Pianzaiyu (600436) company’s regular review report: Pingzaiyu series Q3 speedup performance basically in line with expectations

Pianzaiyu (600436) company’s regular review report: Pingzaiyu series Q3 speedup performance basically in line with expectations

Investment Highlights: The company’s performance is basically in line with expectations.

The company achieved operating income in the first three quarters of 201943.

4.2 billion, an annual increase of 21.

07%; Net profit attributable to shareholders of listed companies11.

09 million yuan, an annual increase of 20.

56%; net profit attributable to shareholders of the listed company after deduction 11.

3.0 billion, an annual increase of 21.

88%, corresponding to EPS1.

84 yuan.

  Among them, Q3 single-quarter revenue was 14.

470,000 yuan, an annual increase of 22.

44%; Net profit attributable to shareholders of listed companies3.

6.3 billion, an annual increase of 19.

87%.

The company’s performance basically met expectations.
  Pien Tze Huang’s single-quarter growth accelerated.

Report communique, the company’s pharmaceutical industry segment achieved revenue18.

07 billion, an annual increase of 22.

59%.

Among them, the liver disease medicine field (Pien Tze Huang series) achieved revenue17.

5.2 billion, an annual increase of 23.

74%; Q3 achieved revenue of 5 in a single quarter.

9.6 billion, an annual increase of 43.

3%, the single-quarter growth rate was mainly affected by the low base in the same period last year, and the company expanded its sales promotion efforts.

Reporting information, the company’s pharmaceutical business sector achieved revenue of 20%.

68ppm, an increase of 18 per year.

43%; the daily chemical sector achieved revenue of 4.

51 trillion US dollars, an annual increase of 33.

14%; overall maintained a steady growth trend.

  Increased investment in research and development, and cost control was basically stable.

The report summarizes that the company increased R & D investment, with R & D expenses reaching 8621 million, an annual increase of 88.

58%; R & D expenses1.

99%, rising by 0 every year.

71pp.

Reporting the average, the company’s gross sales margin was 44.

76%, rising by 0 every year.

94pp; selling expenses 8.

24%, a decline of 0 every year.09pp; administrative expenses 4.

21%, a decline of 0 per year.

36pp; Finance Expenses Fee-0.

32%, a decline of 0 every year.

09pp.

The report averages that the company’s net cash flow from operating activities was 11.

US $ 2.4 billion, an annual increase of 920%, mainly due to the increase in cash received by the company’s sales and the maturity of some of the parent company’s time deposits.

  Profit forecast: We predict that the company’s net profit attributable to the parent company will be 14 in 2019-2021.

7.4 billion, 18.

7.3 billion, 23.

4.7 billion yuan, corresponding to 2 EPS.

44 yuan, 3.

10 yuan, 3.

89 yuan, the current sustainable corresponding PE is 45.

6/35.

9/28.

6 times, maintaining the “recommended” level.

  Risk warning: the risk of rising raw material prices; the risk 杭州桑拿网 of major product sales not meeting expectations; the risk of new product market expansion falling short of expectations.