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Yanan Bikang (002411): Revenue growth continues to improve pharmaceutical layout

29/03/2020

Yanan Bikang (002411): Revenue growth continues to improve pharmaceutical layout

Event: In 2018, the company achieved operating income of 84.

460,000 yuan, +57.

35%; net profit attributable to mothers4.

04 trillion, -54.

72%.

Among them, Q4 achieved revenue of 27 trillion, and achieved net profit attributable to its mother -1.

9.8 billion yuan.

In Q1 of 19, the company realized revenue and net profit attributable to mothers20.

62/1.

5.5 billion.

Main points: 1. Increase in interest expenses and impairment of goodwill lead to lower performance.

During the reporting period, the company’s revenue growth mainly came from the growth of pharmaceutical business revenue. Baichuan Pharmaceutical and Runxiang Pharmaceutical further improved their layout in various regions.

The company calculated debts of more than 70 trillion yuan. Due to the increase in reported budget financing costs, financial costs increased by 200 million US dollars per year.

The goodwill formed by the reverse merger of Jiangsu Jiujiu Jiujiu and the acquisition of other subsidiaries has an impairment provision of nearly 400 million yuan.

Increased interest expenses and impairment of goodwill led to improved performance.

2. Trial production of the second phase of Shanyang is completed, and the entire pharmaceutical industry chain layout.

In 2018, the second phase of Shanyang Bikang Shanyang’s new liquid preparation workshop, the new Chinese medicine pretreatment and extraction workshop has been completed, and trial production has been completed.

Shaanxi Bikang Shanyang Phase III, tablet and hard capsule production capacity expansion project is progressing smoothly at the same time.

Shaanxi Bikang is one of the industrial enterprises with full dosage forms and the largest number of varieties in the domestic pharmaceutical industry.

With the orderly progress of the company’s strategy, the competitiveness of the company’s upstream, downstream and downstream departments will be further enhanced.

The downstream will focus on the pharmaceutical business, and start the strategic layout of pharmaceutical business integration and upgrading.

3. The production capacity of new energy and new materials has expanded, and the performance has grown steadily. The company currently has a capacity of 5,000 tons of lithium hexafluorophosphate, and its main customers cover the top ten companies in the industry. The scale and quality are the leading levels in the country.

High-strength and high-modulus polyethylene fiber is a new type of fiber. Its application in 淡水桑拿网 the military and civilian fields is constantly increasing. At present, the total throughput has reached 8,000 tons / year, and the installation and construction of the remaining 2,000 tons / year production equipment is progressing according to plan.

The new energy and new materials sectors are expected to grow steadily.

4. Profit forecast and rating.

The company’s net profit is expected to be 5 in 2019-2021.

22, 6.

22 and 8.

59 trillion, the corresponding EPS is 0.

34, 0.

41, 0.

56 yuan, corresponding to PE is 60, 50, 30 times.

Give “overweight” rating.

Risk reminder: The progress of the pharmaceutical project is less than expected, and the competition in the new energy business is intensifying