Institution: Western Securities
Researcher: Yang Huan
Event: Yiling Pharmaceutical (002603) publishes annual report 2023 and quarterly report 2024LaketroutThe company achieved revenue of 103 in 2023Laketrout. 1.8 billion yuan (compared with the same period last year)-17Laketrout.67%)LaketroutIn the first quarter of 2024, the company realized revenue of 2.523 billion yuan (year-on-year-35.89%), net profit of 304 million yuan (- 74.73%), and non-return net profit of 292 million yuan (- 75.18%). The performance is under short-term pressure.
Under multi-factor performance pressure, non-respiratory products maintain a good situation. In terms of products, in 2023, the company's revenue from cardio-cerebrovascular / respiratory system / other patented products / other products reached 47.09 billion yuan, respectively, and + 12.71%, 51.90%, 13.82%, 71.43%, respectively, year on year. Respiratory products are expected to be affected by the decline in market demand caused by high base and high social inventory in the same period, and non-respiratory products remain in good condition. In 2023, the company's sales gross profit margin is 57.28% (year-on-6.49pcts) and 2024Q1 sales gross profit margin is 51.48% (year-on-13.48pcts). It is expected that due to the rise in raw materials and the decline in the proportion of high-margin continuous flower products, the sales expense rate / management expense rate / financial expense rate / R & D expense rate in 2023 is 26.21%, 5.74%, 0.26%, 8.27%, respectively. Respectively compared with the same period last year + 0.21pcts/+0.86pcts/+0.1pcts/+0.04pcts, R & D investment continued to increase.
The research and development of traditional Chinese medicine is advancing steadily, and the research pipeline is rich. Tongluo Mingmu capsule for the treatment of diabetic retinopathy was approved to go on the market in 2023; patented traditional Chinese medicine Lianhuaqingke tablet changed from prescription to over-the-counter; "Tongxinluo capsule ischemic stroke, Lianhua Qingwen granule in the treatment of influenza in children, Yangzheng Xiaoji capsule to improve the quality of life of patients with advanced non-small cell lung cancer and Xia Liqi capsule in the treatment of benign prostatic hyperplasia and other evidence-based medicine studies have been successfully revealed. The paper "Research on Myocardial Protective effect of Chinese Tongxinluo in the treatment of Acute Myocardial Infarction" was published in the Journal of American Medical Association (JAMA), influencing factor 120.7.
Give a rating of "overweight". It is estimated that the net profit from 2024 to 2026 will be RMB 15.76, 1.847, 1.170 million, compared with + 16.5%, 17.2%, 17.5%, 0.94, 1.11, 1.30 and 20.0x/17.0x/14.5x, respectively. Taking into account the company's unique collateral disease theory under the guidance of patented new drug research and development and academic marketing promotion model, given a "holding" rating.
Risk hints: policy adjustment risk, R & D innovation risk, cost rising risk.