健民集團(600976):重點產品表現強勁 體培牛黃持續貢獻利潤
事件:健民集團公佈 2022 年半年度報吿,2022H1 實現營業收入 18.27億元(YOY+1.93%),歸母淨利潤 1.98 億元(YOY +18.70%),扣非歸母淨利潤1.70 億元(YOY +6.87%)。 Q2 業績穩健增長,健民大鵬持續貢獻利潤。2022H1 實現營業收入 18.27億元(YOY +1.93%),其中Q2 實現營業收入 9.09 億元(YOY -4.42%);歸母淨利潤 1.98 億元(YOY +18.70%),其中Q2 歸母淨利潤1.09 億元(YOY+12.37%),由於處方藥產品線收入增長19%和政府補助及聯營企業投資收益增加所致,其中聯營企業健民大鵬貢獻利潤0.77 億元(Q1 為0.4 億元,Q2 為0.37 億元);扣非歸母淨利潤1.70 億元(YOY +6.87%);經營活動現金流量淨額 0.83 億元(YOY +8.24%),由於公司本期加大了銷售回款力度。 重點產品表現強勁,公司聚力培育新產品。1)主導產品龍牡壯骨顆粒銷量總體保持穩定,H1 銷售量總計2.5 億袋。其中60 袋規格保持穩定增長,30 袋規格公司則從渠道管控、銷售政策調整、減少發貨等角度進行價值鏈維護,終端價格有所恢復、渠道庫存趨於良性。2)便通膠囊作為OTC 渠道新品,公司對其採取加快其連鎖開發、門店鋪貨,加強KA 連鎖戰略合作等舉措進行培育。H1 實現銷售量總計357 萬盒,OTC 渠道銷售收入同比增長79%。3)健脾生血顆粒(片)銷量表現良好,實現同比增長20%,主要由於公司採取了大規格替換、多科室推廣、薄弱省區銷售模式調整等策略,以提升其醫療機構的覆蓋率。4)雌二醇凝膠、小兒寶泰康顆粒等產品均實現銷量同比增長40%以上,主要由於公司通過多科室推廣、指南巡講等舉措促進了公司醫療線產品快速發展。 天然牛黃價格升高,健民大鵬體培牛黃持續亮眼。健民大鵬是國內唯一生產和供應體外培育牛黃的企業,可替代天然牛黃應用於38 種臨牀急重病症的中成藥,擁有高專利壁壘。天然牛黃價格自2021 年突破50 萬元/公斤以後,2022年維持在52-55 萬元/公斤的高位,成本提升下,健民大鵬體培牛黃具備提價潛力和較大市場空間。 投資建議:公司兒科大單品龍牡壯骨顆粒、便通膠囊等OTC 產品帶動公司業績增長,參股公司健民大鵬是體外培育牛黃的生產商和供應商,為業績可持續增長的帶來確定性。預計2022-2024 年EPS 分別為2.58 元、3.29 元和3.89元,對應當前股價PE 為18 倍、14 倍和12 倍,維持”推薦”評級。 風險提示: 不可抗力風險;政策變動風險;產品銷售不及預期風險
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