Kyushu Express (600998): 18 years of steady increase in operating scale and improved cash 南京桑拿网 flow situation
The operating scale continued to increase in 2018, and net profit after deducting non-attribution increased by 21.
61% of 2018 realized revenue of 871.
36 ppm, an increase of 17 in ten years.
84%; net profit attributable to mother 13.
41 billion dollar integer 7.
26% (mainly in the same period in 2017, the company’s Hanyang plot of old city reconstruction project compensation compensation5.
2.8 billion budget cost is included in the asset disposal income), and net profit after deduction is returned to the mother12.
28 ppm, an increase of 21 in ten years.
In 2018, the company increased its account collection efforts, controlled sales of hospital customers during the accounting period, and increased the proportion of cash payments and settlements of downstream customers. The net cash flow from operating activities in 2018 was 12.
22 trillion, cash flow turned positive compared to 2017.
As a whole, the company’s operating scale continued to increase in 2018, cash flow improved, and overall operations continued to improve.
In the single quarter, the company achieved revenue of 233 in the fourth quarter of 2018.
900,000 yuan (+20.
05%), to achieve net profit attributable to mother 5.
6.9 billion yuan (+16.
In the third quarter of 2018 and the fourth quarter, the company’s cash flow from operating activities was 6.
6.9 billion, 54.
48 trillion, the company’s cash flow continued to improve in the third and fourth quarters.
The equipment sector achieved rapid growth, and the benefit policy of the grassroots and retail and wholesale channels continued to grow in terms of varieties: 1. The company’s core western medicine and proprietary Chinese medicine sales maintained relatively rapid growth, achieving revenue of 685.
5.5 billion (+15.
37%), sales gross margin 8.
41pp), of which prescription drugs (including double-span varieties) achieved income of 461.
3.9 billion (+16.
56%) accounted for 67% of drug sales.
30%; OTC sales achieved 224.
1.6 billion (+13.
01%), accounting for 32% of drug sales.
70%; 2. Sales of Chinese herbal medicines and Chinese herbal medicines achieved sales income of 33.
9.7 billion (+20.
53%), with a gross profit margin of 13.
44pp); 3. The equipment and family planning business maintained a high growth rate and realized revenue of 112.
2.1 billion (+60.
85%), sales gross profit margin 7.
43% (-0.72pp). The main reason for the decrease in gross profit margin was the sale of professional products such as Johnson & Johnson ultrasonic knives and staplers.
49 trillion, and the decline in the gross profit margin of this part of the business; 4, the daily sales of food and other daily chemicals in 2018 37.
8.4 billion (-16.
13%), gross profit margin 8.
From the point of view of channel structure: 1. Medical institutions achieved sales of 297.
3.4 billion (+33.
14%), with an income share of 34.
9pp), of which 181 hospitals achieved sales revenue of 181.
9.5 billion (+24.
49%), more than 5,200 effective customers in hospitals above the second level; medical institutions below the second level achieved 115.
3.9 billion (+49.
55%), with an income share of 13.
8pp). Through the advancement of graded and graded therapy, the company’s primary medical institution business has achieved rapid growth, with more than 77,000 effective customers.
2. Retail pharmacy wholesale channel realized income of 225.
6.6 billion (+33.
78%), with a revenue share of 25.
07pp), of which the wholesale income for chain drug stores is 162.
1.7 billion (+34.
69%), and sales to monomer drug store customers were 63.
4.9 billion (+31.
3. Revenue from retail business in 19 years19.
6 billion (+4.
46%), of which, there are 1,287 good pharmacist physical stores (including franchise), including 251 directly-operated stores and 1045 franchise stores. A total of 334 new pharmacists have been added in 18 years, and the offline sales of good pharmacists has reached 10
4.3 billion (+18.
47%), online B2C business realized revenue9.
1.7 billion (-14.
4. Non-drug channels realized income 33.
7.1 billion (+14.
The company with good performance reported FBBC e-commerce business realized income 82.
0.5 billion (+156.
30%); the pharmaceutical industry realized revenue of 15.
4.5 billion (+29.53%); general agency business realized revenue29.
3.3 billion (+67.
12%), gross margin of 23.
The gross profit margin increased slightly, and the operating quality needs to continue to improve.In 2018, the company’s gross sales margin and net sales margin were 8.
59%, an increase of 0 over the same period last year.
19pp, down by 0.
4 pp report budgets, the company’s sales expense ratio, management expense ratio and financial expense ratio are 3 respectively.
00%, the sales expense ratio and financial expense ratio are slightly higher than last year, and the management expense ratio has become 0 compared with 2017.
In terms of operating quality, the company’s inventory turnover days and accounts receivable turnover days in 2018 were 58 respectively.
95 days / 71.
In 93 days, the increase in the turnover days 苏州夜网论坛 of accounts receivable was mainly due to the improvement in the business of the company’s second-level or higher medical institutions in 18 years.
It is estimated that the variety and channel adjustment of the rating company are gradually completed. In the future, the primary medical institutions and retail pharmacy wholesale business will continue to benefit from the policy and increase. It is estimated that the company’s net profit in 19-20 will be 17.
950,000 yuan, the corresponding EPS is 0.
17 yuan / share, maintain “Buy” rating.
Risk warning: the risk of intensified market competition, the risk of bad debts of receivables, the implementation of policies is less than expected, and the development of industrial and retail businesses is less than expected.