Domestic well-known solid preparation equipment supplier: the company's main business is the research and development, production, sales and technical service of solid preparation equipment in the field of pharmaceutical equipment. In 2013, the company realized operating income of 154 million yuan and net profit of 34.72 million yuan. In 2011-2013, the company's revenue and net profit CARG were 5.6% and 1.6% respectively. The company's equipment and technology can not only be used in the pharmaceutical field, but also can be widely used in health products, food and other major health industries. The company is positioned as a "solid preparation equipment supplier", deeply ploughing the domestic pharmaceutical equipment market, actively expanding overseas markets, and striving to become the international mainstream solid preparation equipment supplier as soon as possible, and continue to promote the strategic layout of the large health industry.
The demand for solid preparation equipment is growing rapidly: China has become one of the regions with the fastest growth in drug consumption in the world, and is expected to become the world's second largest drug market after the United States by 2020. The sustained growth of the domestic pharmaceutical industry will lead pharmaceutical enterprises to form new, reform and expansion demand, coupled with the increase in the proportion of solid preparations in all drug dosage forms, the pharmaceutical industry will have multiple demand for solid preparation equipment. At present, the market concentration of the pharmaceutical equipment industry is low, and it will show a trend of high-end and centralization in the future, which will provide market opportunities for the company to carry out industrial integration.
Complete product system, rich customer resources, strong R & D strength: the company is one of the few domestic enterprises that can provide a variety of mainstream granulation process equipment. Has a system of solid preparation production equipment products, various categories have formed a series of products, complete specifications, a variety of optional process paths. At present, the company's products and services have covered more than 600 international and domestic well-known pharmaceutical enterprises and more than 20 well-known health products and food enterprises in more than 30 countries and regions, with a sales network all over the world, and the proportion of overseas business income has increased year by year, reaching 18.5% in 2013.
The company is a national high-tech enterprise, has set up a postdoctoral research workstation, is a member of the National Pharmaceutical equipment Standardization Technical Committee, and is independently responsible for drafting six industry standards. The company has been granted 71 patents, including 11 invention patents, which is in a dominant position in the field of domestic solid preparation granulation equipment manufacturing.
The company will invest in pharmaceutical equipment industrialization base project (phase I), R & D center construction project, marketing and service network construction project, and working capital projects related to the main business. The fund-raising project is mainly committed to solving the contradiction that the company's production capacity can not meet the market demand, improving the company's product R & D and design capabilities and improving the company's marketing and service capabilities.
Reasonable value range: we predict that the annual EPS in 14-15-16 will be 0.74-0.83-0.96 yuan respectively. With reference to similar listed companies and taking into account the performance growth expectations of the company in the next few years, we give it a reasonable PE range of 25-30 times in 14 years, and the reasonable value range of the company is 18.5-22.2 yuan.
Risk hints: downstream pharmaceutical industry policy risk; technology research and development failure risk; market competition aggravating risk; fund-raising project implementation is not up to expectations