Tasly (600535) 2018 Annual Report and 2019 First Quarterly Report Comments: 2018 Non-Net Profit Deducted at Low Speed and 2019Q1 Results Meet Expectations

Tasly (600535) 2018 Annual Report and 2019 First Quarterly Report Comments: 2018 Non-Net Profit Deducted at Low Speed and 2019Q1 Results Meet Expectations

Event: The company announced its 2018 annual report and 2019 first quarter report, and achieved revenue of 179 in 2018.

9 billion yuan, an increase of 11.

78%; net profit attributable to mother 15.

4.5 billion yuan, an increase of 12.

25%; net profit deducted from non-mothers is realized13.

4.4 billion yuan, an increase of 2.

13%, the growth 杭州桑拿网 rate of net profit after deducting non-return to motherhood exceeded expectations.

Revenue in the first quarter of 2019 was 45.

7.1 billion yuan, an increase of 15.

66%; net profit attributable to mothers4.

4.8 billion yuan, an increase of 20.

64%; net profit deducted from non-attributed mothers3.

9.6 billion, an increase of 10.

28%, performance is in line with expectations.

Comments: The profitability of 2018 dropped slightly, and the increase in Q4 profit dragged down the performance.

The company’s gross profit margin in 2018 fell slightly to zero in ten years.

09 budgets, during which the expense rate rose slightly to 0.

The profitability of 7 partnerships declined slightly.

Company scale R & D expenditure 12.

2 billion yuan, accounting for 16% of the pharmaceutical industry’s revenue.

87%, continue to increase investment in research and development.

The reason why the company’s return to net profit increased faster than the growth of revenue and deduction of non-net profit is that the company’s disposal of long-term equity investments in 2018 generated 1.

Investment income of 3.1 billion US dollars, and the non-recurring profit and loss often generated is 2.

10,000 yuan, a substantial increase every year 2.

31 times.

In 2018Q4, the company’s revenue increased slightly by zero in ten years.

66%, gross profit margin decreased year by year4.

02%, resulting in a net return to motherhood of 25 per year.

99%, dragging down long-term performance growth.

The decline in the revenue of traditional Chinese medicine dragged down the growth of industrial income and the rapid growth of commercial income.

In 2018, the company achieved revenue from the pharmaceutical industry71.

2.7 billion, an annual increase of 4.

59%.

Among them, the company’s Chinese medicine business realized operating income in 201853.

5.8 billion, a decline of 0 every year.

2% is the lead leading to the rapid growth of the pharmaceutical industry’s revenue.

Specifically, the company’s local sales of compound Danshen dripping pills, nutritional serum brain granules, and Yiqi Fumai for injection decreased by 6 respectively.

1%, down 6.04% and down 10.

96% is expected to be the first increase in Chinese medicine revenue.

The company’s chemical drug revenue increased by 14.

54%, the income of chemical raw materials increased by 12.

22%, biopharmaceutical income increased by 1.

3 times.

In addition, the company’s pharmaceutical business income 107.

7.8 billion, an annual increase of 17.

07%.

In Q1 industry, business growth was good and profitability was basically stable.

In Q1 2019, the company’s operating income increased by 15 per year.

66%, of which the pharmaceutical industry increased by 10.

38%, pharmaceutical business growth 17.

59%.

The company’s gross profit margin in the first quarter fell slightly to zero in ten years.

35 perfect to 33.

98%, during the period, the cost rate drops by 0 every year.

42 averages, profitability is basically stable.

The non-recurring profit and loss in the first quarter was 5,196.

290,000, an annual increase of 3.

25 times is the reason why the growth rate of net profit attributable to mothers is faster than that of non-net profit.

Juli R & D, the company has rich pipelines in research.

The company’s 77 pipeline varieties including modern Chinese medicine, biological medicine, and chemical medicine three research and development platforms have made many progresses, and more than half of them have entered the clinical stage.

Modern Chinese medicine lays out 26 products, of which, the compound Danshen dripping pill FDA project T89 for the treatment of chronic stable angina pectoris clinical validation test ORESA has been approved by the FDA-SPA program charter review approval letter.

Biopharmaceutical products are distributed in 15 products. Among them, Puyouke’s stroke and pulmonary embolism clinical trials are progressing smoothly.

Chemical products are distributed in 36 products, which are the leading drugs in many fields combined with imitative innovation.

Maintain a cautious recommendation 南京夜网论坛 level.

The company’s EPS for 2019 and 2020 is expected to be 1.

23 yuan and 1.

41 yuan, corresponding to 19 times and 17 times the corresponding PE, maintaining a cautious recommendation level.

risk warning.

Medical insurance control fees exceeded expectations, drug sales decreased, and research and development failed.