This report is read as follows:
The results of the three quarters are slightly lower than expected, but the layout of the company's healthy dual main business is in an orderly manner, and the fourth quarter is the traditional peak season. It is optimistic that the company will enter the fast lane of performance growth after integration and maintain the "overweight" rating.
Main points of investment:
The company's data for the third quarter are in line with the performance forecast, which is lower than the previous market expectations. we believe that the focus of the company is still the implementation of the large healthy layout, that is, the horizontal expansion of rehabilitation equipment led by long Zhijie, and the vertical extension of the main business of pharmaceutical production automation. Maintain the "overweight" rating, with a target price of 59.84 yuan. The company's operating income in the third quarter was 116 million yuan (+ 100%), net profit was 6.15 million yuan (+ 16.95%), cumulative revenue in the first three quarters was 361 million yuan (+ 39.02%), and net profit was 41.19 million yuan (+ 14.37%). Long Zhijie and Bo Rihong made Q3 income grow faster, but sales expenses and asset impairment losses increased more. At the same time, according to historical data, Q3 is the off-season of revenue recognition, resulting in lower-than-expected net profit growth. It is predicted that the annual EPS of 17-18-19 is 1.13pm 1.47pm 1.81RMB.
The dual main business layout of pharmaceutical production automation and rehabilitation medical equipment has gradually landed. The company's acquisition of Beijing Xinlong Li and Bo Rihong aims to develop solid preparations, which is also a relatively weak link in China's pharmaceutical industry. at the same time, the construction of powder engineering and oral solid preparation intelligent equipment digital production projects, will enable the company to obtain differentiated solid preparation automation capabilities. Long Zhijie as the main body of the rehabilitation equipment business line, with the overall rehabilitation department model, expanding from equipment sales to providing an overall solution including planning, design and operation training, will bring significant performance thickening.
The employee stock ownership plan is carried out steadily to help the implementation of the company's strategy. At present, the first phase of the company's employee stock ownership plan has totaled 16.38 million yuan, with an average transaction price of 35.53 yuan. The total capital of the shareholding plan is no more than 90 million yuan, and a total of 180 senior managers and employees participate in the shareholding plan, involving more personnel, which is conducive to the efficient development of the company's business integration and welcome the drug consistency test and the new round of GMP.
Catalyst: the introduction of rehabilitation health insurance policy, GMP test
Risk hint: investment in fixed assets of pharmaceutical companies has declined, and the development of the rehabilitation industry has fallen short of expectations.