利润增速快于收入，经营效率提升明显2023 年，公司实现营业收入96.55 亿元，同比增长7.32%；归母净利润28.23 亿元，同比增长30.04%；扣非归母净利润26.92 亿元，同比增长32.72%。其中，单四季度公司实现营业收入31.18 亿元，同比增长0.49%；归母净利润8.79 亿元，同比增长51.84%；扣非归母净利润8.64 亿元，同比增长48.48%。Incidents:
On April 10, 2024, Jichuan Pharmaceutical announced that in 2023, the company achieved operating income of 9.655 billion yuan, an increase of 7.32%; net profit to mother was 2,823 billion yuan, an increase of 30.04% year on year; net profit after deducting non-return to mother was 2,692 billion yuan, an increase of 32.72% year on year.
Investment highlights:
Profit grew faster than revenue. Operating efficiency improved markedly. In 2023, the company achieved operating income of 9.655 billion yuan, up 7.32% year on year; net profit to mother of 2,823 billion yuan, up 30.04% year on year; net profit after deducting non-return to mother was 2,692 billion yuan, up 32.72% year on year. Among them, in the fourth quarter, the company achieved operating income of 3.118 billion yuan, an increase of 0.49%; net profit to mother of 889 million yuan, an increase of 51.84% year on year; net profit after deducting non-return to mother of 864 million yuan, an increase of 48.48% year on year.
Core products continue to be released, actively strengthening channel expansion In 2023, the company's revenue from clean-up and detoxification products was 3.380 billion yuan, up 17.68% year on year; revenue from pediatric products was 2,741 billion yuan, up 13.01% year on year. Core products continued to be released. At the same time, the company strengthened sales channel expansion and actively promoted the development of empty and potential markets, forming a new increase.
Increase the dividend ratio to positively reward shareholders, and launch an employee stock ownership plan to increase team motivation. The company's dividend amount in 2023 was 1,197 billion yuan (tax included), corresponding to a dividend rate of 42.41%, an increase of 5.02pct over last year. At the same time, the 2024 employee stock ownership plan was launched, with a scale of no more than 14.3055 million yuan. The total number of employees participating in the current employee stock ownership plan was no more than 70, and various incentive mechanisms were introduced to further enhance the motivation of the management team.
Actively promoting innovation and transformation, the BD project continued to be implemented in 2023, and 4 product introduction or cooperation agreements were reached, including 1 polymerase acid protein (PA) inhibitor ZX7101A to treat or prevent influenza, 1 TCM targeted drug penetration treatment device, and 2 medical device products for gynecology and ophthalmology, respectively, to closely follow medium- to long-term development strategies and market needs, and enable epitaxial expansion through commercial expansion.
The profit forecast and investment rating take into account the continued increase in the company's profitability. We raised the profit forecast. The company's operating income for 2024-2026 is 100.90, 112.74, and 12.498 billion yuan, and net profit to mother is 30.39, 34.40, and 38.60 billion yuan, corresponding PE is 12.21x, 10.79x, and 9.61x. As the company continues to launch first-tier products and second-tier products grow steadily, BD transformation continues to advance, maintaining a “buy” rating.
The risk warning policy causes the risk of products losing part of the sales market, the risk that product sales promotion falls short of expectations, the risk of weak growth due to a relatively thin product line, the risk that R&D progress falls short of expectations, BD project cooperation falls short of expectations, and product sales have declined seriously.
