Lingrui Pharmaceutical (600285) annual report comments: performance is slightly lower than expected marketing integration continues to advance
Event: The company released its 18-year annual report and realized revenue. The net profit attributable to the parent and the net profit after deduction are 20.武汉夜网论坛 53,2.43 and 2.4.3 billion US dollars, an annual increase of 11.07%, 12.05% and 20.80%; meanwhile, the company achieved net profit attributable to the mother in the first quarter of 2019 of 1.10,000 yuan, an annual increase of 35.89%, performance was slightly lower than expected. Key points of investment: The main varieties are stable, and the second-line plasters are slightly lower than expected. The company ‘s revenue is lower than expected. From the perspective of business: 1) The plasters have realized income12.5.6 billion (+3.38%). Among them, the sales volume of Tongluo Qutong cream maintained a two-digit increase, while the sales of second-line bone pain plasters increased by about 15%, and the sales of children’s antipyretic paste increased by 15%.86%, previously expected, it is expected that the flu replenishment in the first half of the flu season will be full and the inventory will be digested in the second half; 2) In terms of the main varieties of Danlutong supervision film, the effect of changing marketing channels will appear, and sales will resume positive growth.3) Oral preparations were affected by hospital control fees and product price increases, and sales dropped by an average of about 20%.4) The ointment achieved an income of 97.24 million yuan (+61.8%), meeting the standard expectation, the parent company took over the channel sales volume effect is obvious. The initial growth rate of Q1 profit in 2019 is much higher than the growth rate of income. The investment income increased by more than 16 million yuan in the same period last year, and the investment loss was reduced to 2 million yuan this year. Accelerate marketing integration, continue to improve the marketing system. The company continues to optimize the market layout, accelerate the integration of channel resources for OTC, primary medical care and hospital terminals. In OTC, strengthen team building, deepen strategic cooperation with chain customers, and increase sales within the sales force.Motivation; the grassroots team implements the provincial 合肥夜网general manager responsibility system to accelerate the sales transformation of oral preparations; hospital terminals use self-built teams and sophisticated investment models to continue to expand market promotion. Earnings forecast and rating The company’s EPS for 2019-2021 is expected to be 0.53/0.64/0.75 yuan, corresponding to the current expectations of 8.88 yuan, P / E ratios are 17/14/12 times, the company’s performance has grown steadily, maintaining a “recommended” rating. Risk Tips 1. Raw material price fluctuations; 2. Product promotion effect is less than expected