Changchun High-tech (000661): Real estate settlement boosts performance growth and awaits Jinsai acquisition plan

Changchun High-tech (000661): Real estate settlement boosts performance growth and awaits Jinsai acquisition plan
The company announced the 2019Q1 quarterly report and achieved revenue of 17.7.5 billion, net profit attributable to mother 3.65 ppm, an increase of 72 each year.1% and 73.6%; net profit deduction for non-attributed mothers3.580,000 yuan, an increase of 96 in ten years.9%.Among them, pharmaceutical companies ‘pharmaceutical companies’ income increased 44.16%, net profit increased by 62.15%. Comment: Land settlement helped boost performance growth, pharmaceutical companies continued stable and high growth. In Q1 2019, the company’s revenue and net profit attributable to mothers reached 72.1% and 73.The previous growth rate of 6%, which is significantly higher than the same period last year, is partly because 18Q1 land has not yet reached the settlement period, and this year’s Q1 land began to be settled, helping to accelerate performance; in addition, the company’s pharmaceutical companies (Kinsai, Baike, Huakang, etc.) Revenue remained 44.2% high growth rate, the previous year’s growth rate increased by about 4 percentage points (the first quarter of 2018 revenue growth rate of 40.5%), but net profit growth was 62.2%, significantly higher than the growth rate of the same period last year. Jinsai Pharmaceutical’s net profit in the calendar year 2018 accounted for about 83% of the company’s pharmaceutical companies as a whole. We expect Kinsai’s 19Q1 net profit to maintain a high growth rate of about 65% (2018Early 65.3%); 100 grams of biological 19Q1 chickenpox vaccine and rabies vaccine (Vero) were issued in batches of about 51.40,000 doses and 24.3 万剂,同比去年都有显著下滑,疫苗月度\季度批签发有波动性,单个月度\季度数据不代表全年趋势,百克生物有机会分食长生退出留下的水痘和狂苗市场空间In addition, the research focus on nasal spray lyophilized influenza attenuated live attenuated vaccine has been declared for production and is awaiting approval. It continues to be optimistic about the company’s vaccine business growth in 2019. Jinsai Pharmaceutical’s performance continues to be released, waiting for Jinsai’s acquisition plan to land on Jinsai Pharmaceutical (the main product of growth hormone, the company holds 70% of the shares). In recent years, the performance has entered a release period.229%, 29.7%, 38.0% and 65.3%, the performance has increased significantly year by year, we expect to continue to maintain a high growth rate of about 65% in 2019Q1.The 杭州桑拿网 company released its annual report and released a reorganization plan, planning to issue shares and / or convertible bonds to acquire 30% of minority shareholders’ equity in Jinsai Pharmaceutical and raise funds at the same time.林殿海持有,两位股东通过发行股份\可转债置换为上市公司股份后,与上市公司利益更为深度捆绑,消除市场疑虑;同时,金赛药业作为主要利润源泉,完全并表后,It will also be beneficial to thicken the company’s profits in Jinsai Pharmaceutical in November 2018.On the basis of a net profit of 300 million yuan, assuming a multiple of 15 times the acquisition of PE, the corresponding 30% Jinsai distribution is estimated to be about 5 billion yuan. According to the price increase pricing, it is estimated that the EPS will increase by about 14 under the condition of all share payment.4%, if you choose to pay part of the convertible bonds, some performance increase will be more obvious, we await 南京夜生活网 the detailed plan for the acquisition of Kinsey. Earnings forecast and investment rating will not consider the impact of the acquisition of 30% minority shareholders’ equity of Jinsai Pharmaceutical for the time being. We predict that the company’s operating income will be 72 in 2019-2020.27/95.88/121.7.3 billion, an increase of 34.5% / 32.7% / 27.0%; net profit attributable to mothers is 14.45/19.25/24.36 trillion, respectively increased by 43.4% / 33.2% / 26.5%; corresponding earnings per share is 8.50/11.32/14.33 yuan, yesterday’s closing price (309.5 yuan / share) corresponding to PE of 2019-2021 is estimated to be 36.4/27.3/21.6 times; the company’s net profit will grow at an average rate of 35% in the next three years, and PES (2019E) will only double, maintaining the “Buy” rating. Risks suggest that new product sales are lower than expected; drug bidding prices are lower than expected; industry risks in the 2013 Changsha incident.