国药控股(01099.HK)2022年第1季度股东净利同比增加17.4%

See the last page for disclaimer Page 1 of 2 中外运输 Equity Research Equity Research Report 证 券 研 究 报 告 Flash Note 股票研究 快讯 证券研究报告 [Table_Info1] 医药行业 Health Care Sector [Table_Info2] 国药控股 Sinopharm (01099 HK) [Table_Title] Flash Note: Sinopharm (01099 HK) Kay Mai 麦梓琪 (86755) 2397 6685 快讯： 国药控股 (01099 HK) maiziqi@gtjas.com 22 April 2022 [Table_Summary] 1Q2022 Shareholders’ Profit up 17.4% YoY 2022年第1季度股东净利同比增加17.4%  Sinopharm (the "Company") released its 1Q2022 unaudited results. A summary is presented below: Table-1: Sinopharm 1Q2022 Results Summary Currency (RMB) yoy yoy Revenue 127,598 mn 6.1% Gross profit margin 7.9% 0.2 pts Shareholders’ profit 1,428 mn 17.4% Net profit margin 1.1% 0.1 pts EPS 0.46 18.0% Total liability/total assets 71.6% (0.4) pts CFO (1,767) mn 11.2% Source: the Company, Guotai Junan International. Note: Net profit margin = shareholders' profit ÷ revenue.  Comments and views: 1Q2022 top line missed but bottom line was basically in line. In 1Q2022, the Company recorded revenue of RMB127,598 mn, up 6.1% YoY and shareholders' profit of RMB1,428 mn, up 17.4% YoY. The decrease in top-line growth may be attributable to the COVID-19 outbreak in a few cities around the country. Gross profit margin increased YoY by 0.2 pts to 7.9%, which may be attributable to business structure optimization. Moreover, thanks to more efficient operating, net profit margin was up 0.1 pts YoY to 1.1%. Additional challenges to the industry come from rising oil prices and Omicron-dominated COVID-19 outbreaks in many cities across China, however, the monetary policy and payment settlement policy of basic medical insurance fund is expected to help reduce financial pressure in 2022. Given its leading industry position and aggressive business optimization, the Company's bottom-line growth is still expected to remain stable and outperform the industry average.  Investment suggestion: Currently, our rating for Sinopharm is "Accumulate" with TP of HK$25.50. We will consider fine-tuning earnings forecasts and maintaining our TP and investment rating in our next Company Report.  国药控股（“公司”）宣布 2022 年第 1 季度的未审计业绩。主要摘要如下： 表-1：国药控股 2022 年第 1 季度业绩总结 货币单位 (人民币) 同比变动 同比变动 收入 127,598 百万元 6.1% 毛利率 7.9% 0.2 个百分点 股东净利 1,428 百万元 17.4% 净利率 1.1% 0.1 个百分点 每股净利 0.46 元 18.0% 资产负债率 71.6% (0.4)个百分点 经营性现金流 (1,767)百万元 11.2% 资料来源：公司、国泰君安国际。 注：净利率 = 股东净利 ÷ 收入。  观点评论：2022 年第 1 季度收入不及预期但股东净利基本符合预期。2022 年第 1 季度，公司收入录得人民币 127,598 百万元，同比上升 6.1%，以及股东净利为人民币 1,428 百万元，同比增长 17.4%。收入增速放缓，可能归咎于新冠疫情在全国多个城市爆发。毛利率同比上升 0.2 个百分点至 7.9%，可能归因于公司业务结构优化。另外，受益于更加高效的经营，净利率同比上升 0.1 个百分点至 1.1%。2022 年，行业面临油价上涨以及中国多地出现由奥密克戎主导的新冠疫情爆发带来的额外挑战，然而，货币政策与医保基金货款结算政策有利于减轻财务压力。鉴于其领先的行业地位以及积极的业务优化，公司盈利增长仍有望维持稳定并好于行业平均。  投资建议：当前，我们对国药控股的目标价为 25.50 港元，投资评级为“收集”。我们会考虑在下一份公司报告中微调盈利预测，但维持目标价与投资评级。 股票报告网 Flash Note See the last page for disclaimer Page 2 of 2 [Table_RightMar1] 22 April 2022 [Table_RightMar2] Sinopharm 国药控股 (01099 HK) [Table_PageHeader] Sinopharm (01099 HK) [Ta