Investment points: the company is the largest private penicillin compound preparation enterprise in China. The company has been established for only six years, but it has been among the top 10 in the anti-infective drug penicillin preparation and semi-synthetic penicillin compound preparation market in 2009, ranking first among private domestic enterprises.
Among them, the market share of five preparations such as mezlocillin sodium for injection and amoxicillin sulbactam sodium for injection are among the top three in the country.
Product strategy is clear. The company firmly grasps the problem of bacterial drug resistance faced by anti-infective drugs, and is committed to providing products to solve bacterial drug resistance and strengthening the advantages of semisynthetic penicillin compound preparations. The company has integrated production capacity of fosfomycin aminobutyriol powder, and actively distributes the field of chronic diseases such as antidepressants.
Original creation of a fine value-added investment model. The most important feature of this investment model is that the center of gravity of the channel moves down, and the cooperation effect between the company and dealers is obvious. At present, the company has more than 2200 dealers, covering more than 10000 sales terminals across the country, the network has obvious advantages.
Benefit from the grading management system of antibiotics. If the national grading management system of antimicrobials can be strictly implemented, the clinical application of the third and fourth generation cephalosporins, quinolones and carbapenems will be limited, while the semi-synthetic and compound preparations of penicillins are expected to increase because of their good curative effect on drug-resistant bacteria and the characteristics of basic drug use, or will become a substitute for restricted varieties.
Investment suggestion: we expect the EPS of the company from 2011 to 2013 to be 0.39,0.50 and 0.63 yuan respectively. If we give the company 27-33 times PE in 2011, the corresponding reasonable price range should be 10.53-12.87 yuan.
Risk hints: the risk of drug price reduction; the risk of intensified market competition.