Yunnan Baiyao (000538): Net income attributable to mother increased by 5% in the first quarterly report
Core point of view: Event: The company released a quarterly report, and the net 深圳桑拿网 profit attributable to mothers increased by 5%. In the first quarter of the year, the company achieved operating income, net profit attributable to mothers, and net profit attributable to non-parents after deductions.
7.3 billion, 8.
4.6 billion, 7.
55 ppm, an increase of 10 each year.
In the fourth quarter of 18, the company realized operating income, which was attributed to the net profit of the mother, and after deduction, it was 69.
8.4 billion, 5.
7.4 billion, 4.
80 ppm, an increase of 10 each year.
In the fourth quarter of 2018, there was a reason for the low base in the growth rate of the net profit after deductions, and the company’s revenue and profit maintained a steady growth in general.
The company’s overall gross profit margin has declined, and the profit of the pharmaceutical division has dropped significantly. The company’s overall gross profit margin was 28 in the first quarter.
30%, falling by 2 every year.
16pct, sales expense ratio, management expense expenditure11.
07%, decreased by 2 each year.
56pct, increase by 0.
The parent company basically reflects the situation of the pharmaceutical business unit, and achieved operating income in the first quarter.
23 ppm, a decrease of 18 per year.
51%, achieving a net profit of 0.
65 ppm, a decrease of 70 per year.
16pct, with an expected net return on investment of more than 50 million.
The benefits brought by the mixed reform are still worth looking forward to.In 2018, the company’s Yunnan Baiyao absorbed the merger of Baiyao Holdings and received approval from the CSRC. After the completion of the program, Yunnan Provincial SASAC, Xinhuadu, and Jiangsu Yuyue will directly hold listed companiesThe shareholding ratios are 25.
10% and 5.
At the same time, the company repurchases shares for equity incentives, and the size of the repurchase funds does not exceed 15.
27 ppm, the cost of repurchasing shares does not exceed 76.
34 yuan / share, it is expected that the number of repurchased shares will not exceed 20 million shares, accounting for no more than 1.
92%, the company’s mixed reform is basically completed, and the dividend is still worth looking forward to.
Estimated 19-21 results are 3 respectively.
50 yuan / share, 3.
86 yuan / share, 4.
The 27 yuan / share company is one of the leading domestic 杭州桑拿 Chinese medicine companies with rare brands. The brand and management ability are outstanding. The state-owned enterprise is expected to break through the development progress after the mixed reform.
27 yuan / share.
We select four comparable Chinese medicine companies with an average PE29X in 2019 and give Yunnan Baiyao industry an average 2019 PE29X. It is expected that the company’s EPS in 2019 will be 3.
50 yuan / share, the corresponding reasonable value is 101.
58 yuan / share, maintain “Buy” rating.
Risks indicate policy risks; the risks of the state-owned enterprise reform mechanism; the risk of product degradation leading to a decline in revenue growth.