Incidents:
On April 26, 2024, Jebel announced that in 2023, the company achieved operating income of 861 million yuan, an increase of 31.49%; net profit to mother of 219 million yuan, an increase of 41.65% year on year; net profit after deducting non-return to mother was 209 million yuan, an increase of 49.99% year on year. In the first quarter of 2024, the company achieved operating income of 194 million yuan, a year-on-year increase of 17.47%; net profit to mother of 53 million yuan, an increase of 38.15%; net profit after deducting non-return to mother was 52 million yuan, an increase of 37.25% over the previous year.
Investment highlights:
Sales reforms continued to advance, and performance continued to grow rapidly in 2023. The company achieved operating income of 861 million yuan, an increase of 31.49% year on year; net profit to mother of 219 million yuan, an increase of 41.65% year on year; net profit after deducting non-return to mother was 209 million yuan, an increase of 49.99% year on year. In the first quarter of 2024, the company achieved operating income of 194 million yuan, an increase of 17.47%; net profit to mother of 53 million yuan, an increase of 38.15% year on year; net profit after deducting non-return to mother was 52 million yuan, an increase of 37.25% year on year. The company continues to strengthen the marketing system, optimize marketing strategies, expand the marketing team, optimize the organizational structure, and continue to strengthen the construction of the three major divisions of cinema, Nicunolol and OTC.
The marketing network system is constantly being strengthened, and the company's marketing network is improving day by day. Through expert network+academic promotion, academic promotion activities are carried out based on expert networks, and product promotion results are remarkable. In 2023, the company's sales revenue of Liquorjun tablets was 653 million yuan, up 29.91% year on year; sales revenue of niqunolol tablets was 90 million yuan, up 61.04% year on year.
Promote technological R&D innovation and strengthen the company's core competitiveness The company has built a R&D technology platform supported by compound formulation research and development technology, deuterium drug research and development technology, and liposomal drug research and development technology, continuously enriching the product pipeline under development and actively promoting product development progress. The new antidepressant JJH201501 has completed phase IIb clinical trials, and the new phase II anti-tumor drug JJH201601 has obtained the “Drug Clinical Trial Approval Notice”. It has approved clinical trials of this single drug in advanced solid tumors. Currently undergoing phase I clinical studies, and has completed multiple doses The test subjects in the group were enrolled and administered. The company's other new drugs under development are continuing to advance bed tests in accordance with national new drug research requirements and have been announced on the relevant registration platform of the Drug Evaluation Center of the China Drug Administration.
Profit forecast and investment ratings We expect the company's operating income in 2024-2026 to be 1,085, 13.71, and 1,729 million yuan, net profit due to mother of 2.94, 3.71, and 470 million yuan, and EPS of 1.55, 1.96, and 2.49 yuan. The corresponding PE valuations are 17.08X, 13.53X, and 10.66X. Based on the company's continuous promotion of marketing reforms, focusing on core product market development, continuous rapid sales volume, active promotion of innovative research and development, strengthening the company's core competitiveness, and maintaining a “buy” rating.
The risk warning policy causes the risk of products losing part of the sales market, the risk that product sales promotion falls short of expectations, the risk that marketing reforms fall short of expectations, the risk that R&D progress falls short of expectations, and the reduction in procurement prices has led to a serious decline in product sales.