The net profit for 15 years is expected to increase by 4010%. Benefiting from the rapid growth of high-margin varieties such as Ribodo and Shusi, as well as significant reductions in financial and sales expenses, we expect the net profit of Tai Ling Pharmaceuticals to reach 85.8 million Hong Kong dollars in 2015, an increase of 4010% over the same period last year. This is in line with the company's previously announced profit forecast, which expects net profit to increase more than 40-fold in 2015. The growth rate of Lipido has slowed down. Sales data from 220sample hospitals show that sales of Lipido grew 24 per cent year-on-year in the first three quarters of 2015, slowing from a compound growth rate of 55 per cent in 2011-14. We think this is mainly due to the reduction in the price of the product. The winning price of Ribodo in Zhejiang Province is 4000 yuan per unit, which is 30% lower than the previous winning price, and Zhejiang Province contributes about 15% of the national sales of Ribodo. We estimate that the average sales price of Lipido fell by about 10% year-on-year in 15 years, and sales increased by about 35% year-on-year. Taking into account the changes in the company's accounting methods, we estimate that Reebodo's sales increased by 100% year-on-year in 15 years. Excluding the influence of accounting method adjustment, the real income growth rate is about 25%. We estimate that Rebedo can contribute 64% of the company's 15-year overall gross profit.
Self-owned varieties perform well. As there are only three domestic quetiapine manufacturers, the market competition is relatively mild, and the channel has a certain inventory replenishment effect, we expect Shusi's income growth rate to reach about 60% in 15 years. In addition, we expect Zhuo ao to maintain a steady growth rate of 15% per month. We estimate that Shuth and Zhuo contribute 23% and 8% of the company's 15-year gross profit, respectively.
Pine gardenia pills may be on the market in the second quarter. The company acquired Songjia Pill in August 2015, which is the only traditional Chinese medicine approved by CFDA for the treatment of hepatitis C. At present, there are about 4.56 million chronic hepatitis C patients in China, with a large market capacity. We expect Songjia Pill to be available in the second quarter of 16. Considering that the company still needs to spend some time on market education, we expect Songzhi Pill to contribute about 100 million yuan in sales in 16 years. In addition, the time for Hidi Dick to obtain GMP certification may be later than we previously expected (early 16). We currently expect Hidi Dick to pass GMP certification in the third quarter of 16. Therefore, we expect that it will be difficult for Hidike to generate revenue contribution in 16.
600530:CH of Jiaotong University may continue to acquire shares in the company. Anli of Jiaotong University plans to buy no more than 29.99% of Tailing Pharmaceutical shares at an average price of no more than HK $2.50 per share between October 2015 and October 2016. At present, the shareholding proportion of Onli of Jiaotong University has increased to 17.18%. As the current share price is still less than HK $2.50, we believe that Jiaotong University will continue to buy the company's shares through secondary market purchase and agreement transfer, and its shareholding is expected to exceed 20%, which will provide some support to the company's share price. At the same time, we believe that Anli of Jiaotong University will not participate in the daily operation of the company.
Maintain the buy rating. Taking into account the price reduction pressure of Ribodo and the delay in the listing of Xidike, we have lowered our net profit forecasts for 15, 16 and 17 years to 86 million yuan (up 4010% year on year), 125 million yuan (up 46% year on year) and 178 million yuan (42% year on year). Taking into account the impact of SEO dilution, we estimate that the EPS of 15, 16 and 17 years is 0.06,0.08 and 0.11 yuan respectively. We believe that strong earnings growth and potential mergers and acquisitions will be the catalyst for the rise in share prices. The company is currently valued at 23 times 16-year earnings. We keep the target price of HK $3.25 unchanged, corresponding to a 49% increase in space and a price-to-earnings ratio of 34 times for 16 years.