share_log

长春高新(000661)2023年一季报点评报告:疫情原因扰动经营节奏导致一季度表现欠佳 看好今年后续恢复情况

Changchun Hi-Tech (000661) 2023 Quarterly Review Report: The epidemic disrupted the pace of operations and led to poor performance in the first quarter and I'm optimistic about this year's subsequent recovery

華西證券 ·  Apr 17, 2023 00:00  · Researches

Event Overview:

The company published the first quarter report of 2023.

In Q1 2023, the company achieved revenue of 2,778 billion yuan, a year-on-year decline of 6.63%. Guimu achieved net profit of 857 million yuan, a year-on-year decrease of 24.71%. Net profit of 854 million yuan after deducting non-return to the mother was achieved, a decrease of 23.93% over the previous year.

Analytical judgment:

In Q1 2023, the company's core subsidiary Jinsai Pharmaceutical achieved revenue of 2,353 million yuan, down 11.14% year on year, and net profit of 895 million yuan, down 25.73% year on year; subsidiary Baike Biotech achieved revenue of 179 million yuan, up 30.21% year on year, and net profit of 18 million yuan, up 6.15% year on year; subsidiary Huakang Pharmaceutical achieved revenue of 165 million yuan, down 3.03% year on year, and achieved net profit of 0.9 billion yuan, the same as the previous year; subsidiary Hi-Tech Real Estate achieved revenue of 71 million yuan, achieving net profit of 0.71 million yuan, a net profit of 0.09 million yuan over the previous year; the subsidiary Hi-Tech Real Estate achieved revenue of 71 million yuan, achieving net profit of 0.71 million yuan, a net profit of 0.09 million yuan. Profit of $01 million.

According to the company's announcement, in response to the special situation in March of last year, the subsidiary Jinsai Pharmaceutical urgently issued more than 6 billion dollars of products to the country at the time in an effort to ensure product market supply. At the same time, some sales expenses and R&D expenses could not be paid normally at the time, thus creating a situation where the relevant performance data base for the first quarter of last year was high, leading to poor company performance in the first quarter of this year. As the impact of the domestic epidemic gradually subsides, we continue to be optimistic about the resumption of sales of products such as growth hormone by Jinsai Pharmaceutical this year.

Investment advice:

Considering the impact of the COVID-19 pandemic on the company's operating pace in the past, we adjusted our 2023-2024 earnings forecast. In 2023-2024, the company's operating revenue was reduced from 17364/21,035 billion yuan to 150.93/17.884 billion yuan; Guimu's net profit was reduced from 6462/7.997 billion yuan to 4,996/5.785 billion yuan. The profit forecast for 2025 was added. The estimated operating income is 20.017 billion yuan, and the net profit of the mother is 6.671 billion yuan. Revenue from 2023-2025 increased 19.5%/18.5%/11.9% year on year, and net profit of the mother increased 19.5%/17.0%/15.3% year on year. The 2023-2025 EPS was 12.22/14.29/16.48 yuan, corresponding to the stock price of 168.80 yuan/share on April 17, 2023, and PE was 14/12/10, maintaining the “buy” rating.

Risk warning:

Risk of expansion of growth hormone collection policies; risk of product sales falling short of expectations; risk of developing new products or new indications falling short of expectations.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment