Summary:
Excellent general pharmaceutical enterprises in South China. It mainly produces and sells cough relieving OTC tablets, kidney tonifying products Jingui Shenqi tablets and anti-infective national basic drugs erythromycin enteric-coated tablets and relying on erythromycin tablets and so on. Among them, South China accounts for more than 75% of sales, mainly agency sales.
In 2009, the main core variety of cough tablets was selected into the list of Lingnan traditional Chinese medicine cultural heritage protection (the first batch), the national second-class protected varieties of traditional Chinese medicine, at present, only two are produced in the country. According to the data of the Southern Institute, the company ranked eighth in the national antitussive and expectorant Chinese patent medicine market in 2012 according to the scale of terminal sales. According to the Ministry of Health, nearly 300 million people are infected with respiratory diseases every year, of which as many as 50 million have coughs. Antitussive and expectorant drugs are mainly proprietary Chinese medicines, with a market share of about 75% from 2007 to 2012. The market of antitussive and expectorant proprietary Chinese medicine is 8.03 billion yuan in 2012 and is expected to exceed 10 billion yuan in 2015. Zhike Bao still has a lot of room for growth in the future.
Jingui Shenqi tablet is a kind of national basic medicine in 2009 edition and 2012 edition. The company changes the pill dosage form to the tablet dosage form, which makes it more convenient to take. At present, only two enterprises in the country produce this kind of dosage form, and the competition pattern is good. Due to consumption habits and other reasons, the main kidney-tonifying drugs in China are basically proprietary Chinese medicines, the company's products have not yet entered the top ten in the industry, the competition pattern is more fierce.
Investment advice: because it can not over-raise funds, so the sum of the funds raised and the corresponding expenses compared with the issuance volume, it is concluded that 14.00 yuan to participate in the issuance and purchase. It is assumed that this fund-raising investment project has a good profit prospect, and the funds raised can reach production smoothly. We adopt the comparable company law, which mainly compares the comparable company price-earnings ratio method, and gives the reasonable target price of the company. Comparable company's corresponding price-to-earnings ratio in 2013 is 29 times, we think the reasonable valuation of the company is 25-30 times, corresponding to the target price range of 20.06-24.08 yuan.