Enhua Pharmaceutical (002262): Better than expected 19-20 years growth

Enhua Pharmaceutical (002262): Better than expected 19-20 years growth

Core point of view Net profit exceeded expectations and the pharmaceutical industry performed well.

The company released its 2018 annual report, which reported revenue of 38.

58 ppm per year 13.

69%, net profit attributable to mother 5.

2.5 billion, 32 per year.

99%, net profit after deduction 4

98 ppm, 39 per year.

90%, corresponding to EPS 0.

52 yuan.

Among them, the net profit exceeded the market and our expectations, and ultimately: 1) The pharmaceutical industry segment grew rapidly (revenue for one year).

15%), while gross margins have improved 杭州桑拿网 (+1.

34%); 2) The proportion of the pharmaceutical industry’s revenue continued to increase, which significantly increased the company’s gross profit margin and net profit margin (the pharmaceutical commercial gross profit margin was 8).

04%, an increase of 2.


The three major product lines of the pharmaceutical industry are working together to control expenses relatively well.

Specifically, revenue growth rates for the anesthesia, mental, and neurological product lines were 40%, 24%, and 34%, respectively.

From the sales situation of the 18Q3 sample hospitals, etomidate, dexmedetomidine, duloxetine, and aripiprazole all maintained rapid growth rates.

Expenses: Selling expenses 30.

93% increase in about 17 years (+3.

19pp); the management expense ratio was affected by the rapid increase in R & D promotion and reached 8.

40% (compared to 6 in the same period last year).

84%), the budget is that the company’s research and development costs increase by 54% per year.

45%, the proportion of revenue increased to 4.


Consistency evaluation and research and development continued to progress, and several products are expected to be launched during the year.

According to the annual report, the company has completed the conformity evaluation of risperidone (common tablets and dispersible tablets), clozapine, and dexamethas (submit an application and replace it), and aripiprazole has completed the BE submission; it will have 20One more variety is in the process of consistency assessment, including the company’s main varieties (etomidate, midazolam, etc.).

In terms of new products, the company expects to approve three new varieties during the year: sufentanil, dezocine and oxycodone.

Financial Forecast and Investment Suggestions As the company ‘s pharmaceutical industry ‘s rapid increase in the proportion of revenues has brought about an increase in overall profitability, we re-estimate the company ‘s net profit attributable to the parent company for 2019-2021.



1.7 billion (originally forecasted a net profit of 4 for 18-20 years.



430,000 yuan), the corresponding EPS is 0.



10 yuan, with reference to a comparable company to give the company a 19-year estimate of 24 times, corresponding to a target price of 16.
08 yuan, maintaining the company’s “Buy” rating.
Risk warning: If the sales volume of new products is less than expected, it will hinder the company’s performance growth.

If there is an adverse change in “4 + 7” volume purchase, it may cause a certain impact on the company’s performance.