Hansen Pharmaceutical (002412) reported for the first time: Star single products gradually launched regional pharmaceutical leaders and then compete for the top!

Hansen Pharmaceutical: The leading pharmaceutical company in the region was formerly a state-owned enterprise, and became the first listed company in Yiyang, Hunan after the restructuring.

The company’s development is closely focused on the main business, and the layout structure is clear.

Mr. Liu Lingan is the actual controller of the company. He is also the chairman of Hunan Pharmaceutical Industry Association and the largest shareholder of Nanyue Biopharmaceuticals (mainly engaged in blood products).

The company’s revenue has continued to grow steadily, and its profitability is strong. At the same time, it has invested in Sanxiang Bank, a high-quality target, to optimize its profit structure with high investment income.

  Industries: Encourage the expansion of the Chinese medicine industry as the adjustment of the Chinese medicine industry progresses. The development of the traditional Chinese medicine industry is favorable. Upstream: Double growth of medicinal planting area and output; Midstream: When production capacity is optimized, the number of manufacturing companies decreases while quality improves; Downstream: Chinese medicine sales account for the overall drug marketThe proportion is small, and the demand for public hospitals continues to grow.

At present, Chinese medicine occupies a relatively small market, and the industry has great potential for future development.

In terms of policies, the health care reform policy has brought challenges to relevant enterprises from all aspects of the industrial chain.

  At the same time, the state has frequently issued encouraging policies for the Chinese medicine industry, which has boosted corporate confidence and benefited the healthy development of the industry.

  The company’s core advantages: supply chain optimization + sinking marketing channels, supporting the turning point of celebrity single product performance!

  First, build a product echelon of main + potential + reserves and continue to explore new growth points in performance.

The company’s existing products can be divided according to strategy: 1) The main product: Si Mo Tang Oral Liquid, which is the main product that supports the company’s revenue growth for a long time.Gastrointestinal Power Drugs.

The company has long been committed to improving the quality of this product and consumer recognition; 2) Potential products-categories that are expected to grow into big stars: The company has multiple Chinese and western medicine varieties, mainly including shrink spring capsules, ginkgo leaf capsules and wholly-ownedThe Tianma Xingnao Capsules of Ziyongzitang Pharmaceutical Subsidiary, etc., may become the company’s new source of performance growth; 3) Reserve products: while developing new drugs, tap the potential of existing products, and accelerate the progress of the evaluation of chemical consistency.Consumption of new demand for reserves.

  Second, the strength of the supply chain has continued to improve, and it has comprehensively assisted marketing in developing new markets.

The company in the product chain 1) upstream: extend to the planting end in other ways to enhance the ability to control raw materials; 2) midstream: provide sufficient production capacity through automatic transformation of production lines, good supply chain management capabilities to achieve year-round high production-sales ratio and low inventory,At the same time, in terms of product research and development, the company continues to increase investment in scientific research; 3) Downstream: The company has long insisted on building a professional sales team to adapt to the implementation of medical reform policies such as the “two-vote system”, which will help the company focus its sales on hospitals and other big B companies in this contextThe terminal sinks to the small B terminal such as the grassroots, and then to the C terminal such as retail to take the lead.

  Earnings forecasts and investment advice.

We expect the company to achieve revenue in 2019-2021.

34/13.

87/17.

910,000 yuan, net profit 2.

04/2.

65/3.

4.5 billion.

Corresponds to EPS 0.

41/0.

53/0.

68 yuan.

We are optimistic about the company’s continuous launch of star single products in the field of Chinese and Western medicines, and the continuous development of marketing channels, giving the company 30 times PE in 2020 and a target 杭州桑拿网 price of 15.

90 yuan, for the first time, give “overweight” rating.

  Risk reminder: pharmaceutical industry policy / safety and environmental protection risk, raw material procurement / single product structure / quality / drug safety / R & D risk, goodwill impairment risk, high sales expense ratio, and management risk brought by rapid expansion