1. The only pharmaceutical listing platform under Yangzhou State-owned assets Supervision and Administration Commission is expected to benefit from the reform of state-owned enterprises. In mid-2014, Jiangsu Province issued relevant documents on the reform of state-owned enterprises, and the curtain of state-owned enterprise reform slowly opened. If the follow-up reform continues to promote, the company, as the only pharmaceutical listing platform under Yangzhou State-owned assets Supervision and Administration Commission, is expected to benefit. We speculate that there are three directions of benefit: improvement of incentive mechanism, asset integration and asset injection (Lianhuan Group, the controlling shareholder, has two pharmaceutical assets outside the listed company: Lianbo Pharmaceutical Co., Ltd., Yangzhou Yangda Gene), and mixed ownership reform.
two。 The four main varieties have their own characteristics, which provide great support for the rapid growth of the company's future performance. The company is a chemical production and sales enterprise, with preparation as the leading factor. The company is not a pure general pharmaceutical enterprise. We think that its four main varieties (Bozhi glycopeptide injection, epristeride tablets, ebastin tablets, felodipine sustained-release capsules & tablets) are quite distinctive, and the products are outstanding. In the next five years, we will all look at the 300-500 million grade varieties. At present, the volume is small, there is more room for improvement, waiting for the internal mechanism to be straightened out, and the quantity can be released in the future. In addition, we speculate that another feature, compound felodipine sustained-release tablets, which is expected to be the main force in the future, is expected to be approved for sale in 2015.
3. Epitaxial development has been put on the agenda, opening the road of endogenous epitaxial two-wheel drive. The company put forward the relevant description of epitaxial type for the first time in the 2014 annual report for the first time. We believe that the company will not only raise the development of epitaxial type to the strategic level, but also be included in the company's business plan in 2015. The company is expected to open up the road of endogenous epitaxial two-wheel drive. 2015 epitaxial type is worth looking forward to.
4. Additional issuance has been approved, plus the main industry, the main development in the future. On March 3, 2015, the company's application for non-public offering of shares was examined and approved by the Securities Regulatory Commission. On April 7, 2015, the company's non-public offering of shares was approved by the CSRC. We believe that this additional offering is mainly used to increase the main business, and the release of production capacity is conducive to the steady growth of the company in the future. In addition, we believe that additional issuance will release the approval channel, if the company extension has been expanded, the channel will not be an obstacle.
5. Company investment suggestion: no additional dilution is considered for the time being. It is estimated that the EPS in 2015-2017 will be 0.34,0.41,0.49 respectively, and the corresponding PE will be 75,62,52 times respectively. As the only pharmaceutical listing platform under Yangzhou State-owned assets Supervision and Administration Commission, the company is expected to benefit if the reform of state-owned enterprises continues. The company's four main varieties are quite unique, and there is a lot of room for growth in the future. The company extension is put on the agenda, which is worth looking forward to.
At present, the market capitalization of the company is small, and the change is more flexible. Cover for the first time and give a "recommended" rating.
