2020 Mar 24 By admin 0 comment

Xinghu Technology (600866): Nucleotide boom continues to increase and M & A target Jiuling Pharmaceutical contributes incremental performance

In the first three quarters of 2019, the company achieved net profit attributable to mothers1.

22 ppm, an increase of 281 in ten years.


The company announced that it achieved revenue in the first three quarters of 20198.

450,000 yuan, an increase of 31 in ten years.

42%; net profit attributable to mothers1.

22 ppm, an increase of 281 in ten years.

36%; EPS0 achieved.

17 yuan / share.

Among them 3Q2019 achieved revenue 2.

910,000 yuan, an increase of 46 in ten years.

02%; net profit attributable to mother is 0.

450,000 yuan, an increase of 190 in ten years.


Nucleotide prices remain high, and gross margins have increased significantly.

According to the reported amount, the beneficiary food additive industry continued to pick up, and the company’s main product nucleotide prices remained high.

According to the data of Zhuochuang Information we tracked, the average sales price of nucleotide I + G in the first three quarters of 2019 was 10.

30,000 yuan / ton, compared with 9 in the same period last year.

380,000 / ton increased 9 year-on-year.

84%; the average price of nucleotide spread is 8.

820,000 yuan / ton, compared with the same period last year 7.武汉桑拿

930,000 / ton increased by 11 in ten years.

twenty three%.

Affected by this, the company’s consolidated gross profit margin for the first three quarters of 2019 was 34.

85%, compared with 25 in the same period last year.

37% increased significantly by 9 per night.

48 units.

The acquisition of Jiuling Pharmaceuticals further enriched pharmaceutical intermediate products.

The operating results of Jiuling Pharmaceutical, the target of the company’s merger and acquisition, have been another important contribution to the company’s performance growth since the scope of the consolidated statement in February 2019.

The promise of M & A will replace the non-recurring profit and loss from 2017 to 2020, and the net profit attributable to the parent company will not be less than 3020, 3200, 3790, and 43.5 million yuan, respectively.

Jiuling Pharmaceutical is a pharmaceutical and chemical company engaged in the research and development, production and sales of pharmaceutical intermediates. We believe that through the merger and acquisition of this company, the company’s pharmaceutical intermediate product types will be further enriched, and the scale of business of chemical raw materials and pharmaceutical intermediates will be further enhanced.Achieve vertical integration development.

During the period, the expense ratio increased slightly.

Expenses of the company during the reporting year 18.

29%, a slight increase of 0 each year.

32 units.

In terms of splits, the company’s sales expense ratio, management expense ratio and financial expense ratio in the first three quarters of 2019 were 2 respectively.

42%, 14.

96% and 0.91%, down by 1 every year.

5 averages, up by 2.

5 averages, down by 0.

67 units.

profit prediction.

We expect that the company EPS for 2019-2021 will be 0.

23 yuan, 0.

25 yuan and 0.

27 yuan, combined with the estimated level of comparable companies, we give the company 25-28 times PE in 2019, corresponding to a reasonable value range of 5.

75 yuan-6.

44 yuan, maintaining the sustainable market rating.

Risk warning: the price of nucleotides falls, the performance promise of the target of merger and acquisition is not up to standard, and the total market demand for pharmaceutical raw materials