Jingxin Pharmaceutical (002020): Second-Quarter Performance Exceeds Expected Expected Performance

Jingxin Pharmaceutical (002020): Second-Quarter Performance Exceeds Expected Expected Performance

The core point of view is that the report has grown rapidly, and the single-quarter performance in the second quarter exceeded expectations.

The company announced the interim results report and achieved revenue of 18 in the first half.

59 ppm, an increase of 31 in ten years.

92%, net 南京桑拿网 profit is 3.

65 ppm, an increase of 51 in ten years.

88%, continued to maintain rapid growth, slightly exceeding market expectations.

By quarter, Q2’s single-quarter revenue was 9.

6.6 billion, an annual increase of 26.

27%, net profit is 1.

950,000 yuan, an increase of 56%, is located in the upper limit of performance forecast.

Among them, Q2’s single quarter investment income was about 20 million. After removing it, the company’s endogenous growth was about 40%, and the chain continued to grow rapidly (Q1 replaced the investment income growth rate of about 26%), exceeding market expectations.

All businesses maintained rapid growth and were optimistic about the company’s performance.

In terms of business, the sales revenue of finished drugs in the first half of 19 was 10%.

USD 8.9 billion, a year-on-year growth of 32%. It is expected that there will be two main factors: 1. Rosuvastatin, Levetiracetam and Amlodipine will be gradually released from March; 2, The company’s pitavastatin and a new variety of carbaratine listed in 18 years, Praxox gradually began to increase volume; the bulk drug business achieved sales income5.

36 ppm, an annual increase of 33%, mainly due to the company’s active adjustment of its management structure and improvement in efficiency. It is expected that it will continue to maintain rapid growth in the next few years.

Medical device business achieved sales revenue 2.

19 trillion, a year-on-year increase of 29%, is expected to be mainly related to the relatively low base in 18 years.

On the whole, the company’s specific businesses have maintained rapid growth and are optimistic about the company’s performance.

The impact of the policy on marginal attenuation + continued R & D investment is optimistic about the company’s long-term performance.

We are optimistic about the company’s long-term development. There are two main factors: 1. From the perspective of generic drug policies, the adverse impact of volume procurement on generic drug companies is gradually weakening. It is expected that volume procurement will gradually be extended to the whole country in the second half of the year.And the exclusive winning model will gradually expand the scale and win the bid, and the price reduction trend is expected to gradually weaken.

At present, the company has accumulated rich experience in centralized mining, and it is expected that the volume procurement will continue to maintain its advantages in the future, and it will ensure the company’s rapid development in the next few years.

2. In the long run, the company continues to increase its R & D investment. Currently, it has reserved a number of imitated varieties and gradually converted these imitated varieties to the gradual listing of the company. The company’s pipeline structure and profit structure will be improved.Transforming the company’s continuous strengthening of research and development capabilities, the company is also expected to gradually become a gradual transition from generic drug companies to innovative drug companies, optimistic about the company’s long-term development.

Financial 厦门夜网 Forecast and Investment Suggestions We maintain the estimated EPS from the expected 19-20 years to be 0.

69/0.

88/1.

10 yuan, maintaining the company’s 19-year 19-year estimate, the corresponding target price is 13.

11 yuan, maintain BUY rating.

Risks indicate that the company’s sales are not up to expectations; the quantity purchase policy has certain uncertainties, and there may be certain risks to the company’s performance.