Incident: The company released the documents of the 2023 Annual General Meeting of Shareholders, which announced the 2024 financial budget report (bill), and determined that the main goals for 2024 were revenue to reach 6.126 billion yuan and net profit to reach 1,791 billion yuan.
Comment:
The company announced its 24-year performance target, demonstrating strong confidence in steady development: the company made work arrangements for 24 years of development, making arrangements from budget control, blood source management, scientific research management, production management, project construction, investment management, international management, marketing management and compliance management. The set performance targets demonstrated the company's strong confidence in the steady development of the blood products industry. The blood products sector is still booming. The company is actively strengthening marketing and cost control, and is expected to achieve its 24-year business target.
Jingbing terminals continue to be booming, which is expected to drive continued growth in performance: According to the First Financial Report, in May, some hospitals in China were once again out of stock in Jingbing hospitals, and some cases even occurred in Tier 1 and 2 cities such as Beijing, Hangzhou, Chengdu, and Hefei. Jingbing is still in short supply, and the boom continues. Chengdu Rongsheng 10% high-concentration hydroxypropyl chromatography is the first high-concentration isopropyl product approved for marketing in China. It is expected that the rapid release of the product's first-mover advantage will drive the company's performance growth.
There are many varieties under development, and it is expected that the utilization rate of ton slurry and ton slurry output will continue to increase: 10% of Rong Shengjing C has been approved for sale, which is expected to drive the company's ton slurry output to increase. In addition, Chengdu Rongsheng's injectable recombinant human coagulation factor VIII has obtained marketing approval, ensuring the company's new immunoglobulin and recombinant coagulation factor products in the domestic industry; Chengdu Rongsheng human fibrinogen and Lanzhou blood human prothrombin complex are in the marketing license application stage; Chengdu Rongsheng subcutaneously injectable human immunoglobulin, injectable recombinant human coagulation factor VIII-Fc fusion protein, Guizhou Rongsheng is undergoing phase III clinical trials; Chengdu Rongsheng injectable recombinant human coagulation factor VIII-Fc fusion protein, Guizhou blood human coagulation factor XII-Fc fusion protein, Guizhou blood human blood coagulation factor XII-Fc fusion protein, Guizhou blood human blood coagulation factor original and Chengdu rong Blood clotting factor obtains “Medication Clinical Trial Approval Notice”. As the company's new product varieties are launched one after another, the overall tonne slurry revenue is expected to continue to rise.
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 33/28/24 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.