The company released three quarterly reports in 2022, 2022Q1-3 revenue of 1.489 billion yuan, yoy+45.58%; return net profit of 992 million yuan, yoy+39.96%; deduction of non-return net profit of 965 million yuan, yoy+44.06%. Among them, the operating income of 22Q3 was 605 million yuan, the net profit of yoy+55.15%; was 401 million yuan, and the net interest rate of yoy+41.55%, was 66.37%, which was also reduced by 6.38pct, mainly due to the higher non-return net profit caused by changes in the fair value of transactional financial assets in the same period last year; deducting the non-return net profit of 395 million yuan, yoy+ 52.26% exceeding expectations, deducting 65.28% of the non-return net interest rate, and reducing 1.24pct.
Cost side: 2022Q1-3 gross profit 94.61%, same increase 1.07pct, of which 2022Q3 gross profit 94.94%, same increase 0.92pct.
Expense side: during 2022Q1-3, the expense rate is 18.07%, with an increase of 2pct, of which the sales expense rate is 8.98%, with a drop of 0.83 pct; the R & D expense rate is 7.73%, with an increase of 1.7 pct; the management expense rate is 4.16%, with an increase of 0.07 pct; and the financial expense rate is-2.79%. On a quarterly basis, the expense rate during the 2022Q3 period was 17.63%, with an increase of 2.39pct, of which the sales expense rate was 7.88%, with a drop of 2.07 pct; the R & D expense rate was 8.34%, with an increase of 3.84 pct; the management expense rate was 3.94%, with a decrease of 0.11 pct; and the financial expense rate was-2.54%.
Cash flow: the net cash flow generated by the operating activities of 2022Q1-3 was 949 million yuan, an increase of 41.3%, and the net cash flow from investment activities was-1.017 billion yuan. As of 2022Q3, the monetary fund was 2.755 billion yuan, an increase of 8.99%.
Operating capacity: 2022Q1-3 inventory turnover days 121days, year-on-year increase of 2.15days; accounts receivable turnover days of 18.51days, year-on-year increase of 6.62days; accounts payable turnover days of 37.49days, a decrease of 2.82days over the same period last year.
Investment advice: the company maintains rapid growth and continues to show the high toughness of the industry + the company's own ability. in the short term, if the epidemic is effectively controlled in the fourth quarter, the performance is expected to exceed expectations. In the long run, it has high growth, the product portfolio expands to the field of biological drugs and chemicals, and all stages of research and development have product reserves and strong cooperation. In the future, it is expected to continue to improve pipeline layout and expand category boundaries through endogenous and external research. Based on R & D genes to strengthen sales capacity, it is expected to become a large leading company in China's medical and beauty market. It is estimated that the 2022-24 net profit from homing is 13.8, 20.3, 2.75 billion yuan, corresponding to the PE 69-47-34 X, maintaining the "buy" rating.
Risk tips: product R & D registration is not as expected; market competition is intensified; product quality and safety issues