Baiyun Mountain (600332): Investment and fair value changes will increase current profit growth rate. In the future, it is still necessary to look at large consumer goods such as Jin Ge and Wang Laoji

Baiyun Mountain (600332): Investment and fair value changes will increase current profit growth rate. In the future, it is still necessary to look at large consumer goods such as Jin Ge and Wang Laoji

The company achieved operating revenue of 42.2 billion in 2018, an increase of 101.

55%; net profit 34.

40,000 yuan, an increase of 66 in ten years.

9%; yield 2.

1 yuan, it is planned to distribute a cash dividend of 4 for every 10 shares.

24 yuan (including tax).

Comment: Pharmaceutical companies have also contributed to the surge in revenue. Investment and fair value changes have increased current profit growth. The company ‘s revenue has increased by 101, respectively.

55% and 66.

9%, various operating data exceeded the growth rate and exceeded the norm, mainly due to the merger and acquisition of Guangzhou Pharmaceutical Commercial Company. After holding 80% of the shares, the revenue growth rate was increased. Excluding the impact of the consolidation of pharmaceutical companies, we estimated that the revenue would increase by approximately 12%.The higher profit growth was mainly due to the acquisition of pharmaceutical companies, the minority shareholders’ interests and holdings of Xinxintang, the investment income and the change in fair value brought by Zhongyao Pharmaceutical’s controlling equity, a total of approximately 13 were confirmed.

About 8.7 billion, boosting the current profit growth rate, after deducting non-recurring income such as fair value, the net profit growth rate of the mother is about 10.


However, it is undeniable that after offsetting the effects of consolidation and fair value changes, the company’s endogenous growth rate has gradually improved. After revenue has increased for many consecutive years, the endogenous growth has returned to more than 10%, and the non-profit growth rate has been normalized.To match the revenue growth rate.

The growth rate of Danan Pharmaceutical ‘s antibacterial business is dazzling, and its gross profit margin is slightly subdivided by the company ‘s Danan Pharmaceutical ‘s business revenue 96.

35 ppm, an increase of 23 in ten years.

59%, including chemical antibacterial drugs cephalosporin series, cephalosporin for injection, cephalosporin series, cephalosporin mutation and other revenue growth rates were 88%, 104%, 85% and 46%.

5%, because sales have not risen in the same proportion in the same period, we are mainly due to the two-vote system that requires drugs to turn low and high, which passively drives revenue growth; the main products of the Chinese medicine business of internal medicine Xiaoke Pills, Huajing Reconstituted Pills and other revenues are at leastThere are varying degrees of reduction.

Great Southern Pharmaceutical’s overall gross profit margin is 43.

13%, affected by rising costs 2.

The 27 averages are mainly dragged by chemicals, replacing 6.

For 41 grades, the gross profit margin of proprietary Chinese medicines increased slightly by about 1.

85 units.

Consumption of large single product Jin Ge and Wang Laoji, market share and profit margins both increased. Large single product Jin Ge sold 47.73 million pieces in 2018 and had a revenue of 6.

6.2 billion, with sales and revenue exceeding 20, respectively.

45% and 17.

67%, equivalent to an average unit price 南京夜网 of 13.

87 yuan / tablet, the retail price of Jinge’s tablets of various specifications is only about 1/2 of Pfizer Wan Ai Ke. Since its approval in September 2014, Jinge’s revenue and market share have increased rapidly, achieving 6 in 4 years.

With 600 million sales revenue, we estimate that the market terminal sales revenue has reached 1 billion level, and we continue to be optimistic about Jinge’s future market share increase.

The revenue of the big health sector mainly comes from Wanglaoji Health, and in 2018 Wanglaoji Health was 94.

6.4 billion (+10.

66%), net profit 8.

500 million (+34.

92%) and a net profit margin of 8.

98%, increased by 1 every year last year.

With 63 units, the company’s herbal tea market share has been in a leading position. The price war with Jiaduobao herbal tea has been temporarily ignited, and the profit margin has continued to improve.

Earnings forecast and investment rating We predict that the company’s operating income will be 473 from 2019 to 2020.


700 million, an increase of 12 per second.
0% / 13.

1% / 15.

0%; net profit attributable to mothers is 30.



57 trillion, respectively increased by -12.

3% / 19.

1% / 21.

2%; corresponding earnings per share is 1.



67 yuan, the current closing price (40.

2 yuan / share) corresponding to PE of 2019-2021 is estimated to be 21 respectively.



0 times; the estimate is reasonable, and the rating of “overweight” is given for the first time.

Risks suggest that the price of drug tenders has exceeded expectations; Wang Laoji’s sales have fallen short of expectations.