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Enhua Pharmaceutical (002262): Deducting non-growth rate 39.

9% industrial sector grew 深圳桑拿网 31%, performance continued to exceed expectations

Enhua Pharmaceutical (002262): Deducting non-growth rate 39.

9% industrial sector grew 31%, performance continued to exceed expectations

Event: The company announced its 2018 annual report and achieved revenue of 38.

580,000 yuan, an increase of 13 in ten years.

69%, achieving net profit attributable to listed companies5.

2.5 billion, up 32 each year.

99%, attributable to non-net profit of listed companies.

980,000 yuan, a 39-year growth of 39.


A cash dividend of 0 is proposed for every 10 shares.

60 yuan (including tax).

Industrial sector revenue growth was 31% + exceeding expectations.

Revenue from the industrial sector24.

4.6 billion (+31.

15%), of which 11 achieved revenue in the first half.

4.3 billion (+24.

96%), the growth rate accelerated.

Commercial plate 13.

8.1 billion (-6.


In terms of products, anesthesia income was 12.

52 ppm, an increase of 39 per year.

78%, combined with the PDB sample hospital data, we expect the old products Liyuexi and Forli to maintain stable growth, and the second-line products dexmedetomium obesity growth rate is 50% -60%.

Spirit class 8.

6.7 billion (+23.

73%), high-speed growth of psychic duloxetine and aripiprazole; neurotic 1.

27 ppm, an increase of +33 per year.


It is expected that the volume of procurement in the 11 pilot cities will have limited impact on the company, and the growth forecast is not expected to change.

The company’s dexmedetomidine successfully achieved the unique indications of ICU, which can gain a certain share in the belt purchase area. It also has access advantages outside the belt purchase area. It is expected to continue to maintain rapid growth in 2019.

Risperidone ordinary tablets have entered the volume purchase, and the price has dropped significantly, which is expected to have limited impact on the company.

The company’s risperidone has two dosage forms, ordinary tablets and dispersible tablets. The sales revenue mainly comes from dispersible tablets. Dispersible tablets have the advantage of avoiding patients’ possession of drugs, easy decomposition, and high compliance. The company will also focus on promoting dispersible tablets.

The unique advantage of anesthesia-based products, etomidate products, is cardiovascular stability, which has unique advantages in the elderly and patients with cardiovascular disease, as well as applications in the painless field. It will maintain a growth of about 20% in the future.

The research varieties are gradually entering the harvest period, providing long-term growth potential.

The company focuses on the central nervous field and has a large number of products under research. By tracking the review status of the drug review center, the progress of the products under research is dizoxin and sufentanil, which are expected to be approved within the year.

Consistency evaluation progressed smoothly, risperidone has passed the consistency evaluation, and the aripiprazole 杭州桑拿网 step follows risperidone.

Investment advice: Buy-A investment rating, 6-month target price of 12.

8 yuan.We expect net profit for 2019-2021 to be 6, respectively.

50 billion, 7.

9.1 billion, 9.

64 ppm, with annual growth rates of 23 respectively.

9%, 22.

0%, 21.

9%, 2019-2021 earnings per share are 0.

64 yuan, 0.

78 yuan, 0.

95 yuan, corresponding to the current sustainable respectively 16.

8 times, 13.

8 times and 11.

3 times PE, enter the value range, give buy-A investment rating, 6-month target price is 12.

8 yuan, equivalent to a dynamic P / E ratio of 20x in 2019.

Risk reminder: The sales volume of second-tier products is lower than expected, the sales expenses are too high, which results in lower-than-expected performance, and lower-than-expected R & D.