Changchun High-tech (000661): Jinsai Pharmaceutical achieved 47% profit growth and net interest rate reached 38%

Changchun High-tech (000661): Jinsai Pharmaceutical achieved 47% profit growth and net interest rate reached 38%
Investment Highlights Event: On August 12, 2019, the company announced its semi-annual report for 2019. In the first half of 2019, the company achieved total operating income of 33.92 ppm, an increase of 23 in ten years.4%; net profit attributable to mother 7.27 ppm, an increase of 32 in ten years.6%; deduct non-attributed net profit 7.180,000 yuan, an increase of 39 in ten years.47%. Benefiting from the subsidiary Jinsai Pharmaceutical 47.Net profit increased by 7%, and the company maintained rapid growth. In the first half of 2019, biopharmaceuticals achieved revenue of 25.4.7 billion, accounting for 75%, with a gross profit of 23.5.7 billion, accounting for 83%.Seen by quarter, due to the decrease in vaccine business volume, the performance of the single quarter in the 杭州夜网论坛 second quarter of 2019 was stable.The company’s growth hormone sales work has been very effective, and it has continued to expand the market for water needles, and growth hormone has maintained rapid growth.The vaccine business was affected by the increase in production, which led to the decline of the company’s biological performance. Therefore, the consolidated quarterly performance of the consolidated statement in the second quarter of 2019 was relatively stable. (1) Jinsai Pharmaceutical: In the first half of 2019, it realized revenue21.400,000 yuan, an increase of 41 in ten years.67%; realized net profit of 8.23 ppm, a 47-year increase of 47.70%.Net interest rate reached 38.47%, and 2018H1 ranking increased by 1.5 averages, reaching a better level in history. In 2019, the company will continue to promote differentiated market 北京桑拿洗浴保健 strategies and maintain the core competitiveness of the growth hormone market. (2) Hundred grams of biological: the first half of 2019 to achieve income4.07 million yuan, a ten-year average of 29.17%; realized net profit of 95.68 million yuan, divided by 30.80%. Mainly affected by the process improvement in the first half of the year, the 2019H1 chickenpox vaccine was approved for issue 213.410,000, batches issued only reached 33% of each year in 2018; batches of rabies vaccine issued 24.270,000, the batch issued is less than 8% per year in 2018. (3) High-tech real estate: Performing well, realizing revenue in the first half of 20195.390,000 yuan, an increase of 37 in ten years.81%; realized net profit1.19 ppm, an increase of 89 in ten years.77%. The expense ratio declined slightly, and cash flow was good. The company’s selling expenses for the first half of 201911.At 74 ppm, the cost rate had previously decreased slightly1.2 up to 34.About 62%, mainly related to the promotion of product sales; management costs1.73 ppm, R & D expenses1.94 ppm, combined with actual R & D expenses10.8%, compared with 12 in the same period last year.The proportion of the 13% level drops by 1.For three units, the financial expense ratio remained basically stable. Inventory balance for the first half of 201917.9.1 billion, accounting for 18% of assets, 17 compared with the same period last year.There is little change at 80 Mm.Accounts receivable and notes 8.99 ppm, accounting for 27% of revenue, 33 in the same period last year.67%, down by more than 6 single before, sales receipts are good.Net operating cash flow for the first half of 20198.49 ppm, an increase of 355 in ten years.69%. Profit forecast and investment advice: Regardless of restructuring, we expect the company’s operating income to be 70 in 2019-2021.42, 92.18, 115.930,000 yuan, an increase of 31 in ten years.02%, 30.89%, 25.77%, net profit attributable to mothers was 13.89, 18.81, 23.870,000 yuan, an increase of 38 in ten years.00%, 35.42%, 26.88%, corresponding to an EPS of 8.17, 11.06, 14.03 yuan.Taking into account the reorganization (before the conversion), we estimate that the company’s net profit attributable to the parent will be 18 in 2019-2021.40, 24.84, 31.930,000 yuan, an increase of 88 in ten years.52%, 35.00%, 28.58%, corresponding to an EPS of 9.20, 12.42, 15.97 yuan. The company is a leader in the growth hormone industry, benefiting from the high economic prosperity of the industry, and is expected to continue to maintain rapid growth in 2019; the smooth progress of the restructuring plan aims to significantly improve the company’s profit level and competitiveness, and maintain a “buy” rating. Risk reminder: the risk of less than expected reorganization progress, the risk of intensified growth hormone competition, the risk of lower-than-expected sales of second-line varieties, and the risk of drug price reduction