Under the "hard to find one medicine", it is still unclear when the cosmetics will be split and listed in the new year without raising the price

Growth slows down Pien Tze Huang seeks transformation and development

  A few days ago, Pien Tze Huang (600436), known as "Maotai in the Chinese medicine industry", released its 2021 annual performance report.

The data shows that Pien Tze Huang's operating income in 2021 will achieve 8.026 billion yuan, a year-on-year increase of 23.27%; the net profit attributable to the parent is 2.433 billion yuan, a year-on-year increase of 45.55%; the non-net profit attributable to the mother's deduction is 2.43 billion yuan, a year-on-year increase of 52.93%.

However, the reporter found that Pien Tze Huang's performance growth has slowed down.

Shortly after its performance bulletin was issued, Guosheng Securities issued a research report saying that it maintained the buy rating of Pien Tze Huang, but Pien Tze Huang also has many risks.

  Text/Picture/Table Guangzhou Daily All Media Reporter Zhang Zhongan Tu Duanyu

  Pien Tze Huang stated in its semi-annual report last year that it would "accelerate the spin-off and listing of Pien Tze Huang cosmetics". Just recently, Pien Tze Huang announced a large investment and planned to build a new industrial park in Zhangzhou City. The upper limit of the investment estimate does not exceed 4.48 billion yuan. The source is self-financing of the company.

Pien Tze Huang said, "This investment in new construction does not constitute a connected transaction, nor does it constitute a major asset reorganization."

  Invested nearly 4.5 billion yuan to build a healthy smart manufacturing park and a healthy beauty park

  It is reported that the newly built industrial parks are Pien Tze Huang Great Health and Smart Manufacturing Park and Pien Tze Huang Health and Beauty Park, covering an area of ​​328,000 square meters and 89,000 square meters respectively.

The construction period of the two industrial parks is 3 to 5 years.

In July last year, Fujian Pien Tze Huang Cosmetics Trading Co., Ltd. was established.

The company has a registered capital of 150 million yuan and is 100% owned by Pien Tze Huang Cosmetics. Its business scope includes cosmetics retail, wholesale, Internet sales, and brand management.

  The 2021 Pien Tze Huang semi-annual report shows that the gross profit margin of the cosmetics sector is 69.54%, and the cosmetics company achieved a net profit of 98 million yuan during the reporting period.

Although the performance of Pien Tze Huang Cosmetics has grown rapidly, there is still a big gap compared with domestic listed cosmetics companies.

In terms of performance in 2020, Bloomage Bio-functional skin care products business, which also started as a pharmaceutical company and entered the daily chemical industry, achieved revenue of 1.346 billion yuan, with a gross profit margin of 81.89%.

Zhu Danpeng, an analyst in China's food industry, said that Pien Tze Huang's pursuit of a spin-off and listing of the cosmetics business is to achieve 1 plus 1 greater than 2, but whether it can actually be realized remains to be seen.

  就总体而言,片仔癀目前有七成收入来自华东地区。片仔癀于2003年6月在上交所上市,首发募集资金总额3.42亿元,现在市值超2200亿元。片仔癀产品涵盖肝病、心血管、感冒、糖尿病等众多领域的用药,其中拳头产品为片仔癀系列产品,有中药丸、胶囊、含片、软膏等多个类型。

  曾经“一药难求” 连续多年发布涨价公告

  很多人认识片仔癀,可能在其价格高昂和“一药难求”。去年,片仔癀在北京、上海、广州、天津等全国各地线下店均一度出现断货。而在一些线上平台,片仔癀价格一粒从560元炒至1000元。根据记者不完全统计,2005年以来,片仔癀发布14份涨价公告,基本都是涨价“通知”。尽管如此,片仔癀近来一段时间都没提涨价,这也使得资本市场对其新年涨价预期落空,短线搏涨价资金撤出。

  2020年1月21日,片仔癀公告称,决定自公告之日起,公司主导产品片仔癀锭剂国内市场零售价格从530元/粒上调到590元/粒,供应价格相应上调约40元/粒;海外市场供应价格相应上调约5.80美元/粒。

  有分析认为,片仔癀产品价格不断上涨主要有三方面的原因,一是从市场份额上看,片仔癀目前位居我国肝病中成药榜首,市占率较高,具有很大的话语权。二是我国中高收入人群规模正快速壮大,在消费升级浪潮下,人们对于高端保健品的需求日益旺盛。三是片仔癀在我国东南沿海城市以及海外华人圈具有较高的知名度。

  未来提价策略是否还会持续?有行业人士表示,尽管片仔癀的产品具有一定稀缺性,很多产品不在医保定价范围内,但其含片、软膏、胶囊、糖浆、颗粒等系列产品依然属于药物,涵盖了肝病用药、感冒用药、皮肤科用药等领域,因此,如果价格依然一路上涨或不符合当前国家医药政策引导方向。

  股市

  2021年营业收入同比增23.27%

  最新动态市盈率近百倍

  Thanks to continuous price increases, Pien Tze Huang's performance has also been on the rise. Among them, operating income has increased from 419 million yuan in 2005 to 8.026 billion yuan in 2021, an increase of 18.16 times; the net profit attributable to shareholders of listed companies has increased from 86 million in the same period. Yuan increased to 2.433 billion yuan, an increase of 27.29 times.

  However, the latest data shows that its performance growth has slowed down.

According to the annual report data disclosed by Pien Tze Huang, the operating income in 2020 is 6.511 billion yuan, an increase of 13.78%, and the operating income in 2021 will increase by 23.27% year-on-year.

However, compared with the increase of 60.85% in 2017 and 28.33% in 2018, it has slowed down significantly.

  In the past ten years, the gross profit margin has declined steadily. After the gross profit margin fell below 50% in 2014, it continued to run below 50%. In 2020, it was 45.16%, a decrease of nearly 10 percentage points compared with 54.57% seven years ago.

  Shortly after the release of last year's performance bulletin, some brokerages pointed out that they should be alert to risks such as the decline in the growth rate of Pien Tze Huang's revenue, the rise in raw material prices, and the decline in gross profit margins.

In addition, changes in the company's executives have also triggered market speculation. In April 2021, Liu Jianshun, chairman of Pien Tze Huang, applied to the board of directors for early retirement due to personal health reasons.

The successor, Pan Jie, only worked in the position of chairman for 8 months before resigning due to work adjustment. The current chairman is Lin Weiqi, former member of the Party Committee and deputy director of the State-owned Assets Supervision and Administration Commission of Zhangzhou City.

  Wearing a multi-top halo, Pien Tze Huang’s stock price has continued to rise since its listing in 2003. It is known as “Moutai in Medicine”. According to the post-restoration calculation, it rose to a maximum of 2,518.72 yuan in July last year, which is 295 times the initial price of 8.5 yuan.

The valuation has increased from the earliest 14.54 times to more than 100 times.

As of the close on January 25, 2022, the dynamic price-earnings ratio is still as high as 91.55 times.

  It is worth noting that, just in the historical high of the stock price in July last year, major shareholders rarely reduced their holdings.

On July 22, 2021, Pien Tze Huang announced that the company's controlling shareholder, Zhangzhou Jiulongjiang Group, plans to reduce its holdings by no more than 6,033,200 shares. If calculated at the closing price at that time, the reduction will be as high as 3 billion yuan.

This is the first time that the company has been reduced by a major shareholder since its listing 18 years ago.

And it brought a continuous sharp drop in the stock price. Among them, after the limit-down on July 22, it continued to fall sharply for three consecutive trading days, with a cumulative drop of nearly 30% in four trading days.

Until now, the stock price has not returned to where it was then.

  因此,有市场人士认为,片仔癀基本面虽然被机构普遍看好,但二级市场估值水平处在绝对的高位,20多亿元利润比较难支撑2200多亿元的市值。

  据悉,片仔癀属于一级中药保护品种。在业界观点看来,片仔癀在消费市场以及资本市场受青睐的另一大原因或与大众具有一定的“从众心理”有关,虽然片仔癀有一定的治疗功效,但也并非万能“神药”,商家、机构过于夸大和追捧其功效,或也会炒高其终端价、股价。

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