Guangyuyuan (600771) quarterly report comment: annual optimization of performance, terminal marketing, and promotion of continuous sales growth
The first three quarters of revenue have fallen by 16% each year, and the net profit attributable to mothers has fallen by 23%.
54 ppm, a decrease of 16 per year.
39%, net profit attributable to mothers1.
74 million, a decline of 23 per year.
09%, net profit after returning to mother 1.
5.6 billion, down 30 a year.
The third quarter revenue was 3.
1.3 billion, down 14 a year.
68%, net profit attributable to mother 5565.
330,000 yuan, down 30 every year.
84%, the overall performance is in line with market expectations.
The company’s net cash flow from operating activities in the first three quarters was -1.
29 trillion, -2 in the same period last year.
70 trillion, a significant improvement.
It is expected that channel inventory will continue to be consumed, and terminal revenue will grow at a good rate. In the first three quarters, affected by the overall macroeconomic downturn and changes in industry regulatory policies, coupled with the reporting of mutual company sales support for some key commercial customers, the company’s overallIncome has increased.
The reported company’s main raw materials and packaging materials’ purchase prices increased slightly compared to the same period of the previous year. After the new plant was put into operation, the fixed asset depreciation costs and fuel power and other manufacturing costs increased correspondingly, resulting in a lower product gross profit margin.
17%, a decline of 4 per year.
03pp; It is expected that the company will increase research and development efforts, and the research and development expenses will increase by 16 each year.
At the same time, the company expanded its financing channels and reported on the use of the combined letter of credit bargaining, and the existing financial costs of bank loan index and acceptance bills increased by 187 over the same period last year.
18%, so net profit fell to 30%.
In terms of period expenses, sales expenses, management expenses and financial expenses in the first three quarters were 3 respectively.
19 billion, 0.
7.5 billion, 2595.
40,000, accounting for 37% of total income.
04%, -4 from the same period last year.
60pp, + 2.
R & D expenses for the first three quarters were 3,218.
810,000, accounting for 3% of total income.
77%, ten years +1.
Net profit for the first three quarters was 21.
46%, down by 1 every year.
71pp. The company continues to optimize and upgrade terminal marketing. According to the company’s semi-annual report, the company added more than 460 hospital terminals in the first half of the year, strengthened academic promotion, and promoted the steady improvement of hospital terminal sales. In terms of chain, in the first half of the year, around 100 million health, Gaoji, and one heart,The top 10 core chains and stores such as Dashenlin, Neptune Star, Common People, National University Pharmacy and other stores have been upgraded with specialized training, showrooms, consumer education and persistent promotion activities to promote the rapid growth of pharmacy terminal sales.
At the same time, the company extends its commercial network to the county-level market. In the future, county-level commerce, small chains and third terminals will be another important channel for the development of traditional Chinese medicine business.
We believe 南宁桑拿 that through the continuous development of the company’s channels and the continuous and rapid growth of terminal sales, the company’s channel inventory is expected to continue to be digested, driving the continuous improvement of the company’s operating quality, which will help accelerate the inflection point of performance.
The company’s operations continued to be optimized. The first three quarters of maintaining the “Buy” rating were affected by the overall macroeconomic downturn and changes in industry regulatory policies. The company’s overall revenue has improved. It is estimated that the net profit for 19/20/21 will be 4 from the previous.
44 trillion was slightly lowered to 3.
450,000 yuan, EPS for 2019-2021 are 0.
90 yuan, corresponding to PE is 25, 21, 18 times, maintaining the “buy” level.
Risk warning: Macroeconomic and pharmaceutical policy impact; weaker terminal sales leads to continued increase in accounts receivable; multi-channel promotion model leads to increased sales expenses; new capacity release progress is less than expected.