I. Overview of events
Recently, the company announced its 2015 results KuaiBao: in 2015, the company achieved a total operating income of 6.15 billion yuan, an increase of 26.34% over the same period last year; an operating profit of 750 million yuan, an increase of 55.73% over the same period last year; and a net profit of 650 million yuan belonging to shareholders of listed companies, an increase of 50.97% over the same period last year. The company is in good operating condition, and its sales are growing steadily, in line with expectations.
II. Analysis and judgment
The growth rate of the main business is stable, and Parkson Pharmaceutical Co., Ltd. is now mainly engaged in pharmaceuticals, pesticides and APIs. In terms of medicine, Huabang Pharmaceutical is a leading enterprise in the field of skin and tuberculosis in China; Parkson Pharmaceutical, which was acquired last year, expanded its products to cardio-cerebrovascular and other fields, enhancing the core competitiveness of the pharmaceutical sector; and in terms of agrochemical, Fuer shares and Kaisheng New Materials all made promises for future performance when they were acquired. In terms of APIs, Hanjiang Pharmaceutical Co., Ltd. has stepped up the research and development of new products to ensure the market demand for future products.
Actively implementing the strategy of "Great China Medical Strategic Alliance", the company will take the health industry as the focus of its future development, focusing on the field of rehabilitation medicine. It has acquired Zhien Hospital, German Rhine Hospital, Swiss Biology and Life Origin. Relying on the Kuanren Hospital operated by Zi'en Hospital, we will build a regional rehabilitation chain center based in Chongqing; at the same time, we will introduce the rehabilitation concept and technology of foreign hospitals to replicate high-end rehabilitation centers in domestic first-tier cities, which have a high gross profit margin and a very competitive advantage.
The company plans to invest 200 million yuan to build an "Internet medical platform for skin diseases" to build an online mobile communication platform for professional doctors and patients with skin diseases by setting up a portal and mobile APP. The dermatology drugs produced by the company have covered 80% of the dermatology departments in China, and a skin information database has been established. These unique advantages will help the company to lay out offline self-medical institutions and satellite clinics.
Third, risk tips
Lower drug prices and intensified competition in the industry
Fourth, profit forecast and investment suggestions
We expect the company's EPS to be 0.32,0.39,0.49 yuan in 2015-2017, and to maintain a "highly recommended" rating corresponding to PE of 30,25,20.