Bai Yunshan (600332): Changes in fair value affect profit growth

Bai Yunshan (600332): Changes in fair value affect profit growth

Event: On August 22, the 19-year interim report was disclosed, with operating income of 333.

4 ‰, +124 per year.

7%, net profit to mother 25.

480,000 yuan, at least -2.

7%, deducting non-net profit 22.

5.0 billion, +43 per year.

1%.

Core content: 1. Fast performance growth, basically consistent with higher profit planning rhythm: The company’s revenue growth rate in the first half of the 武汉夜网论坛 year was mainly due to the change in the base number caused by the consolidation of pharmaceutical companies in June last year, while the core businesses of Wang Laoji and Danan PharmaceuticalIncome-side performance was within expectations.

Q2 single-quarter company revenue was +92 for ten years.

7%, net profit attributable to mother 12.

710,000 yuan, at least -25.

8%, deducting non-net profit 8.

32 ppm, +24 a year.

5%.

This was mainly due to the company’s acquisition of 30% equity of Guangzhou Pharmaceutical Company and its presence in Yixintang in the second quarter of last year.

800 million fair value change income, but received government subsidies in the same period this year, but the non-recurring profit and loss in the second quarter was only about 300 million, the overall performance increased, after 重庆耍耍网 deducting non-performing profit performance is good.

Moreover, the company’s revenue plan for this year is no less than 63 billion yuan, costs and expenses are controlled at 59.6 billion yuan, and profit planning is as high as 3.4 billion yuan.

In addition, the company’s operating cash flow has changed from positive to negative, which is mainly determined by the consolidation of pharmaceutical companies and the nature of their business, while businesses other than pharmaceutical companies have run well, and the net cash flow has increased positively many times.

2. Wang Laoji’s fee-stabilizing price achieved remarkable results, and its profitability reached a new record high: in the first half of the year, the company’s health business income increased by 10.

98% to 58.

5 ppm, gross margin increased by 12.

1pct to 49.

6%, which is the highest level since 2012, and is expected to be mainly related to the company’s fee control and maintenance price, a substantial reduction in ride-hailing and substitution reductions.

At the same time, Wanglaoji Health’s net profit increased by 98 in the first half of the year.

9% to 11.

10,000 yuan, excluding 3 this year.

The impact of government subsidies of around 3 billion has resulted in a net profit margin of 13 in the health sector.

4% (Overall net profit margin of 10 in the same period last year.

6%, with additional government subsidies), which is increased by about 3 pct per year.

Overall, the company’s large health segment is expected to maintain revenue growth of about 10%, and its net profit margin will remain relatively high.

3. The recovery of proprietary Chinese medicines is better, Jin Ge continued to break through the rapid growth of chemical medicines, and the commercial profit increased: in the first half of the year, the company’s Danan medicine segment revenue increased by 30.

4% to 67.

600 million, of which proprietary Chinese medicines increased by 37.

4% to 29.

6 ppm, mainly because the base last year was not high due to factors such as packaging changes, and this year’s recovery is better; chemical drugs, an annual increase of 25.

4% to 380,000 yuan, mainly Jin Ge, cephalosporin, etc. performed better.

At the same time, the profit of Danan Pharmaceuticals increased by 41%, exceeding the growth rate of revenue, which is in line with the company’s development strategy of continuously improving the efficiency of business operations.

In terms of business, the holding subsidiary Guangzhou Pharmaceutical Co., Ltd. had revenues of 19.9 billion yuan and a net profit of 1 in the first half.69 trillion, net profit margin is 0.

85%, expected to increase by 0 previously.

About 1pc, the subsequent expectation is gradually increased to more than 1%.

4. Continue to be optimistic about the release of Wang Laoji’s profit elasticity and provide a safer cushion for the stable operation of the pharmaceutical business: At present, the competitive situation of herbal tea is gradually clear.We have verified this view once again and will continue to provide performance flexibility in the future.

In terms of medicine, Jinge continued to increase its volume. Under the large single product model, the average annual growth rate of revenue and profits maintained at a double-value level, and its operations were stable.

5. Profit forecast and estimation analysis: The company’s EPS for 19-21 is expected to be 2.

09/2.

52/3.

09 yuan, corresponding estimates are 19/16/13 times (not considering the discount of Hong Kong stocks), considering the obvious trend of release of herbal tea results, maintain the “strongly recommended” rating!

6. Risk warning: 1) Wang Laoji, Jin Ge and other sales are not up to expectations; 2) Intensified competition leads to Wang Laoji’s increase in profit margins; 3) Food and drug safety issues; 4) Medical policy risks.

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