Baiyunshan (600332) 2019 Interim Report Review: Business Integration Continues to Promote Wang Laojie’s Health Control Fee Increase

Baiyunshan (600332) 2019 Interim Report Review: Business Integration Continues to Promote Wang Laojie’s Health Control Fee Increase

I. Overview of the event The company released its semi-annual report for 2019 on August 22, and the company achieved operating income of 333 in the first half of the year.

41 trillion, +124 a year.

67%; net profit attributable to mother is 25.

480,000 yuan, at least -2.

73%; realized non-net profit attributable to mothers22.

0.2 billion yuan, +43 per year.

10%, the basic EPS is 1.

57 yuan.

Second, analyze and judge the consolidation of the subsidiaries affects the revenue growth rate, and the main incremental growth is still stable. In 2019H1, the company will realize revenue / attributable net profit21.


12 trillion, +124 a year.

67% /-2.


In May 2018, the company completed the acquisition of 30% equity of the pharmaceutical company; in October, it completed the acquisition of Wanglaoji Pharmaceutical 48.

After the 05% equity acquisition, the company will be consolidated and consolidated.

In the first half of the year, consolidated statements resulted in an increase in revenue for 2019H1 by 166.

1.4 billion.

After excluding the impact of consolidation, the company’s actual revenue will increase by about 12 per year.


19H1 company gross profit margin 22.

34%, ten years -9.

93 units; period expense rate 13.

57% per year -7.

04 units, of which the sales expense ratio is 9.

54%, five years -5.

12 units; management expense ratio 3.

79% every year -2.

62 budgets; financial expense ratio 0.

24%, ten years +0.

7 units.

In the process of consolidation of subsidiaries, large commercial businesses with low gross profit margins have the greatest impact on the scale of revenue, directly reducing gross profit margins and period expense ratios.

In Q2 2019, we achieved revenue / net profit of 152.


710,000 yuan, at least +92.

74% /-27.

55%, realizing net profit deduction for non-attribution8.

32 ppm, +24 a year.

5%.The deduction of non-net profit shows that the company’s main business is stable.

19Q2 company gross profit margin 19.

21%, at least -7.

59 units; period expense ratio 11.

38% -4 per year.

35 units with a sales expense ratio of 8.

31%, higher than -4.

84 units; management expense ratio 2.

81%, ten years +0.

1 unit; financial expense ratio is 0.

27%, ten years +0.

39 units.

Revenue growth of the big health sector was stable, and the cost control and price maintenance measures significantly increased the gross profit margin 2019H1.

54 trillion, ten years +10.

98%, the overall growth rate is stable.

In the first half of the year, Wanglaoji Health Co., Ltd. implemented fee control and price maintenance measures, which resulted in operating costs of ten to ten years.

53%, the gross profit level of the big health sector reached 49.

58%, ten years +12.

12 units.

In addition, the herbal tea business still deeply digs into the essence of “Ji Culture” and gradually cultivates new categories to 杭州夜网 create a product group centered on Wang Laoji, a red can.

In 2019H1, Wong Lo Kat continued to consolidate its youthfulness strategy. In the summer of 2019, the theme of “going hotter and more love going out” was set to launch a new spokesperson. At the same time, new products such as Wong Lo Kat and Ning Ji Ji series, and jasmine herbal tea were listed.

Insist on the development of new pharmaceutical products and strengthen the synergy of the sector.
In terms of pharmaceutical product development, the company will focus on “large varieties” in the future, and step up its efforts to cultivate “fashionable Chinese medicine” and “star varieties”.

In terms of R & D results, in 2019H1, the “National Dog Experimental Animal Resource Bank” of the Research Institute was successfully selected into the list of national science and 四川耍耍网 technology resource sharing service platforms; the Group obtained 5 production approvals (including supplementary application approvals) and 13 authorized domestic invention patents.There are 4 utility model patents, and 2 provincial engineering technology centers have been added. The consistency evaluation of generic drugs has been progressing steadily, and the cefuroxime ester tablets have been approved for consistency evaluation.

In terms of channel expansion, the company focuses on the “deep cultivation + development” in the medical channel, expands the hospital community medical business, accelerates the sinking of terminal distribution channels and the layout of retail business.

In terms of sector synergy, absorbing the distribution network and logistics advantages of the large commercial segment, the synergy between the company’s Great Southern Pharmaceutical and the large commercial segment will be enhanced and the company’s long-term stable development is expected.

Third, profit forecast and investment recommendations The company is expected to achieve operating income of 573 in 19-21.



35 trillion, +35 ten years ago.

90 / + 10.

00 / + 9.

40%; It is estimated that the company’s net profit attributable to the parent in 19-21 will be 32.



60 ppm, at least -5.

50% / + 15.

60% / + 18.

60%, corresponding to the EPS of the latest equity is 2.

74 yuan, the current corresponding PE is 20/17/15 times.

At present, the overall evaluation of the pharmaceutical sector is 37 times, and the overall evaluation of other beverage sectors is 16 times, taking into account the company’s sound management and long-term growth in the future.

Maintain the “Recommended” level.

4. Risk warning: The development of new products market is less than expected, the gross profit margin of core products has dropped significantly, and the financial situation has deteriorated.