The company is a chemical pharmaceutical enterprise with a state-owned enterprise background, and its leading products are cardiovascular, anti-infective, and hormonal drugs: the company is located in Nankai District, Tianjin, a chemical pharmaceutical enterprise with a state-owned enterprise background. It is mainly engaged in the production and sale of chemical tablets, hard capsules, drops, freeze-dried powder injections, water injections, raw materials, etc., covering the whole country, and some of them are exported overseas. The leading products focus on the three fields of cardiovascular drugs, anti-infective drugs, and glucocorticoid drugs. In 2009, the company's sales revenue was 600 million yuan (of which the pharmaceutical business contributed about 530 million yuan) and achieved net profit of 170 million yuan. The compound growth rates of sales revenue and net profit over the past three years were 23.17% and 12.25%, respectively. The antihypertensive drug “Subisan” brand indapamide tablets and the antifungal drug “Meifu” brand itraconazole capsules are the company's key products: cardiovascular drugs account for about 40% to 50% of the company's sales revenue every year and contribute more than 60% of gross profit, making them the company's most important type of product. The representative variety is the antihypertensive drug “Subisan” brand indapamide tablets. The market competitive advantage is obvious. Over the years, the market share has exceeded 70%, and in recent years, production has steadily ranked first among the same variety in the country. The anti-fungal drug “Meifu” brand itraconazole capsules are a medical insurance variety. In the anti-fungal drug market, which is trending in the three-legged trend, the company's market share of this product is increasing year by year. Profit forecast and valuation: The company's operating income for 2010-2012 is expected to be 685 million yuan, 760 million yuan, and 852 million yuan, up 15%, 11% and 12% year on year, and realized net profit of 180 million, 210 million yuan and 238 million yuan, up 16.6%, 16.9%, and 12.9% year on year. EPS is 0.99 yuan, 1.15 yuan, and 1.30 yuan, respectively. Based on our price-earnings ratio of 50-55 times the company's 2010 performance, Lisheng Pharmaceutical's reasonable listing price is between 49.5-54.5 yuan per share.