Main points of investment:
Focus on the field of anti-drug-resistant and anti-infective drugs: the company focuses on the field of anti-drug-resistant anti-infective drugs and is a blue ocean explorer in the red sea market of the antibiotic industry. In the past three years, the compound growth rate of operating income reached 25%, and the compound growth rate of net profit reached 91%. The company's main products mezlocillin sodium sulbactam sodium, amoxicillin sodium sulbactam sodium, market share ranked second in the country.
Potential beneficiaries of industry policy: the trend of antibiotic price reduction is unabated, but the change in pricing method enables the leading enterprises in the industry to give full play to their advantages. The recent hierarchical management catalogue aims to delay the emergence of drug resistance in the population. The company's focus on anti-drug-resistant antibiotics is just in line with the needs of the policy, which can fill the gaps in these drugs and fully enjoy the benefits of the policy.
Fine value creation marketing: the company's unique fine value creation marketing model, to create value for customers as the core, to provide the overall solution of the product. The implementation of ERP system not only improves the efficiency of sales and management, but also brings the improvement of profitability and reduces the cost of manpower and transportation.
Fund-raising project: this fund-raising is mainly used for the new production base of penicillin powder injection and non-green oral preparation, the production line construction of fosfomycin benzotriol powder and the construction of R & D center.
Risk tips: 1. The risk of antibiotic industry policy; 2. The risk of adverse promotion of fosfomycin products; 3. The risk that the fundraising project is not going well.
Profit forecast and valuation analysis: in 2011-2013, the company's revenue is expected to grow by 20.61%, 28.54% and 35.88%, net profit by 18.62%, 39.09% and 44.33%, and diluted EPS of 0.425, 0.592 and 0.854 yuan. Given a price-to-earnings ratio of 25-30 times for 11 years, the reasonable value range of the company is 10.62-12.75 yuan.