Changchun High-tech (000661): Continuation of high growth in the first quarter is worth looking forward to buying minority stakes in Jinsai

Changchun High-tech (000661): Continuation of high growth in the first quarter is worth looking forward to buying minority stakes in Jinsai
The first quarter of 2019 saw a significant increase of 73.67% of the company announced the first quarter of 2019: revenue 17.75 ppm, a 72-year increase of 72.07%; net profit attributable to mother 3.650,000 yuan, an increase of 73 in ten years.67%; deducted non-recurring net profit3.580,000 yuan, an increase of 96 in ten years.93%.Overall performance is consistent with the Air Force’s performance forecast.The company’s operating net cash flow was 6.180,000 yuan, an increase of 398 in ten years.31%, cash flow improved significantly.The company’s first quarter revenue and net profit both increased, mainly due to the revenue of pharmaceutical subsidiaries. Net profit continued to increase, and real estate settlement increased. Growth hormone continued the high growth trend, and continued to consolidate the growth in revenue of pharmaceutical companies in the first quarter of leading companies44.16%, net profit growth reached 62.15%.Looking at the separate business segments, we estimate that the revenue from the real estate business of the growth hormone and high-tech real estate business of the subsidiary Jinsai Pharmaceutical will mainly 深圳桑拿网 confirm the revenue, driving the rapid growth of the first quarter performance income and net profit.Benefiting from the continued high prosperity of growth hormone, we estimate that the core subsidiary Jinsai Pharmaceutical’s 2019Q1 revenue will increase by about 60% and the net profit growth will be estimated at about 70%.The real estate business of the subsidiary Gaoxin Real Estate did not reach the settlement period in the first quarter of last year. The real estate business confirmed revenue in the first quarter of this year, which promoted the company’s revenue growth.According to the company’s 2018 annual report, the company adhered to a differentiated market strategy to organize multiple promotional events and large-scale meetings at the provincial level or higher, and continued to increase marketing efforts. The number 北京夜生活网 of new pediatric patients increased significantly, and the hospital’s gradual drug coverage increased significantly, driving the Jinsai pharmaceutical industry.Continued high growth has consolidated market leadership.In 2018, the long-acting growth hormone products completed Phase IV clinical research, which provided the basis for subsequent high-volume mutations. PDB sample hospital data shows that the company’s long-acting growth hormone growth rate exceeded 90% in 2018; at the same time, the potential diversity of human follicle stimulating hormones is also worth looking forward to. The company continues to increase marketing efforts and sales expenses6.2000000000.Up 45.77%; the company continues to increase R & D, R & D expenses1.15 ppm, with a ten-year growth of 36.98%, management expenses increased by 23.58%. It is planned to purchase 30% equity of Jinsai Pharmaceutical, and continuously strengthen the core competitiveness. The company will reorganize and issue announcements to issue shares and convertible bonds to purchase assets and raise supporting funds and related party plans. The transaction target is 30% minority equity of Jinsai Pharmaceutical.Successfully completed, Kinsey will become a wholly-owned subsidiary of the company.The company is expected to further enhance its independent research and development capabilities and continue to strengthen its core competitiveness through the acquisition of the remaining equity in Kinsey.At the same time, the increase in profits will be attributed to the net profit of the mother, and the listed company will further strengthen the management and control of Jinsai, help strengthen the support for Jinsai Pharmaceutical, and enhance the profitability of listed companies. We are optimistic about the company’s continuous and rapid development. We maintain the “Buy” rating for the time being without considering the purchase of minority stakes in Jinsai. We expect the company’s EPS to be 7 in 2019-2021.94, 10.47, 13.46 yuan, corresponding to PE is 39, 30, 23 times.The company’s performance continues to grow rapidly, and the subsequent acquisition of the remaining equity of Jinsai Pharmaceutical is also expected to enhance the company’s core competitiveness and profitability. It is optimistic that the company will continue to develop rapidly as a leader in bioengineering pharmaceuticals, maintaining the company’s “Buy” rating. Risk reminder: slow progress in bidding, long-acting growth hormone, recombinant human follicle stimulating hormone release rate is gradually expected, the purchase of minority stakes in Jinsai is expected to progress

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