Pian Tsai Ying (600436) Interim Review: Short-term growth rate remains optimistic in the short-term and long-term
The company released the semi-annual report for 2019.
9.4 billion, 7.
470,000 yuan, 7.
45 ppm, an increase of 20 in ten years.
1%, to achieve a profit of 1.
24 yuan, an increase of 21 a year.
Brief comment on the growth rate of the core product Pien Tze Huang, the operating income of the company’s pharmaceutical industry segment was 11 in the first half of the year.
90,000 yuan, an increase of 15 in ten years.
0%, including income from liver disease medication 11.
600 million, a growth rate of 15 in ten years.
5%, the Pien Tze Huang series increased from the same period last year.
In terms of quarters, the growth rate of domestic sales in the first quarter decreased in the second quarter.
We believe that the reasons for the decline in the growth rate of Pien Tze Huang include: ① the macroeconomic environment has a certain impact on the Pian Tsai Chan series of products; ② the company ‘s experience museum ‘s channel expansion speed has improved earlier, and the growth brought by channel distribution has improved, mainly relying on terminal pureSales brought about the growth of the Pien Tze Huang series; ③ After July 2017, the company did not raise prices for the core product Pian Tze Huang series, and all existing revenue growth came from sales growth.
The gross profit margin for liver disease medication was 81.
2%, a decrease of 2 per year.
46pp, first of all, the cost of raw materials increased, the price of musk rose slightly in the first half of the year, the price of bezoar continued to increase, the price of snake bile increased and stabilized, and the price of panax notoginseng slightly decreased.
The company is actively deploying raw materials, and its long-term gross profit margin is expected to remain stable.
The growth rate of cosmetics and daily necessities, the pharmaceutical industry is still the core of profits.
In the first half of the year, the income of the cosmetics and daily necessities industry increased by 40%.
2%, gross profit growth rate of 75.
6%, the average growth rate of revenue and gross profit accelerated, becoming the second largest sector contributed by gross profit; the gross profit share of the pharmaceutical industry fell slightly, accounting for 73.
1% is still the largest sector.
The focus of the company’s continuous improvement of profits is still on the pharmaceutical industry, cosmetics, and daily necessities.
Multi-party construction, the growth rate of the Pien Tze Huang series is expected to pick up.
① Actively expand the wide Pian Tsai Tsai overseas market: The company has successfully held academic promotion meetings in Macau and established the Pian Tsai Tso Macau National Medicine Hall, and submitted registrations in Pakistan, Cambodia, Vietnam, the Philippines, Myanmar and other countries.
② Strengthening domestic brand construction: including the high-speed rail propaganda structure of the “Pianzai” high-speed rail, authoritative TV media advertisements, etc .; ③ Improving the construction of experience halls: nearly 200 experience halls and large museums have been established in the country, and Qinghai and Gansu provinces have achieved”Zero” breakthrough, actively expanding market increments; ④ Increase academic promotion: The company assisted marketing with the latest scientific results of Pien Tze Huang’s clinical and pharmacological effects, participated in academic conferences related to liver disease, and promoted Pien Tze Huang’s sales through academic promotion.
Recognize the development of generic medicines, improve performance and purchase CR Pien Tze Huang, and improve the distribution of generic medicines.
On August 8, the company announced a listing price of 1.
6.6 billion yuan obtained 51% equity of China Resources Pien Tze Huang Pharmaceutical Co., Ltd. After the transaction, the company held 100% equity of China Resources Pien Tze Huang.
Based on the 2018 and 2019 H1 performance calculations, the operating income and net profit of China Resources Pien Tze Huang are less than 3% of the company. The transaction has no significant impact on the company’s financial position and operating results in the short term.
However, China Resources Pien Tze Huang has seven common medicine products, such as Xinshubao Tablet, Compound Pien Tze Huang Lozenge, Yindan Pinggan Capsule, Liver Protection Tablets, Compound Pien Tze Huang Ointment, Compound Pien Tze Huang Hemorrhoid Ointment, and Pien Tze Huang Laryngeal Candy, which have great development potential.
The acquisition is conducive to improving the planning and layout of the generic drug business and improving the company’s core competitiveness and overall competitive advantage.
Speed up production planning and promote sales of generic medicines.
In order to promote the growth of the general medicine segment, the company improved the production and sales strategy of general medicine, and tilted more resources towards core products.
During production, we will implement a centralized production system and give priority to the production of Chuanbei Qingfei Syrup, Niuhuang Jiedu Tablets, Shaolin Zhenggujing, Huoxiangzhengqishui, Yindan Pinggan Capsule and “two ointments and one tablet”.In the implementation of the targeted Pupu District assessment plan for sales, a special person followed up key products such as Chuanbei Qingfei Syrup, Huoxiang Zhengqi Water and Dendrobium officinale.
The main financial indicators were basically normal. In the first half of the year, the company’s other receivables were 94.3 million yuan, an increase of 132.
4%, mainly due to the failure of the supplier of the subsidiary Xiamen Pien Tze Huang Hongren Pharmaceutical Co., Ltd. to implement the preferential policy; the advance funds received were 21.51 million yuan, a decrease of 76.
1%, mainly because the company’s advance payment decreased; gross profit margin was 44.
9%, basically the same as the same period last year;
3%, compared with 9 of the same period last year.
2% down 0.
9pp; administrative expenses 3.
8%, compared with 5 in the same period last year.
5% down 1.
7pp; the company’s interest 青岛夜网 income on deposits increased, financial expenses in the first half of the year were 10.55 million yuan, and -4.4 million yuan in the same period last year; the bank currency was lifted, and the company’s operating cash flow reached 9.
20 ppm, a substantial increase over the previous year; other financial indicators of the company are basically normal.
Profit forecast and investment rating We are optimistic about the company’s continued development: ① Pianzi 癀 is an exclusive variety with a national top secret formula, which is a resource-based Chinese medicine, coupled with the company ‘s long-established brand strength; ② The company strives to protect the Pianzi 癀 series in the next few years through various methodsLarge supply of production raw materials; ③ The company vigorously promoted the sales growth of Pien Tze Huang series through a new marketing model; ④ The company integrated general medicine resources 四川耍耍网 to achieve rapid growth in performance; ⑤ The company’s cosmetics, daily chemical products and other high-speed growth.
It is expected that the company’s operating income for 2019-2021 will be 59.
2 billion, 72.
6.6 billion and 87.
8.5 billion, net profit attributable to mothers was 14.
07 billion, 17.
1.7 billion and 21.
00 ppm, an increase of 23 each year.
1% and 22.
3%, equivalent to 2 respectively.
33 yuan / share, 2.
85 yuan / share and 3.
48 yuan / share, corresponding P / E is 46.
9X and 31.
0X, maintain BUY rating.
Risk analysis Drug price reduction risk, measurement of policy change risk, raw material supply risk and raw material price risk, exchange rate change risk, etc. affect the income of Pien Tsai series; the integration of general drug resources is less than expected; the sales of cosmetics series and daily chemical series are less than expected, the growth rateSlow down.