Enhua Pharmaceutical (002262): Performance in line with expectations

Enhua Pharmaceutical (002262): Performance in line with expectations

Performance growth was in line with expectations.

The company achieved operating income of 20 in the first half of 2019.

9.7 billion, an annual increase of 12.

41%; Net profit attributable to shareholders of listed companies3.

22 ppm, an increase of 22 in ten years.

87%; net profit attributable to shareholders of the listed company after deduction.

2.2 billion, an annual increase of 23.

25%, corresponding to EPS 0.

32 yuan.

Among them, the second quarter achieved operating income10.

48 ppm, a ten-year increase of 11.

53%; net profit attributable to mothers1.

96 ppm, an increase of 22 in ten years.


The company also announced that in the first three quarters of 2019, net profit attributable to mothers will be in the range of 4.


70 ppm, an increase of 15-35% per year.

The company’s performance growth was good and in line with expectations.

The industrial sector maintained rapid growth.

The report summary, the company’s pharmaceutical industry sector achieved operating income13.

55 ppm, an 18-year increase.

55%, the industrial sector revenue share further increased to 64.


Three pipeline anesthesia, mental and neurological categories achieved revenues6.

7.7 billion (+16.

99%), 5.

08 thousand yuan (+23.

47%) and 0.

7.5 billion (+34.


Among them, the 杭州桑拿网 first-line products are strong, and Forli is expected to maintain a rapid growth of about 15%; the growth of some second-line products is affected by the volume of purchases, and the growth rate of right-US is expected to be about 30%.The growth rate is in the single digits. Other varieties such as remifentanil, duloxetine, and aripiprazole have maintained rapid growth of more than 50%.

According to the number of reports, the commercial sector has remained basically stable, achieving revenue7.

16 ppm, a 10-year increase3.

05%; API revenue is 0.

4.1 billion (-7.

93%), which is expected to be related to the decrease in overseas revenue.

Significant improvement in operating efficiency.

The reported revenue benefited from the company’s cost control and the increase in the proportion of high gross margin products, and the company’s gross sales margin reached 59.12%, an increase of 6 per year.

08pp, of which the gross profit margin of the industrial sector rose by 3.

12pp, the business sector rose 4.


In terms of expense control, the company’s sales expenses subsidized in the first half of the year31.

27% (+2.

74pp), it is expected that the company has further strengthened product promotion efforts; management costs have been reduced4.

56% (+1.

41pp), mainly due to the sharing of incentive expenses this year; financial expenses are available for -0.

38%, unchanged from last year.

The company’s net sales margin is 15.

10% year-on-year increase of 1 year.


The report summary, the company’s operating cash flow rankings increased by 65 in the same period last year.

08%, reaching 2.

8.8 billion yuan, with good returns and abundant cash flow.

Research and development expanded, and research and development projects advanced steadily.

At the core of the report, the company’s R & D occupation reached 0.

77 ppm, an increase of 13 in ten years.

90%, 87 R & D personnel were introduced in the first half of the year, and the company has more than 60 projects under research.

At present, the company takes consistency evaluation as the top priority for research and development. Risperidone tablets have passed the consistency evaluation; clozapine tablets, dexmedetomidine hydrochloride injection, risperidone dispersible tablets and gabapentin capsules have been declared;Clonazepam tablets, midazolam injection, remifentanil hydrochloride for injection are about to be declared.

In addition, in terms of generic drugs, five have been declared for production, and three have been filed for clinical or BE filing. For innovative drugs, three of the companies are in the clinical stage. TRV-130 has completed phase III clinical trials in the United States and declared NDA.

Profit forecast: We predict that the company’s net profit attributable to the parent company in 2019-2021 will be 6 respectively.

5.7 billion, 8.

1 billion, 9.

900,000 yuan, the corresponding EPS is 0.

64 yuan, 0.

79 yuan, 0.

97 yuan, currently the corresponding PE is 18 respectively.



4. Maintain the “Recommended” level.

Risk reminder: the risk that the progress of drug bidding does not meet expectations; the risk of drug price reduction; the risk that the development of new drugs does not meet expectations