Changchun High-tech (000661) Jinsai Pharmaceutical maintains high-growth real estate business settlement significantly improved

Changchun High-tech (000661) Jinsai Pharmaceutical maintains high-growth real estate business settlement significantly improved
Core point of view: The company achieved net profit attributable to mothers in the first quarter of 20193.650,000 yuan, an increase of 73 in ten years.67% of the companies released the first quarter report of 19: In the first quarter, the company realized revenue of 17.75 ppm, a 72-year increase of 72.07%; net profit attributable to mother 3.650,000 yuan, an increase of 73 in ten years.67%, which is the upper limit of black performance forecast; deduct 苏州桑拿网 non-net profit3.580,000 yuan, an increase of 96 in ten years.93%; net cash flows from operating activities.180,000 yuan, a sharp increase of 398 before.31%, good business quality. The pharmaceutical business maintained rapid growth, the real estate business settlement income increased and increased, the company’s performance increased rapidly, and the expansion of the reorganized pharmaceutical business maintained a good growth trend. The first quarter revenue and net profit respectively increased.16%, 62.15%. Based on the company’s financial report calculations, we expect the core subsidiary Jinsai Pharmaceutical’s net profit to grow by about 60%, and the growth in the number of vaccine approvals issued by Baike Biotechnology will improve; gradually, the real estate development project settlement income will increase significantly.We expect the company’s real estate business to achieve nearly $ 300 million in revenue. Affected by changes in the income structure, the company’s gross profit margin increased and fell. The control of the expense ratio was well affected by the growth of the actual business settlement income with a low gross profit margin. In the first quarter, the overall gross profit margin of the company declined.53pp to 81.84%, net profit margin fell by 1 year-on-year.45pp to 28.96%.In terms of expense ratio, the company’s sales expenses increased by 45 in the first quarter.77%, sales expense ratio decreased by 6.31pp to 34.95%; the total administrative cost rate and the R & D cost rate decrease by 3 each year.45pp, of which the company’s R & D expenses increased for ten years in the first quarter.98%, R & D expense ratio is about 6.48%; financial expense ratio drops by 0 every year.3pp to -0.45%, the company’s expense expense rate is well controlled. The company intends to acquire 30% minority shares in Jinsai Pharmaceutical. The company’s development will enter a new historical stage. The company recently announced plans to issue shares and acquire 30% minority shares in Jinsai Pharmaceutical by means of convertible bonds.Specific investors raised funds for non-public offering of shares.We expect that the interest relationship between Jinsai ‘s core motherboard represented by Jin Lei and listed companies will be straightened out through share swaps and convertible bonds, and the company will enter a new stage of development. Earnings forecast and investment advice will not consider this restructuring plan for the time being. We estimate that the company’s net profit attributable to the mother in 2019-2021 will be 13.74/17.83/22.7 trillion, corresponding to the current market value of PE is 39X / 30X / 23X, maintaining a reasonable value of 290.88 yuan / share, corresponding to 36 times PE in 2019, give a buy 淡水桑拿网 rating. Risks indicate that the growth hormone market is not up to expectations; the progress of the product under development is not up to expectations; there is uncertainty about the asset reorganization of the acquisition of minority stakes in Jinsai