Sino-Singapore Pharmaceutical (600329)： Performance is slightly higher than expected, expecting national reform to release dividends
Sino-Singapore Pharmaceutical (600329): Performance is slightly higher than expected, expecting national reform to release dividends
Event: The company released its 18-year annual report. The revenue, net profit attributable to mothers and net profit attributable to non-mothers were 63.
58 billion, 5.
6.1 billion and 5.
4.4 billion, each year +11.
98% and +32.
90%, slightly more than us 5.
The expected profit of 400 million attributable to mothers is mainly due to increased investment income and reduced fees and efficiency.
2 for every 10 shares.
2 yuan (including tax).
The comments are as follows: 18Q4 industrial income fluctuated.
In 18Q4, the company’s net profit attributable to mothers and net profit attributable to non-mothers increased by + 20%, + 38% and + 46%, respectively.
For main business profit (total revenue-total cost of consolidated statements), 18Q4 was 1.
1.5 billion (before tax), more than + 79%, and the average value of 18Q1-3 is 1.
1.3 billion is flat. We estimate that it is mainly expenses. The reason for the decline in asset impairment: 18Q4 sales expenses were extended by -7%, management expenses were -20% per year, and asset impairment 无锡桑拿网 was reduced by at least about 10 million.
We judge that industrial income is at least flat or declining. We estimate that the sales of Darentang products (Huo Rong, Qingfei, etc.) during the off-season and Longshun Rong in 18Q4. Lerentang’s hospital-end products are gradually improved due to the influence of internal hospital policies.
Under 18Q4 net investment income, the investment income of associates and joint ventures was 6,285 million, which was + 63% quarterly (return on investment -9%). We estimate that it was mainly due to the recognition of part of Q3’s Q3 profits in China and the United States in Q4.
In 18 years, industrial income exceeded + 17%, and commercial income stabilized and rebounded.
18 years of pharmaceutical manufacturing revenue 37.
96 ‰, one year + 17%; gross profit margin 61.
14%, 合肥夜网 an increase of 1 per year.
At 14 levels, we estimate that it is mainly the contribution after the quick-effect price increase.
We estimate that quick-impact sales revenue exceeds + 17% and revenue reaches 11.
About 200 million.
The income of 11 key assessment varieties including quick-acting 18 years is 24.
0.6 billion, previously + 28%, an increase of 12% from the previous 17 years.
Among the varieties with rapid sales growth are: Shunaoxin drip pills (+ 51%), Zhiqing tablets (+ 20%), Qingfei Xiaoyan pills (+ 27%, + 35% each time), Huoxiang Zhengqi soft capsules ((+ 28%, at least + 23% at the beginning of the year).
On the whole, the company’s sales strategy and resources have gradually increased.
18 years of business income 24.
88 ppm, ten years + 5%, income stabilized and rebounded after adjustment of the two-vote system; business gross margin was 5.
35% (including sales of own industrial products), surpassing the promotion1.
In terms of financial data for 18 years: the company’s selling expenses for ten years +19.
09%, higher than the growth rate of industrial income.
Since sales expenses are mainly generated by industry, we estimate that the company’s product sales are still doing some preliminary work in the market, and subsequent industrial revenue is expected to maintain rapid growth.
18-year overhead expense ratio 4.
71%, -0 per year.
36%. After the new leader came to power, the cost reduction and efficiency improvement were obvious.R & D expenses1.
25 billion, previously + 27%.
18 years of operating net cash flow 3.
5 billion, a significant improvement in the short term (17-3.92 million).
Sino-American Smithk Net profit 5.
1 billion, ten years + 21%.
We estimate that equity-related incentives for shareholders are expected to land in 19 years.
Before the company was selected into the “Double Hundred Actions”, the process of state-owned enterprise reform has accelerated, and we estimate that it will trigger decentralization-related incentives for 19 years.
If the company’s middle and senior levels achieve shareholding, it will achieve the unanimity of shareholders and stakeholders, release management and operating vitality, and promote future performance growth.
Maintain “Strongly Recommended-A” rating: The company is expected to increase its net profit attributable to mothers by 17%, 17% and 13% in 19-21, corresponding to 0 for EPS.
13 yuan, currently expected to correspond to 19pe estimated 19x.
As a famous Chinese medicine company, Zhongxin Pharmaceutical has a strong foundation. After taking office in the New Territories, it has reduced costs and increased efficiency. It has been market-oriented and vigorously promoted marketing. Significant results have been achieved.More than 35%).
At the same time, the company was selected into the Double Hundred Action, and the progress of the reform of state-owned enterprises accelerated. If the company’s mid-to-high level shareholders hold shares, the performance growth rate will gradually increase, and the rating of “Highly Recommended-A” will be maintained.
Risk warning: product sales are not up to expectations; state-owned enterprise reform progress is not up to expectations; production and operation risks.