Main points of investment:
The performance in the first half of the year was lower than expected, mainly because the traditional business was greatly affected by collection. The company's 2021H1 revenue was 612 million, an increase of 2.23% over the same period last year, with a net profit of 32.3927 million, from loss to profit, deducting non-return net profit of-29.3497 million yuan, or-12% compared with the same period last year. In the second quarter alone, the 21Q2 revenue was 252 million,-28.1% compared with the same period last year, and the net profit returned to the mother was-16.5136 million yuan. The decline in corporate revenue is mainly caused by two factors: (1) the sale of subsidiaries is transferred out of the scope of the merger.
In the first quarter, the company disposed of three subsidiaries of Lai Mei Golden Mouse, Lai Mei Health and Hezheng Pharmaceutical, and converted Hunan Kangyuan into leasing, so the business of traditional Chinese medicine and traditional Chinese medicine slices and large infusion disappeared in the second quarter. The total income of the four 2020H1 companies was 133 million, and the income from traditional Chinese medicine and large infusion in the first quarter of 2021 was 67.46 million yuan. excluding this effect, the company's revenue increased by 12.9% in the first half of 2021 compared with the same period last year, and decreased by 9.86% in the second quarter alone. (2) the impact of collection. The company's characteristic specialist drug 21H1 sales revenue of 438 million, single second-quarter sales of 192 million, Q2 fell 17.3% compared with the same period last year, mainly due to the decline in sales of Lameishu.
And Carnarine keeps growing.
Interest-bearing liabilities have fallen sharply, and the pressure on financial expenses has been reduced, but the rate of sales expenses has increased. (1) the financial pressure decreased.
The company's short-term borrowing at the end of the second quarter was 212 million yuan, down sharply from 576 million at the end of the first quarter, and 989 million in the same period last year. After the fixed increase, the company's financial pressure decreased. 21Q2's financial expenses were 3.946 million yuan, while Q1 was 15.074 million yuan. The financial expense rate dropped from 6.96% of 20H1 to 3.11% of 21H1; (2) the rate of sales expenses exceeded expectations. The company's 21Q2 sales expense rate is 59.35%, an all-time high, mainly caused by input-output mismatch. The company increased its marketing investment on the OTC side in the first half of the year, and expects the sales expense rate to improve slightly in the second half of the year.
The development of the new business is orderly, and there will be a rainbow after the wind and rain. (1) the Internet Hospital of Aier Ophthalmology Group has been officially launched, and atropine eye drops are expected to be released in the second half of the year. Hunan Miou confirmed investment profit and loss of-1.52 million yuan in the first half of the year. Atropine release mainly depends on the second half of the year and future production expansion expectations. In the future, the company will continue to develop or introduce a series of ophthalmic drugs and care products, such as xerophthalmia, and gradually form a rich ophthalmic drug product cluster. (2) AglaeaPharma China Pharmaceutical Co., Ltd. has completed industrial and commercial registration, and new technologies such as molecular glue are expected to be revalued in the market; (3) the DC cell vaccine (CUD002) used by Sichuan Kangdesai for the treatment of advanced ovarian cancer has completed pharmaceutical research and is in the stage of preclinical research.
Downgrade profit forecast, maintain investment rating, and recommend to focus on long-term new business value. Due to the impact of collection and acquisition, the company's mid-term report was lower than expected, and the short-term sales expenses exceeded expectations, so we lowered the company's three-year profit forecast. It is estimated that the annual income of 21,22,23 is 1.4 billion / 1.57 billion / 1.83 billion (formerly 1.72 billion / 1.94 billion / 2.27 billion), and the net profit of returning to the mother is 31 million / 118 / 271 million (formerly 4273 / 1.9 and 486m). As the direction of the company's long-term transformation remains unchanged, the revaluation of new antineoplastic drugs, AglaeaPharma China and other emerging businesses is still worth looking forward to, and we maintain our "buy" rating.