%, 19.5%, and 19.4%, respectively. The corresponding EPS is 1.17 yuan, 1.40 yuan, and 1.67 yuan respectively. The PE multiples corresponding to the current stock price are 25X, 21X, and 17X, respectively. Considering that the company is a leader in the industry segment, its competitive advantage is obvious, and its market share is increasing year by year, maintaining a “buy” rating.
Risk warning: New product development and new business development fall short of expectations, the risk of leading a single product, the risk of increased market competition, and the risk of changes in the prices of major raw materials.
