Take innovation as the drive, lead the innovation of biopharmaceutical technology. 1) the company is an enterprise that uses genetic engineering technology and microbial transformation technology to manufacture steroid drug raw materials. Based on the frontier field of biopharmaceutical, taking the core biological raw materials in the field of steroid drugs as a breakthrough, it is the first to realize the large-scale application of biopharmaceutical technology in the field of steroidal drugs, leading the technological innovation of the whole industry. 2) in 2015, the company achieved an income of 668 million yuan and a net profit of 186 million yuan, an increase of 28.24% and 12.14% respectively over the same period last year. 3) the main shareholders are Shandong Runxin and Mi Chaojie, with a total shareholding of about 80%.
Specializing in steroid drug raw materials, technology, quality, customer recognition. 1) as one of the earlier domestic enterprises that use phytosterol as raw materials for large-scale production of androstenedione, with the technology of fermentation and extraction with high conversion rate, it has the technology and large-scale production capacity of using biotechnology to produce steroid raw materials such as androstenedione, androstenedione, 9-hydroxyandrostenedione, hydroxyprogesterone and so on. 2) in terms of production technology, through independent research and development, the company has mastered the fermentation and extraction technology with high conversion rate, which makes the company have a strong cost advantage in the market competition of steroid drug raw materials; 3) in terms of quality, the company is committed to providing steroid drug raw materials with high purity and stable quality, and has strict requirements for production and quality control. 4) in terms of customers, they have won the recognition of high-end customers in the production process and product quality control, and won a high market reputation. Tianyao shares, Xianli Pharmaceutical, Tianjin Pharmaceutical and other leading enterprises in the domestic steroid pharmaceutical industry, are the company's stable downstream customers.
The pharmaceutical industry is developing well, and there is a large market space for steroid drug raw materials. 1) over the past decade, the domestic pharmaceutical industry as a whole has entered a stage of rapid growth due to the continuous improvement of the living standards of domestic residents, the deepening reform of the medical security system, and the increasingly significant phenomenon of an aging population. 2) the manufacturers of steroid drugs in the world are mainly a small number of large multinational pharmaceutical companies. In recent years, due to the obvious advantages of raw materials and the continuous improvement of production technology in China, there has been a trend of industrial transfer in the global production of steroid drugs. China has gradually become the production center of steroid drugs in the world, and the market prospect is good.
Profit forecast. It is estimated that the EPS of the company from 2016 to 2018 is 1.60,2.09,2.64 yuan respectively. Combined with the above analysis, considering the company's industry status, growth, profitability and so on, we think it is more reasonable to give the company a valuation of 40-50 times in 2016, corresponding to a reasonable share price range of 64-80 yuan.
Risk hints: the risk of intensified competition in the industry or the decline of product prices and profitability; the risk of the emergence of alternative products or the change of market demand for steroidal drug raw materials.
