Sinopharm (600511) 2018 Annual Report Comments: Overall Business Stable Results Meet Expectations
Introduction to this report: The overall main business maintains steady growth, the advantages of hemp business continue to consolidate, and new businesses such as industry and oral cavity are actively exploring to maintain the level of overweight.
Investment points: Maintain the company’s holdings.
The company’s overall operation is stable, and Beijing’s regional commercial leader + national hemp business distribution leader’s advantages have become more stable.
Maintain the company’s overall net profit forecast for 2019-2020 at 14.
41 trillion, with an expected net profit of 17 in 2021.
00 ppm, due to the company’s repurchase replacement in 2018 to reduce its share capital, regardless of the 2019 repurchase replacement equity, the 2019-2020 EPS will be adjusted to 1.
02 yuan (was 1).
01 yuan), EPS is expected to be 2 in 2021.
22 yuan, maintaining the company’s target price of 30 yuan, maintaining the company’s holdings grade.
The overall performance was in line with expectations.
Realized operating income of 387 in 2018.
4 ‰, an increase of 6 in ten years.
8%, net profit attributable to mother 14.
0 ppm, an increase of 23 in ten years.
0%, net profit of non-return to mother is 12.
60,00杭州夜网0 yuan, an increase of 24 in ten years.
Due to the company’s major asset reorganization completed in 2017, the net profits of the four target companies from January to May belonged to non-recurring gains and losses, and from June to December belonged to the company’s recurring profits and losses. Considering comparable calibers, the company’s main business net profit growth rate is expected to be 15?out.
The core business was stable overall.
Anesthetics: Continue to maintain an 80% market share of the national anesthetic and specialty medicine distribution market, and the company’s core anesthetic shares company Yichang Renfu’s revenue growth rate22.
7%, profit growth rate of 28.
Distribution: The overall sales growth of second- and third-tier hospitals increased in 2018.
1%, the overall primary medical market 苏州夜网论坛 sales revenue increased by 23.
5%, sales of equipment and consumables increased by 21 year-on-year.
4%, overall stable.
Affected by industry policies and variety structure, Guokong Beijing and Guokong Tianxing have not completed the gambling net profit target.
Actively develop new business.
In the future, the company will continue to make efforts in a number of existing basic subdivisions, such as Guorui Pharmaceutical Industry, Prospective Dental, Devices and Consumables. At the same time, the company will also actively explore in the field of specialized retail pharmacy to cultivate the company.New profit growth points.
Risk warning: Tender price cuts exceed expectations