Performance summary: in the first quarter of 2021, the company realized operating income of 130 million yuan (+ 37.6%), net profit of 18.25 million yuan (+ 58.0%) and non-return net profit of 16.12 million yuan (+ 83.6%).
The gross profit margin has increased significantly, and the four premium rates have declined as a whole. In the first quarter of 2021, the company's gross profit margin was 77.3% (+ 5.1pp) and the sales expense rate was 43.1% (+ 5.8pp). This is mainly due to the significant reduction in sales and promotion activities affected by the epidemic of COVID-19 in the same period last year, and the company adjusted its operation and marketing strategy and increased its marketing efforts during the reporting period. The management expense rate was 9.6 per cent (- 1.6pp), the R & D expense rate was 5.4 per cent (- 2.4pp), and the financial expense rate was 1.7 per cent (- 3.0pp), mainly due to a reduction in loan size and interest expenditure of 1.856 million yuan during the reporting period.
Ben Weimod officially entered the health insurance, and the follow-up sales are worth looking forward to. From a sub-sector point of view, the first quarter is expected to achieve year-on-year growth in revenue from the pharmaceutical sector (mainly Ben-Vimod). After the negotiations, the price of Benwei Maude health insurance fell by 72%, and the current price is 138 yuan per unit. The decline in prices and access to health insurance have significantly boosted hospital sales of the drug, which is expected to increase sharply in the first quarter, offsetting the impact of falling prices, and Benvimod's next performance is to be expected. The ophthalmology plate is gradually weakened by the impact of collection, and sales are expected to be flat. Sales of the biomaterial sector fell in the first quarter of last year affected by the epidemic, and a good trend of restorative growth is expected in the first quarter of this year.
Maintain a "buy" rating. It is estimated that the company's homing net profit from 2021 to 2023 will be 0.7 million yuan (because the price of Vimod has dropped after entering health insurance, so the company's profit forecast has been lowered compared with the previous report), the corresponding EPS is 0.28 pm 0.35 pm 0.41 yuan, and the corresponding PE is 75X/60X/51X. The listing of the new drug Benvimod opens the room for the company's growth, and it is expected that with the release of the drug, the company's performance is expected to usher in a stage of rapid growth. Maintain a "buy" rating.
Risk hint: the Vimod volume is lower than expected, the purchase of consumable belt fails to win the bid or the price reduction exceeds the expected risk, and the risk of R & D failure.