Puluo Pharmaceutical (000739) 上海夜网论坛 Company Dynamic Comment: Industry boom supports high performance, management increases efficiency, dividends continue to be realized
Core point of view events On August 15, the company released its semi-annual report for 2019, which stated that the company had achieved operating income of 35.
49 ppm, an increase of 15 in ten years.
58%, net profit attributable to shareholders of listed companies2.
80 ppm, an increase of 50 in ten years.
61%; Operating income in the second quarter of 201918.
74 ppm, an increase of 15 in ten years.
34%, net profit attributable to shareholders of listed companies1.
70 ppm, an increase of 42 in ten years.
In the first half of the year, the company’s operations continued to improve, and the research and development supplementary code further enhanced its overall competitiveness.
The 北京夜生活网 company’s gross profit margin in the second quarter was 31.
66%, up 2 every year.
57PCTs, net interest rate 9.
09%, rising by 1 every year.
The company’s operation and management efficiency dividends have been continuously fulfilled. The staff streamlining work in the first half of the year has basically been completed. The company has newly established an innovation promotion management department. The subsequent energy efficiency improvements in research and development innovation, technology upgrading, and equipment improvement are still expected. Report and invest in research and development1.
53 ppm, a ten-year increase of 14.
The sales boom of APIs and intermediate products continued, and the integrated layout reflected cost advantages.
Report the sales revenue of APIs and intermediates of Tier 1 companies29.
35 ppm, an increase of 18 years.
42%, gross profit margin 21.
78%, up 2 every year.
76PCTs, the company relies on integration advantages to achieve controllable upstream raw material costs.
The CDMO business continues to develop and is expected to maintain rapid growth in the future.
The sales of veterinary drugs improved in the first half of the year, and it is expected to further recover in the second half of the year.
Anhui Puluo further reduced losses and maximized improvement in production capacity.
The sales of pharmaceutical preparations increased steadily, and the research and development reserve projects were advanced in an orderly manner.
In terms of sales of existing varieties, the company continued to promote the optimization of the variety structure and eliminated low-margin preparation varieties. Sales of the main varieties, including Baishixin Ubenimex capsules and cefdinir, achieved rapid growth. In terms of formulation development, the company’s two varieties have been declared consistent.Sex evaluation, and another sustained-release film has been submitted for overseas ANDA application.
Earnings forecast: We expect the company’s operating income to be 75 in 2019-2021.
760,000 yuan, the net profit attributable to shareholders of the listed company is 5.
450,000 yuan, the corresponding EPS is 0.
61/0.80 yuan / share, corresponding to PE is 24/18/14 times, and continue to give “overweight” rating.
Risk reminder: the risk of falling prices of APIs, less than expected R & D and sales of preparations, and the risk of exchange loss