Pianzaiyu (600436) 2019 Third Quarterly Report Review: Business Slows Overall Growth Core Pianzaiyu’s Revenue Growth Improves Season by Quarter

Pianzaiyu (600436) 2019 Third Quarterly Report Review: Business Slows Overall Growth Core Pianzaiyu’s Revenue Growth Improves Season by Quarter

Core facts and events: Pien Tsai Kwan released the third quarter report for 2019. In 1-3Q 2019, the company realized operating income, net profit attributable to mothers, and net profit attributable to non-mothers.

4.2 billion, 11.

09 billion, 11.

3.0 billion, an increase of 21 each year.

07%, 20.

56%, 21.

88%.

In Q3 2019, the company achieved operating income, net profit attributable to mothers, net profit attributable to non-mothers14.

4.7 billion yuan, 3.

6.3 billion, 3.

5.8 billion, an increase of 22 杭州夜网论坛each year.

44%, 19.

87%, 19.

41%.

Daily chemical products drove the increase of gross profit margin, the sales and management expense ratio was well controlled, and the R & D investment increased.

The company’s gross profit margin was 44 in 2019.

69%, an increase of one year.

02pct, the gross profit margin of 70 is mainly realized by daily chemical products.

92%, an increase of 10 per year.

11pct.

Reported company selling expenses8.

24%, a decline of 0 every year.

09pct, overhead costs 4.

21%, a decline of 0 per year.

36pct, the rate control is good, the company expanded research and development efforts, spending R & D expenses of 8621 million, an annual increase of 88.

58%.

Q3’s core Pien Tze Huang revenue grew faster than expected, and overall revenue growth was dragged down by businesses.

From January to March 2019, the pharmaceutical industry, the pharmaceutical business and the daily chemical sector achieved revenues of 18 respectively.

07 billion, 20.

6.8 billion yuan, 4.

$ 5.1 billion, an increase of 22 each year.

59%, 18.

43%, 33.

14%, the industrial and daily chemical sector contributed significantly, the commercial sector was slightly dragged down; liver disease drugs (mainly Pien Tze Huang) realized income17.

5.2 billion, an annual increase of 23.

74%.

Income from liver disease medication in Q35.

USD 9.6 billion, an increase of 44% per year, which exceeded expectations, mainly due to domestic sales5.12 ppm (51% annual growth) and zero revenue from exports.

8.4 billion (9% increase in half a year); business only achieved revenue6.

US $ 8.1 billion, an annual increase of 11%, is a significant drag on the overall revenue growth rate.

The company’s EPS is expected to be 2 in the next three years.

37 yuan / 3.

14 yuan / 4.

07 yuan, maintain “Buy” rating.

The company is a leading company in the Chinese medicine industry. It has exclusive top-secret formula and alternative upstream raw materials to control the company. The existing quantity and price have risen together. It is estimated that the company’s EPS will be 2 in the next three years.

37 yuan / 3.

14 yuan / 4.

07 yuan, the current sustainable corresponding PE is 47.

0x, 35.

5x, 27.

4x, maintain “Buy” rating.杭州桑拿网

Risk reminder: The construction of the new experience hall is less than the expected risk, and the channel distribution is less than the expected risk.