管理层增持彰显信心，“提质增效重回报”强化核心竞争力：公司自2023 年9月1 日起的增持计划已经于2024 年3 月1 日实施完成，公司部分董事、监事和高级管理人员等合计11 人增持公司股份275,600 股，占公司总股本的0.02%，累计增持金额7,222,307 元，本次增持计划完成率为125.61%，上述增持主体增持金额已分别超过各自增持计划承诺金额。管理层的增持充分体现了对公司未来前景和长期投资价值的认可以及对未来持续稳定发展的信心。Incident: The company released a quick performance report for the first quarter of 2024, achieving operating income of 1,222 million yuan, -5.42% year over year; net profit to mother of 317 million yuan, +20.91% year over year; net profit after deducting non-return to mother of 313 million yuan, +23.82% year over year; and EPS (basic) 0.19 yuan. The performance exceeded market expectations.
Comment:
Factors such as product prices and costs contributed to the improvement in profits, and Jingbing's high prosperity continued to drive growth: revenue declined in the first quarter of 2024, mainly a slight decrease in sales volume compared to the same period last year; profit increased year-on-year, mainly driven by factors such as product prices and cost control. The blood products sector is still booming, and demand for JingC terminals is very strong, which has become an important driving factor driving the company's performance growth.
The management increase shows confidence, and “improving quality, efficiency and return” strengthens core competitiveness: the company's holdings increase plan from September 1, 2023 was implemented on March 1, 2024. A total of 11 company directors, supervisors and senior management increased their holdings by 275,600 shares, accounting for 0.02% of the company's total share capital, with a cumulative increase of 7,222,307 yuan. The completion rate of this increase plan was 125.61%. The increase amounts of the above holdings increase holdings have each exceeded the promised amount of their respective holdings increase plans. The increase in management's holdings fully reflects recognition of the company's future prospects and long-term investment value, and confidence in its continued stable development in the future.
Leading the fourth generation of Jing C, continuously improving the comprehensive utilization rate of plasma: the fourth generation 10% intravenous human immunoglobulin prepared by Chengdu Rongsheng chromatography process was approved for marketing for the first time in China, and Chengdu Rongsheng's injectable recombinant human coagulation factor VIII obtained marketing approval, ensuring the company's leading position of immunoglobulins and new recombinant coagulation factor products in the same domestic industry; Chengdu Rongshengren fibrinogen and Lanzhou blood prothrombin complexes are in the marketing license application stage; Chengdu Rongsheng injects human immunoglobulins and injectable human immunoglobulins for injection under the skin Research and development topics such as recombinant human coagulation factor VIIa Phase III clinical trials are ongoing; Chengdu Rongsheng obtained the “Drug Clinical Trial Approval Notice” for injecting recombinant human coagulation factor VIII-Fc fusion protein and Guizhou blood prothrombin complex. As new varieties such as chromatography continue to be marketed, the company's comprehensive plasma utilization rate will continue to increase.
Profit forecast, valuation and rating: Maintain the 2024-2026 net profit of 13.98/16.83/1,927 billion yuan, +25.98%/20.39%/14.49%. Based on the latest share capital, EPS was 0.86/1.02/1.17 yuan, and PE corresponding to the current price was 30/25/22 times, respectively, maintaining the “increase” rating.
Risk warning: the risk that the amount of pulp collected will fall short of expectations; the risk that the sales promotion of chromatography will fall short of expectations; the risk that the competitive pattern of some varieties will deteriorate.
