1. Events.
Lianhuan Pharmaceutical released its quarterly report for 2015, with operating income of 172 million yuan during the reporting period, an increase of 2.80% over the same period last year. Net profit of shareholders belonging to listed companies was 11.409 million yuan, up 14.39% over the same period last year, and net profit after deducting 11.5151 million yuan, up 12.18% over the same period last year. EPS is 0.07 yuan per share.
two。 Our analysis and judgment.
(1) the performance is in line with expectations and the expenses are well controlled.
The net profit of shareholders belonging to listed companies increased by 14.39% in the first quarter compared with the same period last year, which is basically in line with expectations. the revenue side increased by 2.80% year-on-year, and the profit side performed better than the revenue side mainly because the company's first-quarter expense control was better than that in 2014. the company's gross profit margin was 52.05%, up 0.03% from last year, net profit margin was 6.64%, 0.08% higher than last year, and sales expense rate was 32.36%. It is 2.13% lower than that of last year, and the rate of management expenses is 8.93%, an increase of 1.2% over last year. The overall control of expenses is good, and there is still much room for improvement.
(2) the additional issuance has been approved by the CSRC and is about to land; extension development has been put on the agenda and is worth looking forward to.
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. According to the non-public development process, it is expected that the company's additional issuance will be completed in the near future.
In addition, the company put forward the relevant description of extension for the first time in the 2014 annual report for the first time in recent years. We believe that the company will not only raise the development of extension 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, and 2015 epitaxy is worth looking forward to.
(3) the bright spot in the future also depends on 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. According to the possible methods and paths shown in the document on the reform of state-owned enterprises in Jiangsu. We speculate that the company will benefit from three directions in the future: 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. In addition, the company's four main varieties (Ganoderma lucidum glycopeptide injection, epristeride tablets, ebastin tablets, felodipine sustained-release capsules & tablets) are quite unique, the product is outstanding, the current weight is small, less than 100 million, the next 5 years will be watching 3. 5%. Investment advice.
EPS is estimated to be 0.34,0.41,0.49 yuan respectively from 2015 to 2017, and the corresponding PE is 101,84,70 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 distinctive, and there is plenty of room for growth in the future, providing flexibility for performance improvement. The company extension is put on the agenda, which is worth looking forward to. At present, the market capitalization of the company is not large, and the change is flexible. Maintain the recommended rating.
4. Risk hint.
The progress of state-owned enterprise reform is lower than expected.
