1, why are you looking for an "invisible champion"?
In recent years, the performance of Shanghai and Shenzhen 300 has dominated the trend, and the blue-chip style value market has been rising for many times in the past few years. Since 2020, it is difficult to grasp the short-term investment opportunities of value blue chips, and the long-term endogenous motivation is relatively insufficient.
Under the current background, compared with the blue-chip companies with the value of "obvious champion" which has been rising continuously in the past few years, we think that the "invisible champion" with relatively cheap investment valuation, stable fundamentals, leading subdivision of the track and certain market pricing ability is an investment strategy with relatively high risk and return.
2. What is an "invisible champion"?
In what areas? -Traditional or emerging? Invisible champions are born in different fields, but they will always develop in a certain direction with the intersection of technological development and market demand;
2B or 2C? Invisible champions are mostly in the field of 2B, and they are suppliers of supporting products behind customers.
Is the market large or small? Invisible champions focus on business, the market size is usually small, and their own scale is mostly small and medium-sized enterprises.
The industries where stealth champions are located are mostly concentrated in manufacturing and chemical industry, and the dominant industries of stealth champions in different countries have their own emphasis. China stealth champions are mainly distributed in the Yangtze River Delta and the Pearl River Delta, and the development is just in time.
There are three criteria for screening A-share "invisible champions": ranking in the top three in the world market or in China, little known to the outside world, with an annual income of less than 20 billion yuan; Four characteristics: business focus, resource advantages (R&D and innovation ability), steady growth of performance and leading market share.
3. Selection criteria of "invisible champion"
4. List of the first batch of "invisible champions"
Guangzhou Restaurant: Guangdong-style moon cake faucet &; Quick-frozen food clues.
Sailun tire: the world's leading supplier of mining tires.
Bo Shi Co., Ltd.: the leader of late automation in petrochemical industry &; Industrial robots lead.
Comprehensive inspection faucet for motor vehicles.
Jincheng Medicine: Cephalosporin Intermediate &; Leading supplier of glutathione.
4, enterprise details
1) Guangzhou Restaurant: Cantonese moon cake faucet &; Quick-frozen food clues.
Guangzhou Restaurant Group Co., Ltd. was established on 1935, and now the company is listed on the Shanghai Stock Exchange on 20 17 (Guangzhou Restaurant, 603043). The company has developed into a large-scale food manufacturing and catering service group with Lingnan characteristics. 2065 438+02-2065 438+08 Moon Cake production and sales ranked first in China, and it is the leader of Cantonese moon cakes. At the same time, vigorously develop frozen food and form new profit growth points.
The business is mainly based on "Cantonese flavor", and it is based in Guangdong in terms of catering and food, exploring domestic and foreign markets.
① "Catering brand", deeply cultivating Guangzhou. The company started with catering business, and its main brands are self-operated Cantonese Chinese food "Guangzhou Restaurant" and "Tianji". In addition, a number of special catering brands such as Xixidi, Haotangxing and Xingyuecheng have been cultivated and developed, and antique famous banquets such as Man-Han Banquet, Five Dynasties Banquet and Nanyue King Banquet have also been developed. On 20 19, the company signed the cooperation framework agreement of Taotaoju to promote the revival and reconstruction of Guangzhou time-honored brands. At present, the company's catering sales model is mainly direct sales, with direct catering stores 19, most of which are located in Guangzhou;
② "scale of food production", moving towards home and abroad. The company's food manufacturing business is mainly based on moon cake series products and quick-frozen foods, supplemented by bacon, cake crisp, bread, western pastry and other categories, with well-known brands such as "Likoufu", "Autumn Wind" and "Cooking Crisp". This plate mainly adopts direct selling and distribution mode, including self-owned chain stores, e-commerce, supermarkets, special channels, distributors and chain franchisees. At present, the company and its subsidiaries have more than 200 cake houses (including franchise stores). Among them, "Likoufu" is the company's flagship brand, with many chain stores and outlets in the city and total distribution in many provinces, municipalities and autonomous regions across the country. Its products cover eight series, such as Mid-Autumn moon cakes, quick-frozen snacks, Cantonese bacon, lotus paste stuffing, cake bread, safe lunch, snack food and Dragon Boat Festival dumplings, which are sold well in China and exported to European Union, USA, Canada, Australia, New Zealand and other countries and regions.
Time-honored brands and innovative brands have enjoyed high reputation year after year, and the production and sales rate is still in short supply. By constantly improving brand influence and expanding sales, the company has driven production and maintained a high level of production and sales. The brand "Guangzhou Restaurant" has a high recognition among consumers in the catering industry, enjoying the reputation of "the first food in Guangzhou", and was selected as the fourth batch of municipal intangible cultural heritage list in Guangzhou for its "Cantonese cooking skills". In 2006, the company was rated as "China Famous Brand Product"; 2065 438+02-2065 438+08 ranked first in the country for seven consecutive years, and was awarded the honor of "the first moon cake in China" by China Hotel Association; In 20 17, it was recognized as a high-tech enterprise, and in 20 19, it was recognized as a "key agricultural leading enterprise in Guangdong Province". Up to now, the company has trained six generations of Cantonese cooking skill inheritors and nearly 100 famous Cantonese chefs, and participated in cooking competitions on behalf of the country, provinces and cities for many times. Entrusted by the Overseas Chinese Affairs Office of the State Council for many years, the Chef Group visited Latin America, Oceania, Northern Europe and other places as food ambassadors to promote Cantonese cuisine culture.
In order to meet the needs of consumers, the company's production capacity continues to expand. The company has set up food manufacturing and production bases in Panyu, Meizhou, Maoming and Xiangtan. As of the annual report of 20 18, the production of moon cake series products of the company is 1. 1.6 million tons, and the sales volume is 1. 1.5 million tons, with a production and sales rate of 99.49%. The output of quick-frozen food is 20,600 tons, the sales volume is 20,200 tons, and the production and sales rate is 98.09%. According to the company's announcement in March 2065438+2009, although the production capacity has been expanded to 7040 tons/year, the production capacity of moon cakes and fillings not less than 2000 tons/year is still under construction.
The performance has grown steadily for many years, and the profitability has improved steadily. From 20 1 1 to 20 18, the company's revenue rose from165438+66 million yuan to 2.537 billion yuan, and the CAGR reached 1 1.75%, an increase of 20 .. The net profit returned to the mother rose from 65.438+0.48 billion yuan to 384 million yuan, and the CAGR reached 654.38+0.456%, an increase of 2.59 times. The gross profit margin benefited from the proper control of production scale and raw material cost, which reduced the cost and achieved continuous improvement. 20 18 years is 54.66%, an increase of 7.38pct compared with 20 1 1. The net interest rate has been growing steadily for many years, reaching 15. 1 1% in 20 18, an increase of 2.39% compared with 20 1 1. In 20 19, the company opened up online channels, and the single store sales of Double Eleven Tmall flagship store increased by 138% year-on-year, the sales turnover of JD.COM channel increased by 100% year-on-year, and the sales of Double Twelve JD.COM channel increased by 700% year-on-year. The company ranks third in JD.COM's self-operated pastry list. 65438+February 17, the company also reached a cooperation with JD.COM Supermarket, which enabled its time-honored food brand to catch the e-commerce express train, and * * * promoted a substantial year-on-year increase in sales in 2020.
2) Racing tires: the world's leading supplier of mining tires.
Sailun Group Co., Ltd. was established in Qingdao in 2002, and listed on the Shanghai Stock Exchange on 201(Sailun Tire, 60 1058). It is the first private tire enterprise with A-share listing in China. The company is mainly engaged in tire research, production, marketing and service, and is a leading supplier of various tires for mining.
Deeply cultivate the tire industry and commit to "making tires well". The company's tire products are mainly divided into semi-steel radial tires, all-steel radial tires and off-road tires, which are widely used in cars, light trucks, large buses, trucks, special vehicles and other fields; The recycled products mainly include retreaded tires, tread rubber, rubber powder, steel wire and so on. , respectively used in tire replacement, old tire renovation, reclaimed rubber manufacturing, high-quality steel production and other fields; The tire trading business mainly adopts the market-oriented operation mode, purchasing tire products from other companies and selling them to the outside world.
Internationalization and going abroad are the important strategies that the company has always adhered to. In terms of channels, more than half of the company's products are exported overseas and sold well in Europe, America, Asia, Africa and other countries and regions. The expansion of overseas sales scale benefits from the improvement of the company's global marketing system. At present, the company has formed a global marketing network with sales companies and service centers in North America, Africa, Southeast Asia and Europe as the mainstay, supplemented by sales representative offices in other regions. In terms of talents, the company continuously introduces overseas experts for the R&D team and management team, and at the same time trains and selects outstanding talents from production workers to be sent overseas for further study, and trains international talents from within the company.
Companies set up advantage barriers from two aspects:
① Establish a leading position in the industry technically. Since its establishment, the company has attached great importance to technological innovation and invested a lot of research and development expenses every year to support independent innovation. The company is the scientific research demonstration base of "National Rubber Tire Engineering Technology Research Center". By the end of 20 18, the company had about 253 patents and participated in the formulation or revision of 88 national and industry standards. The company is the first advanced technology enterprise in China to develop a tire with "electronic identity"-RFID smart tire, and the first enterprise in the industry to control the whole production process by using information technology. In recent years, the company has been awarded national honorary qualifications such as "National Intelligent Manufacturing Pilot Demonstration Enterprise", "National Industrial Internet Pilot Demonstration Enterprise", "National Internet of Things Integration Innovation and Integration Application Demonstration Enterprise" and "National Service-oriented Manufacturing Demonstration Enterprise".
The performance has grown steadily for many years, and the profitability has improved steadily. From 20 10 to 20 18, the company's revenue rose from 4.05 billion yuan to1368.5 billion yuan, and the CAGR reached 16.44%, an increase of 3.38 times; The net profit returned to the mother rose from1.1.30 million yuan to 668 million yuan, and the CAGR reached 24.84%, an increase of 5.90 times; The gross profit margin in 20 18 was 19.82%, which was 1 1.47 pct higher than that in 20 10. The net interest rate in 20 18 was 4.80%, which was 2.00 percentage points higher than that in 20 10. On the whole, the company's production and sales of all-steel tires and semi-steel tires have grown steadily, and the gross profit margin has been continuously improved. Cross-country tires have made major breakthroughs in production, sales and channels, and their profitability has been continuously improved. 20 19 performance report shows that the company continues to benefit from market development and low prices of raw materials. At the same time, the new capacity of the Vietnamese factory is running well. The income of 20 15 10 billion yuan increased by 10.34% year-on-year, and the net profit attributable to the mother increased by 79.9% year-on-year.
3) Bosch: the late automation leader in petrochemical industry &; Industrial robots lead.
Harbin Bo Shi Automation Co., Ltd. started in Harbin on 1997, and now the company is listed on the Shenzhen Stock Exchange on 20 12 (Bo Shi shares, 002698). The company is mainly engaged in the research and development, production and sales of large-scale intelligent complete sets of equipment and environmental protection process equipment, and provides supporting value-added services related to equipment. China Petrochemical Company is the leader in the field of complete sets of post-treatment equipment and the world leader in the field of high-temperature submerged arc furnace robots.
Based on the traditional petrochemical logistics automation field, seize the opportunity of emerging robot products. The company's traditional main business is complete sets of automatic palletizing equipment for granular materials in petrochemical field, which can provide fully automatic solutions for post-treatment of solid materials in downstream petrochemical, coal chemical, salt chemical, fertilizer, fine chemical and other chemical industries. Over the years, the business has been expanding to areas with automatic weighing and packaging requirements, such as grains, food, beverages, building materials, ports and feed. The accumulation of technology in the field of petrochemical back-end automation has laid the foundation for the company's business to extend to high-end industrial robot products with the same origin and different uses, and has now won the top spot in many fields, forming a new performance growth point:
① In the metallurgical field, the special robot product for high-temperature operation in front of calcium carbide furnace independently developed by the company can replace manual operation and realize high-temperature dangerous operation. At the same time, the company continues to promote the research and development of robots in all aspects of submerged arc furnace and alloy smelting, and some products have entered the debugging stage;
② In the high-end medical field, the company invested in many medical companies by investing in testing high-end medical robots. The projects involved include the research and development of minimally invasive abdominal surgery robot, the research and development of accurate positioning system for image-guided radiotherapy, and the research and development of remotely assisted minimally invasive pedicle implantation robot.
At the same time, in order to meet other post-processing needs of downstream customers, the company
① Acquisition of Procter & Gamble of Austria; In the field of energy conservation and environmental protection; Company P has acquired waste acid treatment technology, and the related business has now achieved rapid growth;
② In the field of intelligent logistics, the intelligent information system supporting intelligent freight transfer equipment can realize the automation of logistics warehousing, storage and distribution. At present, the company's main market is domestic, and its products are sold to all provinces and regions except Hong Kong, Macao and Taiwan, and exported to more than ten countries in Europe, Asia and Africa. Downstream customers include CNPC, Sinopec, Global Engineering, Zhongtai Mining and Metallurgy, Zheng Jun Group, Yihai Kerry and other industry giants.
The company's workshop and production line facilities are complete, which laid the foundation for creating intelligent manufacturing "precision tools".
In terms of production, the company has now built more than 40,000 square meters of manufacturing, assembly and debugging workshops, with more than 100 sets of production and processing equipment and experimental testing equipment. By the end of 20 18, the annual output value of core products and supporting services of the company's intelligent complete sets of equipment reached 4130,000 yuan;
In research and development, the company has integrated the accumulation of industrial resources and the strong academic advantages of Harbin Institute of Technology, and independently developed a number of technologies and products with independent intellectual property rights to fill domestic gaps. The performance indexes of the main products have reached the domestic leading and international advanced level. According to the data of patent gateway, as of 20 19, the company has applied for China National Intellectual Property Administration to approve 225 patents, including 99 utility models, 76 inventions, 47 inventions and 3 designs. At the same time, the company has a considerable number of nuclear technologies in the form of proprietary technology for security measures, and the technical barriers are firm.
The company is technically authoritative in the industry, and has been responsible for and participated in the formulation of many industry and national standards, including the industry standard JB/T "General Technical Requirements for Stackers" and the national standard "Safety Requirements for Stackers \ General Technical Requirements for Stacking Robots". The company has won numerous awards and its leading position has been recognized by the government and the market. The company is a nationally recognized industrialization base for the achievements of the high-tech research and development plan (863 plan), and undertakes the technical research and development and industrialization tasks of several major projects at the national, provincial and ministerial levels. The company's technology center was recognized as "national enterprise technology center" in 20 18. The company is a member of China Robot TOP 10 Summit, Capek "Top Ten System Integrators in General Industry", China Robot Summit "Top Robot System Integrators 100", China Artificial Intelligence Enterprise 100 "Top 20 17 China Intelligent Manufacturing Enterprise 100". In addition, the company also received special funds from government agencies such as the Ministry of Science and Technology, and carried out systematic research, development and demonstration projects in several industrial robots and medical robots. In addition, the minimally invasive abdominal surgery robot developed by Si Zherui Medical Co., Ltd., which holds 16.54% shares, has successfully completed the world's first 5G remote surgery.
Benefiting from the stability of downstream customers in petrochemical industry and the extension of business field, the company's performance and profitability stabilized after 20 15 and entered the upward fast track. In 20 1 1-20 19 years, the company's revenue and net profit attributable to the mother were 1 1.86% and 9.45% respectively. Relying on the advantages of original business technology and customer resources, the company develops strategic new businesses such as product supporting services, robotics, environmental protection and emission reduction, and opens up new markets in metallurgy, food, logistics and other fields. The effect of business upgrade gradually appeared after 20 15, and the operating income and net profit attributable to the mother increased greatly. The company's revenue and attributable to the mother increased from 20 15 to 20 19. 20 19 performance report shows that revenue is expected to reach14.6 billion yuan, up 59.43% year-on-year; The net profit returned to the mother was RMB 3,654,380,000, up by 70. 18% year-on-year, and the growth potential of new business has already appeared.
4) Safety inspection: comprehensive inspection faucet for motor vehicles.
Shenzhen Chean Testing Co., Ltd. started in Shenzhen in 2006 and is now listed on the Growth Enterprise Market of Shenzhen Stock Exchange on 20 16 (Chean Testing, 300572. SZ)。 The company is the main provider of overall solutions in the field of motor vehicle inspection in China, and the leader in the field of motor vehicle inspection integration.
An integrated supplier in the field of motor vehicle inspection, the product line is fully covered, and the industrial chain extends from upstream equipment to downstream operation. The company focuses on the field of motor vehicle detection and keeps innovating. The product line comprehensively covers motor vehicle detection system, networked detection industry supervision system, motor vehicle exhaust remote sensing detection system and intelligent driver test training system, and can provide comprehensive solutions covering product and system scheme design, installation integration, operation and maintenance, testing, research, supervision and driving test training for various institutional customers in the motor vehicle field. Among them, the motor vehicle detection system scheme is the core business of the company, with a revenue of 489 million yuan in 20 18, accounting for 92.7% of the revenue and a market share of12.83%; The new car off-line detection equipment in this business segment belongs to high-end products, and it is expected to break through the monopoly of foreign giants and realize domestic substitution in the future; Other networked supervision systems, motor vehicle exhaust remote sensing detection systems and other businesses benefit from policy support and high industry barriers, and also have great potential.
The company actively promotes the business to extend to the downstream of the industrial chain, improves the business structure and completes the closed loop of the industry. Since 20 18, the company has cut into the business field of downstream automobile inspection stations through a series of acquisitions, and successively invested in Star Car Security Inspection (70%), China Inspection Group (75%) and Shenzhen Che 'an Shenghui (20%) to quickly acquire inspection stations and open up the motor vehicle market. The momentum of the company's extension from upstream equipment to downstream operation has basically taken shape. High-quality and old-fashioned inspection stations have obvious advantages in terms of customers and passenger flow, and the cost of inspection stations is relatively fixed. In 20 18, the gross profit margin of the inspection station acquired by the company reached 56. 17%, which was 7.5 percentage points higher than that of the original core business vehicle inspection system. On June 8th, 2020, 65438+20201October 8th, the company plans to acquire 70% equity of five Shandong Zheng Zhi companies at a price of 344 million yuan, further cutting into the fields of second-hand car trading service and motor vehicle insurance agency business, and formally completing the closed loop of the industrial chain. The distribution of the company's sales channels is complete, reaching 20 18, covering East China, Central China, Southwest China, Northeast China, North China, South China and Northwest China.
The company has established high barriers in R&D capability, production technology and industrial layout. In terms of R&D and technology, the company is a national high-tech enterprise and attaches importance to innovation. R&D expenses account for 5%-7% of total revenue. In addition, the company has established a shareholding platform company, so that its technicians indirectly hold shares in the company, forming a long-term incentive mechanism for the common development of employees and the company. Now it has formed a relatively mature R&D process and an efficient R&D team. The per capita output has been continuously improved, and engineer Li Hong has been fully released. Self-developed intelligent driving instructor robot training system technology, motor vehicle exhaust remote sensing detection system and many other core technologies are leading in China. Up to 20 18 12 3 1, the company owns 1 patents and 54 computer software copyrights, and owns a number of non-patented technologies. In terms of industrial layout, the company is one of the few enterprises in China that can provide motor vehicle inspection system, intelligent driver examination and training system, remote sensing monitoring solution for motor vehicle exhaust and networked supervision system solution for motor vehicle industry at the same time, and it is also the only listed company in China that lays out the whole industrial chain of motor vehicle inspection. The company has successively won "Top 30 Automobile Maintenance in China", "Most Growing Automobile Maintenance Enterprise in China" and "Excellent Automobile Maintenance Technology Innovation Enterprise in China". With its own competitive barriers, the company is ahead of its peers in revenue growth and sales.
The performance has grown at a high speed for many years, and the profitability has steadily improved. From 20 1 1 to 20 18, the company's revenue rose from 654.38+56 million yuan to 528 million yuan, and the CAGR reached 18.97%, an increase of 3.37 times; The net profit of returning to the mother rose from 22 million yuan to 654.38+89 million yuan, and the CAGR reached 28.34%, an increase of 5.73 times; Before 20 18, the company's revenue growth rate was always higher than that of the motor vehicle inspection system in the same industry, and it was also ahead of the companies in the same industry in terms of quantity, with an annual growth rate of more than 25%. From 20 17 to 20 18, it is nearly three times higher than the industry, which means that the company keeps up with the development of the industry and deepens its market share.
The gross profit margin of the company is higher than the industry average and remains above 45%, which is 49.04% in 20 18, up by 2.16 pct year-on-year; Compared with 20 1 1. After 20 17, the net interest rate exceeded 20% and rose steadily, and 20 18 reached 23.69%, which was 9.68pct higher than that of 201. The company's gross profit margin is expected to further upgrade its products with the improvement of its R&D capability, while the improvement of net profit may make the vehicle inspection industry where the company is located still have room for development. The company's 20 19 annual performance report shows that the total operating income in 20 19 was 973 million yuan, up 84.30% year-on-year, mainly from the sales of motor vehicle inspection systems and networked supervision systems in the inspection industry. The net profit returned to the mother was 65.438+0.89 billion yuan, a year-on-year increase of 50.5 1%.
5) Jincheng medicine: cephalosporin intermediate &; Leading supplier of glutathione
Shandong Jincheng Pharmaceutical Group Co., Ltd. started in Zibo, Shandong Province in 2004 and was listed on the Growth Enterprise Market on 20 1 1 (Jincheng Pharmaceutical, 300233). Mainly engaged in the research, production and marketing of pharmaceutical intermediates, biopharmaceuticals and terminal preparations. Our company is the largest manufacturer of cephalosporin pharmaceutical intermediates in China, and it is also the only manufacturer with the approval of glutathione raw materials in China.
Starting with pharmaceutical intermediates, the business gradually extended downstream through obtaining qualifications and cooperation. The company's intermediate products include cephalosporin powder for injection, cephalosporin side chain intermediates and so on. , widely used in downstream mainstream antibiotic preparations. Customers include overseas pharmaceutical giants such as Valente, Alabin and ACS DOBFAR, as well as domestic well-known cephalosporin drug manufacturers such as Qilu Antie, Guangxi Kelun and Jiaozuo Livzon. Since 20 14, the company has successively acquired terminal preparation manufacturers such as Shanghai Tianchen Pharmaceutical (now Shanghai Jincheng Pharmaceutical) and Zhongshan Daobofa (Cash City Jinsu) to obtain the approval qualification for entering the downstream cephalosporin preparation field.
20 16 reached a cooperation with ACS DOBFAR SPA to build a closed-loop industrial chain of intermediate export, API import, preparation production and sales in the field of antibiotics. 20 17, the company expanded its business to the field of gynecological and pediatric terminal preparations through the acquisition of lavida pharmaceutical (cash Chengtai); The company also obtained the qualification of scarcity of characteristic raw materials, and promoted the construction of biopharmaceutical industry chain with polypeptide characteristics.
The company's characteristic API products are mainly glutathione API and adenosylmethionine. Among them, glutathione is the main product, and this technology was obtained from the "technology license contract" signed by Japan Co., Ltd. in 2009. 20 12, the company was approved by the US Food and Drug Administration in China. At present, the company has grown into a leader in the field of glutathione raw materials, and is actively exploring the application of products in downstream health care products, feed, bio-fertilizer and other fields; At the same time, the company prospectively laid out the field of innovative drugs in a cooperative way, and reached a cooperation with Dongfang lue on 20 18 to obtain the therapeutic vaccines of American cervical cancer virus and TOCA 5 1 1&; Projects such as TocaFC gene therapy for malignant tumors have priority in industrialization in China, and related products have broad application prospects. While exploring the domestic market, the company continues to strengthen the expansion of new overseas customers, and its products are exported to more than ten countries and regions such as Japan, Germany, Italy, South Korea and India.
Rare approval+technical resources blessing+continuous expansion of production capacity, building a moat for the company.
In terms of qualification, the company has mastered the production approval documents covering mainstream cephalosporins, gynecology and immunology by purchasing terminal preparation manufacturers, and nearly 20 preparation manufacturers of subsidiaries have passed the national GMP certification;
In terms of production, the company's production capacity has been continuously improved. Up to 20 18, the annual output of pharmaceutical intermediates, biopharmaceuticals, characteristic APIs and pharmaceutical chemical products of the company reached 4,478.98, 2 19.65 and 8,787.388+0 tons respectively.
In terms of technology, the company has national and Shandong provincial technical centers, set up an R&D team focusing on cephalosporin intermediates, biopharmaceuticals and terminal preparations, and reached long-term cooperation with many universities and research institutes including Tsinghua University. By the middle of 20 19, the company had * * * authorized patents 125 pieces, including invention patents 12 pieces, utility models 1 2 pieces and designs1piece.
The company's value is recognized by the state and industry. The company is a national high-tech enterprise, a national torch plan enterprise, and an implementation unit of Shandong province's scientific and technological research plan. The company's "key technology and industrialization project of the third generation cephalosporin intermediate living ester" won the second prize of national scientific and technological progress 20 12. The company was rated as "Top 0/00 Pharmaceutical Industry in China", "Top 50 Pharmaceutical Industry in China", "Top 0/00 Chemical Enterprise in China" and "Most Innovative Listed Company". Jincheng Ke Rui, a subsidiary of the company, was rated as "the third batch of single champion enterprises in manufacturing industry" by the Ministry of Industry and Information Technology.
The traditional business of pharmaceutical intermediates has grown steadily for a long time, and the downstream terminal preparation business has grown rapidly. From 20 10 to 20 18, the company's revenue CAGR reached 18.78%, and the net profit attributable to the parent CAGR reached 12.26%. After 20 14, the company vigorously extended downstream, making the terminal preparation business rapidly grow into a new pillar of the company's business, and then its performance increased significantly. The overall profitability of the company is on the rise, and the proportion of products benefiting from high gross profit continues to increase. The gross profit margin of the company in 20 18 years is 50.07%, which is 21.25 pct; Higher than 20 10. The net interest rate remains around 10% all the year round. 20 19 performance report shows that the company's main business was in good condition during the year, the pharmaceutical and chemical market remained stable, and the sales of biological raw materials, cephalosporin powder for injection and other products also achieved steady growth compared with the same period of last year. Excluding the temporary impact of the impairment of the goodwill of subsidiaries Jinchengtai in 2065,438+08 and 2065,438+09 of 65,438+022 and 290 million yuan, the company's net profit for 2065,438+09 is estimated to be 4,265,438+000 yuan, up by 9. 12% year-on-year.
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