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嘉事堂(002462)深度研究:医改助推药品批发 耗材整合前景明确

Jiashitang (002462) in-depth study: medical Reform promotes the Integration of Drug Wholesale consumables with clear prospects

國聯證券 ·  Aug 16, 2018 00:00  · Researches

Main points of investment:

When the company changes its major shareholders, the short-term growth rate decreases slightly, and the valuation is cost-effective.

The company used to be a pharmaceutical circulation enterprise under the Communist Youth League, responsible for Beijing eight District base drug distribution and hospital wholesale business, entered the field of high-value consumable materials distribution in 2011, through a series of mergers and acquisitions, has formed a national consumable distribution network layout, business scale leading industry. It became a subsidiary of Everbright in 2017. as Sunshine recruitment and the rapid expansion of the equipment platform have a slight impact on short-term performance, the current valuation is at a historical bottom, which is cost-effective combined with the certainty of future performance growth.

Base drug distribution benefits graded diagnosis and treatment, sunshine bidding promotes hospital business.

Drug wholesale business is mainly base drug distribution and hospital pure sales business in the eight districts of Beijing. The company has been responsible for part of the community distribution business in Beijing, with Beijing graded diagnosis and treatment to guide the community to seek medical treatment, superimposed grass-roots drug reimbursement expansion, base drug market growth is expected. The hospital pure selling business has benefited from Beijing Sunshine bidding procurement, the number of products that can be delivered by the company has increased from 7472 to nearly 30000, the concentration under the two-vote system has been further improved, and new pharmaceutical services such as GPO have made a steady contribution, and the company's hospital-end business will continue to grow rapidly.

The introduction of the two-ticket system of consumables version is inevitable, and the good company will become the national distribution leader of high-value consumables.

At present, the company forms a high-value consumables distribution network covering the whole country through its 22 major subsidiaries, acting for cardiology products of well-known enterprises at home and abroad, such as Medtronic PLC, Johnson & Johnson, minimally invasive, etc., under the background of the introduction of the two-vote system of consumables in the future, small and medium-sized multi-level agents will face the situation of launch or integration, and the company has significant advantages in upstream and downstream resources and distribution network, and will become the beneficiaries of integration.

Profit forecast

It is estimated that the annual net profit of return to the mother in 18-19-20 is 3.22 million yuan, respectively, and the EPS is 1.28, 1.60 and 1.98 yuan, respectively, corresponding to the current PE of 15.22, 12.19, 9.85 times. Based on the pharmaceutical wholesale business in Beijing, the company has vigorously expanded the national high-value consumables distribution business in recent years, with a broad market space, giving 2019 18 times the monthly target price of PE,12 28.8 yuan, covering for the first time and giving a "recommended" rating.

Risk hint

The expansion of drug distribution business in Beijing is not as expected, and the progress of M & An integration of equipment distribution business is not as expected.

The translation is provided by third-party software.


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