20230502-国海证券-马应龙-600993.SH-2023一季报点评报告_疫情影响业绩短期扰动_看好公司长期增长韧性_5页_351kb

Summary of Ma Yinglong (600993) Research Report by GuoHai Securities

Main Rating and Recommendation

• Maintain "Buy" rating based on long-term growth potential despite short-term performance disruptions.

Q1 2023 Performance Highlights

• Revenue declined by 1227% YoY due to COVID-19 impacts on sales channels.
• Net profit surged by 3639% YoY, driven by non-recurring gains from equity disposal, offsetting channel disruptions.
• Core product segments like hemorrhoid treatments showed resilience in growth trends.

Key Positive Factors for Long-Term Growth

• Strong brand loyalty in key products (e.g., Sheshang Zichen膏 and Sheshang Zichen栓) with high consumer stickiness.
• Strategic expansion through digital marketing and young demographics, enhancing brand relevance in the market.
• Development of new products, such as the Octapalm Eye Cream, which leverages traditional formulas and online promotions for growing revenue streams.
• Plans to integrate healthcare services, creating synergies that boost product penetration and support sales in underserved areas.

Financial Outlook and Projections

• Projected net profit for 2023–2025: 600 million, 723 million, 887 million CNY respectively, with EPS increasing from 13.9 to 206 yuan.
• Current PE ratio high at 1880 times, expected to decline to 1272 times by 2025.

Risks

• Short-term risks: Economic slowdown, further COVID impacts, heightened industry competition, and policy changes.
• Growth variables: Delays in hemorrhoid product expansion or lower-than-expected response to new product lines.

Overall, the report emphasizes Ma Yinglong's potential for sustained growth driven by its established product portfolio and innovative strategies, while cautioning against short-term uncertainties.