SINBON PHARMACEUTICAL (002390): The performance of the company under medical insurance control pressure under pressure CBD detection is the future: SINBON PHARMA

SINBON PHARMACEUTICAL (002390): The performance of the company under medical insurance control pressure under pressure CBD detection is the future: SINBON PHARMA

Event: The company released three quarterly reports. The report showed that the company’s operating income for the first three quarters was 50.

18 ‰, a decrease of 0 per year.

14%; Net profit attributable to shareholders of listed companies.

00 ppm, a decrease of 24 per year.

16%.

  Factors such as medical insurance control costs continue to put pressure on the company’s performance, and the operating results for 2019 are expected to turn into losses for the first three quarters of the company’s operating income.

18 ‰, a decrease of 0 per year.

14%; Net profit attributable to shareholders of listed companies.

00 ppm, a decrease of 24 per year.

16%.

The company’s third quarter operating income17.

41 trillion, a year down 0.

62%, net profit attributable to shareholders of listed companies is 0.

79 ppm, an increase of 15 in ten years.

46%.

Policy factors such as medical insurance control fees and the current situation of bed replacement in the medical service sector have put pressure on the company’s performance.

The company promoted to reverse the decline in performance through measures such as improvement of hospital beds, follow-up of medical services, and promotion of in vitro diagnostic reagent products.

The company expects that the net profit of 2019 will be turned into a profit by combining with the same period of last year, reaching 2.

2-2.

700 million.

  The cannabinoid detection industry has developed and overseas markets have taken the lead. Cannabinoids such as industrial cannabis extract CBD are considered to have positive effects on promoting human health and improving the flavor and function of consumer products.

On December 20, 2018, industrial cannabis was legalized at the federal level in the United States.

Rising market demand and policy requirements are driving the rapid development of the cannabinoid product testing industry.

According to ZIONMarket Research data, the global cannabinoid detection market value is about 9 in 2017.

$ 100 million.

We believe that under the background of the rapid development of the cannabinoid industry, the related testing business is also expected to maintain a high growth rate. In the future, the global cannabinoid detection scale is expected to exceed $ 10 billion.

  The company’s cannabinoid detection technology is leading, and a new generation of CBD detection products enters overseas markets. The company’s subsidiaries entered the field of in vitro diagnostic reagents in 2005 and obtained certification from the US FDA and other agencies.

  In 2018, the company’s sales of THC-containing diagnostic reagent products exceeded 80 million, and the products were mainly sold to the United States, Canada, Europe and other overseas markets.

Against the background of the rapid development of industrial marijuana in overseas markets, Kangyong Bio-Tech introduced a new detection equipment, CBD cannabinoid extract detection equipment, which was developed by the company’s team located in the Silicon Valley R & D Center in the United States.

The new generation products have the advantages of high accuracy and fast detection time.

We believe that the development of the North American market and the requirements of policies are opportunities for rapid development of cannabinoid testing 四川耍耍网 companies. The technical advantages and benefits of Kangyong Bio’s cannabinoid testing in the United States and other overseas market channels will help the company to quickly open overseas markets.The CBD inspection business will become a new aspect of the company and further contribute to the company’s performance.

  Earnings forecast and investment recommendations We expect the company’s operating income for 2019-2021 to be 64.

7.6 billion, 72.

9.4 billion, 85.

1.9 billion yuan.

Because the company’s business types are diverse, we use the segment estimation method to estimate the company. It is estimated that the corresponding market value of the three parts of medical services, pharmaceutical distribution and the pharmaceutical industry will be 27 in 2020.

27, 13.

08, 136.71 ‰, the company’s reasonable total market size is 177 ‰, the corresponding target price is 11 yuan.

  Risk reminder: Industrial cannabis should be strictly differentiated from intermediate cannabis, recreational cannabis / drugs, and resolutely oppose the legalization of recreational cannabis. Industrial cannabis-related businesses may contain risks of policy changes, legal compliance risks, business management risks, transaction risks, tax risks, Natural risks, R & D operational risks, and uncertainties in cooperation; industrial marijuana that has not yet been approved for use in medical and food additions; there is uncertainty about the specific implementation progress and effects; liquidity pressures such as reduced net cash flow from the company’s operating activities.Impairment and inventory pressure