Shanghai Pharmaceuticals (601607)： Industrial and commercial data highlights R & D and expands scale
Shanghai Pharmaceuticals (601607): Industrial and commercial data highlights R & D and expands scale
Event Shanghai Pharmaceuticals released the first quarter of 2019 report. The company achieved operating income of 460 in the first quarter of 2019.
07 million yuan, an increase of 26 in ten years.
44%, net profit attributable to mother 11.
26 ppm, an increase of 10 in ten years.
42%, deducting non-attributed net profit of 10.
4.0 billion, an annual increase of 4.
42%, net operating cash flow is 1.
54 ppm, an increase of 60 in ten years.
The overall performance is in line with expectations, the industrial and commercial sectors continue to accelerate expansion, and the profit growth performance of the segment is better than expected. The company continues the rapid expansion since the reform of 2017, and the revenue growth rate is higher than market expectations.
In terms of different sectors, the pharmaceutical industry realized revenue61.
960,000 yuan, an increase of 24 in ten years.
85%, the main business of the pharmaceutical industry contributed profits5.
13 ppm, an increase of 21 per year.
39%, the rapid increase in revenue was mainly due to the consolidation of Guangdong Tianpu, and the profit growth exceeded market expectations, reflecting the continuous improvement in sales of the company; the pharmaceutical business achieved revenue of 398.
100,000 yuan, an increase of 26 in ten years.
69%, the main business of the pharmaceutical business contributed profits5.
1.4 billion, an increase of 13 in ten years.
92%, the acceleration of revenue in the commercial sector is due to both the consolidation of Kangdele and the acceleration of the growth of pharmaceutical terminal sales; the participating companies contributed profits2.
36 ppm, a ten-year increase of 7.
07%, staying robust.
The deceleration of non-returned mother’s net profit grew at a slow rate, mainly due to the continued rapid growth of R & D expenses, Q1 R & D expenses2.
710,000 yuan, an increase of 26 in ten years.
The financial report data basically realized the development ideas in the 深圳桑拿网 supplementary incentives included in the first quarter of 2019. The sales growth of various varieties already in the industry and the high investment in research and development, the growth of commercial value scale, and the long-term growth momentum remained strong.
The financial indicators are stable, and the assets are still stable under the extension. The company’s core financial indicators remain good.
In the first quarter of 2019, the company’s asset mortgage loans 64.
32%, an increase of 0 from the previous month.
92 single items, mainly due to adjustments to financial accounting standards, increased lease liabilities; accounts receivable turnover days were 86.
80 days, 85 from the same period last year.
63 days extended by 1.
17 days, mainly due to the consolidation of Kangdele’s business; the company’s comprehensive gross profit margin14.
05%, a decrease of 0 compared with the same period last year.
64 averages, an increase of 0 from the expected average in 2018.
19 single; the company’s operating profit margin after deducting three expenses3.
75%, a decrease of 0 compared with the same period last year.
55 averages, an increase of 0 from the 2018 annual average.
The average of 07, the changes in gross profit margin and operating profit margin are expected to be mainly due to changes in industrial and distribution income structure.Net operating cash inflows 1.
54 ppm, an increase of 60 per year.
Earnings forecast and investment rating Shanghai Pharmaceuticals is a domestic pharmaceutical industry and commercial leader. The coordinated development of industry and commerce has advantages. Guided incentives will promote the company’s future innovation and development. The effect of incentives will gradually change. Long-term performance will grow steadily and have high certainty.
We estimate the net profit attributable to mothers to be 43 in 2019-2021.
3.3 billion, 48.
4 billion and 54.
4.7 billion, an increase of 10 years.
7% and 12.
5%, the corresponding return is 1.
64 and 1.
89 yuan, maintain BUY rating.
Risk warning: Kantarak’s business integration progress in China is expected; the progress of the core diversity consistency evaluation is slower than expected; the performance of the outsourcing M & A target is not up to expectations, causing a significant impairment of goodwill;