Changchun High-tech (000661): Jinsai Pharmaceutical’s fast-growing company performance meets expectations

Changchun High-tech (000661): Jinsai Pharmaceutical’s fast-growing company performance meets expectations
Changchun High-tech released the 2019 semi-annual report: 2019H1 company achieved revenue 33.92 ppm, an increase of 23 in ten years.36%; net profit attributable to mother 7.2.7 billion, net profit after returning to mother 7.1.8 billion, an increase of 32 each year.60%, 39.47%. The company’s performance increased rapidly, and the expense ratio decreased slightly during the period.The rapid growth of the company’s performance in 2019H1 is mainly driven by the rapid growth in revenue of pharmaceutical companies and the substantial increase in business settlement income of real estate companies.Among them, the company’s biopharmaceutical revenue was 25.47 ppm, an increase of 22 in ten years.16%, gross profit margin 92.54%, an increase of 0 every year.04pct; revenue of proprietary Chinese medicines 2.91 ppm, an 四川耍耍网 increase of 13 in ten years.69%, gross margin 75.92%, down by 1 every year.39 points; real estate revenue 5.390,000 yuan, an increase of 45 years.40%, gross margin 45.40%, an annual increase of 1.22 points.The company’s sales and management expense ratios were 34.62% and 10.84%, a decrease of 1 over the same period last year.22pct and 1.29 points. Acquired a minority stake in Jinsai Pharmaceutical to streamline its equity structure.On June 5, 2019, the company issued an asset reorganization supplement, which is proposed to be 56.3.7 billion consideration from Jin Lei and Lin Dianhai to purchase Jinsai Pharmaceutical 29.5% of the shares, of which 92 were paid for the transaction consideration.02%, convertible bonds issued to pay the remaining 7.98%.Jin Lei and Lin Dianhai promised that Jinsai Pharmaceutical will achieve a net profit of not less than 15 in 2019, 2020 and 2021.5.8 billion, 19.4.8 billion, 23.20 ppm; the corresponding growth rates for 2019, 2020 and 2021 are not less than 48%, 25% and 19%.If the transaction is successfully completed, Jinsai will become a wholly-owned subsidiary of the company, which is expected to enhance the company’s core competitiveness and increase net profit attributable to its mother. Growth hormone maintained high growth, and vaccine product capacity was insufficient.The domestic growth hormone market has broad space, benefiting from the continuous and rapid growth of growth hormone, 2019 H1 Jinsai Pharmaceutical has achieved revenue of 21%.400 million, an annual increase of 41.6%; net profit 8.23 ppm, a 47-year increase of 47.8%.In addition, the company’s long-acting water injection and the promotion of follicle hormone will enter the volume-loss period and become a new point of performance growth.The company’s vaccine products are affected by factors such as the process improvement in 2018, and the capacity of 2019H1 is insufficient. The company has adjusted its production plan to increase production reasonably and sales in the second half of the year.In addition, the company’s nasal spray vaccine has been declared for production and is expected to be approved for listing in the second half of the year. The phase III clinical trial of herpes zoster vaccine is in progress and the market space in the future is worth looking forward to. The performance of the proprietary Chinese medicine and real estate sectors has grown steadily.In 2019H1, Huakang Pharmaceutical realized revenue 2.9.1 billion, an annual increase of 13.67%.The company promoted the innovation and upgrade of the marketing model. The three major product lines of anti-inflammatory Chinese medicine, cardiovascular and cerebrovascular, women and children established initial results, and continued to improve future performance. Gaoxin Real Estate achieved revenue 5.390,000 yuan, an increase of 37 in ten years.85%, net profit 1.190,000 yuan, an increase of 88 in ten years.9%.At present, the construction of the hotel theme in the Kangda Old City reconstruction system has begun smoothly, and the real estate business is expected to continue to grow. Maintain “Buy” rating: Regardless of Jinsai Pharmaceutical’s equity acquisition, the company is expected to have an EPS of 7 in 2019-2021.92 yuan, 10.10 yuan, 12.45 yuan, corresponding to PE is 43 times, 34 times, 27 times, maintain “Buy” rating. Risk Warning: Product sales and new drug development are less than expected, etc.

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