Placco (603566) Annual Report Comments: 19% growth in performance is basically in line with expectations

Placco (603566) Annual Report Comments: 19% growth in performance is basically in line with expectations

Core point of view: 2018 performance growth increased by 19%, basically in line with expectations.

The company released its 2018 annual report, which reported revenue6.

1 ‰, an increase of 15% over ten years, net profit attributed to the mother1.

400 million US dollars, an annual increase of 19%, net profit after deduction of 87.28 million yuan, an annual increase of 29%, performance growth comes from the new listing of swine vaccines and poultry vaccine sales benefit the high prosperity of the bird chain.

New pig seedling products are gradually contributing to the increase of poultry seedlings benefiting downstream booming companies to achieve restorative growth. Sales of pig seedlings1.

USD 900 million, an increase of 18% per year. The increase in market-based vaccines for pigs mainly comes from the company’s increased swine ring subunit genetically engineered vaccines, and the promotion of new products of ring water adjuvant inactivated vaccines has gradually contributed to the increase in revenue.

The poultry seedlings benefited from the high prosperity of the poultry industry chain, and the company’s poultry vaccines have achieved restorative growth and reported sales revenue.

1.4 billion, an increase of 17% in ten years.

The joint establishment of Sino-Pulmonary Biological has obtained a rich reserve of vaccines for foot-and-mouth disease vaccine qualification reserve. It has been reported that Sino-Pulmonary Biological obtains a new veterinary drug certificate for swine O-A inactivated vaccine. The product launch will open up the company’s profit space.

In addition, the company’s swine pseudorabies inactivated vaccine has obtained new veterinary drug certificates, other reserve varieties of pig round-branch double vaccine, pseudo-rabies genetic engineering vaccine, new (Ⅶ) flow double vaccine and other key products are currently under research and orderly development, product echelonStrive to continue to enrich 苏州桑拿网 and enhance the company’s competitiveness.

The 19-21 results were 0.

51 yuan / share, 0.

67 yuan / share, 0.

The listing of multiple new varieties of 81 yuan / share company will promote the company’s performance growth.

EPS is expected to be 0 in 2019-2021.

51 yuan, 0.

67 yuan, 0.

81 yuan, based on the latest closing price, the company’s PE estimate for 2019 is 29 times, and the current industry average PE (TTM) is 29 times.

It is expected that the China-Puerto Biology vaccine for foot-and-mouth disease will be launched in 2020. Foot-and-mouth disease vaccine is the largest variety in the industry market. In the future, sales revenue will increase the company’s income and increase. Considering that the sales elasticity brought by foot-and-mouth disease sales income is the same as other varieties.Industry-comparable 朴妮唛脱胸罩新闻 companies bring performance performance flexibility. Companies should be given a valuation premium, and given companies a 33x estimate in 2019, the reasonable value is 16.

83 yuan / share, maintain “Buy” rating.

Risk reminder: New products are not listed as expected; product sales are not as expected; disease risk, etc.