Main points of investment
The company's equity structure is clear and the fund-raising goal is clear: the company is a key backbone enterprise in the pharmaceutical industry in Zhejiang Province. since its establishment in 1996, the company has focused on the research, production and sales of infusion products from Taida. The purpose of this fund-raising is to take advantage of the expansion of the company's brand, greatly enhance the company's non-PVC soft bag infusion production model, increase the product cost and model advantages, based on East China, radiate the whole country. Increase market share.
The company is a strong infusion manufacturer in a large infusion country. As the most common dosage form in clinical application, large infusion has the characteristics of quick effect and easy to use. According to the statistics of China Industrial Information Network, in 2012, China's annual infusion market capacity reached 17.5 billion bottles (bags), which is a veritable infusion country. With a total annual production capacity of 230 million bottles (bags), the company is one of the largest flexible packaging infusion production bases in China.
The concentration of large infusion industry is accelerating, and non-PVC soft bag replacement is the general trend. At present, the market concentration of domestic large infusion industry is low, and there are many production enterprises, but with the national layout of some leading enterprises and the implementation of relevant drug policies, the market concentration of large infusion industry is expected to increase year by year. Non-PVC soft bag large infusion is internationally recognized as the safest and reliable infusion packaging form because of its safer and better performance than glass bottle and plastic bottle, which represents the advanced technology and development trend of the industry. With the improvement of drug safety requirements, the demand of patients for large non-PVC soft bag infusion will continue to grow.
We forecast that the company's EPS (calculated on the basis of 160 million shares of post-bank share capital) from 2014 to 2016 will be 0.36,0.43 and 0.50 yuan respectively, and the company's main business is expected to maintain steady growth. According to the calculation of the funds raised by the company for the investment project and the related bank fees, it is estimated that the stock price is about 7.36 yuan per share. With reference to the valuation level of the comparable company, the company will be given 20-25 times PE in 2015, and the reasonable value of each share is estimated to be 8.6-10.75 yuan.
Risk tips: bidding risk, price reduction risk, fund-raising project risk.
