Xianfeng Pharmaceutical (002332): 18 results in line with expectations optimistic about the company’s long-term development
Core view 18-year performance is in line with expectations.
The company announced an 18-year performance report and achieved a preliminary revenue of 36.
50,000 yuan, an increase of 26 in ten years.
4%, the net profit attributable to shareholders of the listed company is 3.
10,000 yuan, an increase of 45 in ten years.
66%, corresponding EPS is 0.
33 yuan, in line with the market and our expectations.
By quarter, Q4 achieved revenue of 9 in a single quarter.
56 ppm, an increase of 10 in ten years.
65%, net profit is 0.
89 ppm, an increase of 34 in ten years.
85%, the profit growth rate is higher than the income growth rate initially, the proportion of high-margin preparation products gradually increased, so that the performance maintained rapid growth.
Respiratory anesthesia products continued to grow rapidly, and Newchem handed over smoothly.
In terms of business, the anesthesia product line and the respiratory line are the company’s high-margin business. It is expected to continue to maintain rapid growth at the same time. Among them, anesthesia products will maintain a growth rate of about 25% in total, and respiratory products are expected to continue to maintain approximately double the growth rate.In terms of gynecology, progesterone sales are gradually improving, and it is expected to maintain a growth rate of about 10% in 18 years, and emergency contraceptives are expected to remain stable; in terms of raw materials, 18 years is the first year of Newchem’s consolidation and the company has also achieved a smooth transition. It is expected thatNewchem sales growth is around 10%.
We are optimistic about the company’s “bulk drug-preparation” integrated development model and look forward to the company’s long-term performance.
Under the trend of domestic consistency evaluation and volume procurement, the competition 夜来香体验网 in the pharmaceutical industry is becoming increasingly fierce, which has gradually strengthened the pharmaceutical industry in the industry. As a relatively characteristic pharmaceutical industry, the supplementation of APIs is more prominent.
At present, the company has formed a certain advantage in the field of APIs and reorganized. The company has acquired certain advantages in terms of cost and product quality by acquiring Italian Newchem and Effechem.
At the same time, the acquisition of Italian Newchem and Effechem has also made the company go further in the internationalization of raw materials. As a leader in the field of steroids, the company’s right to speak has continued to increase, and the company is optimistic about its long-term development.
Financial Forecast and Investment Recommendations We maintain the company’s estimated EPS for the year 19-20 to be zero.
58 yuan, maintaining the company’s 19-year estimate of 19 years, the corresponding target price is 8.
28 yuan, maintain BUY rating.
Risks remind that preparations sales fall short of expectations; API business falls short of expectations