Yunnan Baiyao (000538) Quarterly Comment: Stable Development Looks Forward to Ten Years

Yunnan Baiyao (000538) Quarterly Comment: Stable Development Looks Forward to Ten Years

The core view of the first quarter results in line with expectations.

The company announced a quarterly report and achieved operating income of 69 in the first quarter of 1919.

7.3 billion, an increase of 10 in ten years.

04%, the net profit attributable to shareholders of the listed company is 8.

46 ppm, a ten-year increase4.

97%, deducting non-net profit is 7.

55 ppm, a ten-year increase of 8.

54%, performance in line with expectations, and maintained steady growth in the first quarter.

In terms of expenses, the company’s 杭州桑拿 selling expenses were 11.

90%, about 2 less than the same period last year.

56 units, administrative expenses1.

66%, R & D expenses 0.

41%, basically maintained at a relatively stable level.

Each sector is expected to develop steadily.

Under the influence of the “toothpaste incident” last year and the destocking of channels, the company’s various segments have maintained relatively stable development in the first quarter. It is expected that the growth rate of the commercial sector will remain at about 15%, and the growth of the healthy sector is good.The Chinese medicine resources sector still maintains a rapid growth rate of about 20%. Due to the impact of channel destocking, the pharmaceutical sector is expected to change to a certain extent, and is expected to expand by about 20%.

In terms of gross profit margin, Q1’s comprehensive gross profit margin was 28.

30%, about 2 less than the same period last year.

The 16 tiers are expected to be mainly related to the relative increase in the proportion of commercial business.

Motivation and rationalization, optimistic about the company’s long-term development.

At present, the company’s incentive reform has entered the final stage of integration. The company absorbed and merged Yunnan Baiyao Holdings, which further increased the control of Yunnan Province’s SASAC and Xinhua Capital, which is conducive to the company’s major events and decision-making.Smooth; reorganization, in order to further motivate the leadership and core employees of Baiyao, the company is expected to repurchase the company’s shareholding system from the secondary market to implement the employee stock ownership plan, change the gradual implementation of the company’s incentive plan, and be optimistic about the company’s long-term development financial forecast and investment recommendationsThe company’s pharmaceutical business is relatively under pressure, which may affect its 19-year performance. We slightly adjust our profit forecast. It is estimated that the EPS for 2019-2011 will be 3 respectively.



50 yuan (previous forecast was 3 for 19-20 years).


48 yuan), according to a comparable company, the company is given a 24x valuation in 2019, with a corresponding target price of 85.

92 yuan, maintain BUY rating.

Risk prompts that reform progress is not up to expectations; the company’s pharmaceutical business sales are not up to expectations