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奇正藏药(002287):业绩稳健增长 公司战略继续推进

Qizheng Tibetan Medicine (002287): Steady growth in performance and the company's strategy continues to advance

東北證券 ·  Oct 31, 2019 00:00  · Researches

Qizheng Tibetan Medicine released its third quarterly report in 2019: the operating income was 971 million yuan, up 13.36% over the same period last year; the net profit was 275 million yuan, up 12.03% over the same period last year; and 257 million yuan was deducted from the non-return net profit, an increase of 10.97% over the same period last year. Among them, Q3 single-quarter revenue and return net profit increased by 14.97% and 31.66% respectively compared with the same period last year.

The performance is growing steadily, and the company's strategy continues to advance. In 2019, the company continued to conduct business around the strategy of "one axis, two wings and three supports" to consolidate its leading position in the industry of core products, while taking advantage of brand advantages to accelerate the layout of new products and promote steady growth in the medical market and retail market. The growth of first-line product plaster is steady, and the gross profit margin is steadily rising; the ointment based on "Bai Mai Ointment" is on the rise and growing rapidly.

Clinical research and development continues to advance, category reserves continue to be enriched. During the reporting period, the company continued to implement the pain integration strategy, increased the research and development of new products and the secondary development of classic products, and the R & D investment increased by 64.15% over the same period last year. At present, Zutang granule is in phase Ⅲ clinical study, Zhengrutie completed phase Ⅱ clinical study, and phase II clinical studies such as Xia Sade capsule and Xiaotong aerosol are being carried out in an orderly manner.

Equity incentives are implemented and performance growth is expected. On May 22, the company completed the first grant of restricted stock incentives in 2019, granting 2.266 million restricted shares to 65 incentive targets at a grant price of 14.03 yuan per share, accounting for 0.558% of the total share capital of the company before the grant. On September 16, the company announced that 84983 restricted shares were reserved to two core managers at the grant price of 10.95 yuan per share, accounting for 0.016% of the total share capital on the date of the company announcement. The release condition is that the company's revenue from 2019 to 2022 is not less than 13.98,16.14,18.78 and 2.19 billion yuan respectively, and the corresponding annual performance growth rate is not less than 15%, 15%, 16% and 16% respectively. The company's equity incentive plan has a wide audience, which is conducive to the long-term development of the company.

Profit forecast: the EPS of the company from 2019 to 2021 is expected to be 0.70,0.78 and 0.88 yuan respectively, and the corresponding PE is 30X, 26x and 24x respectively. Give a rating of "overweight".

Risk tips: terminal promotion is not up to expectations, research and development progress is not up to expectations, bidding price reduction risk

The translation is provided by third-party software.


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