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Jointown Pharmaceuticals (600998.SH):Investment Highlights

Pharmaceutical distribution leader benefited from improved market size and concentration

Jointown (600998.SH) is currently the largest listed private company in the field of pharmaceutical distribution. Influenced by policies including the 鈥渢wo-invoice system鈥? 鈥渢he reform program to replace the business tax with a value-added tax鈥?as well as 鈥渢he hierarchical medical system鈥? the market size and concentration improved significantly benefiting industrial leaders as Jointown.

Fundraised through non-public offering boosts operating revenue

A total of approximately CNY3.6 billion has been raised through non-public offering, which is aimed to supplement the company鈥檚 working capital. Based on a 68% average debt to asset ratio and 1.7asset turnover ratio, the total amount of funds raised was about CNY 3.57billion excluding issuance fees and the fund is expected to contribute to amain business operating revenue exceeding CNY10 billion.

Channel expansion conductive to the rise of gross margin

The company鈥檚 pharmaceuticals, medical equipment and other products wholesale business accounted for over 95% of thecompany鈥檚 overall business. The wholesale business has mainly three channels:

1. distribution business: distributors as its main clients, a relatively high proportion and low gross margin (about 4-5%); 
2. pharmacies and clinics: high gross margin (9%-10%) and increasing business volume; 
3. public hospitals and primary medical institutions: rapid expansion in proportion and high grossmargin (9%-10%).

We give Jointown 鈥渋ncrease鈥?rating for the initial coverage

Taking into consideration the strengths and catalysts mentioned above, we estimate in 2018-2020, the company鈥檚 net profit attributable to parent company will be CNY 1.45, 1.88, 2.35 billion respectively, corresponds to the EPS as CNY0.77, 1.00, 1.25/share, PE as23.70(X),18.25(X) and 14.60(X). The current sector PE锛圱TM锛塵edian stands at 25.42(X). Given that Jointown is the industrial leader in the pharmaceutical retail market, we give the company 鈥渋ncrease鈥漴ating for the initial coverage.

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