Sodium cantharidinate series anti-tumor products will be large market value varieties in the future: the main product sodium cantharidinate series under strict patent protection, the raw materials exclusively form the exclusive rights of sodium cantharidinate, sodium cantharidate VB6 injection, sodium cantharidate tablets preparation market, multi-product regulations, and distributed in different subsidiaries, the product promotion advantage is prominent, the uncovered blank area is large, and the price system maintenance is gradually effective. There is plenty of room for management improvement, terminal sales are growing rapidly, and the trend and direction are clear and sustainable.
The cardio-cerebral vascular series and many double-span varieties are in the release period, and the OTC brand is strong: cardiovascular products Yindanxintai and Yinzhan Xinmai pills have entered the national health insurance, with a growth rate of more than 30% in previous years. Jinwu Gutong capsule and Jingwu capsule are located in the field of major diseases and long-term drug use, and enter the national health insurance catalogue, OTC and prescription drugs, with the conditions for volume release, with a growth rate of more than 30% in 2013, which is the company's second-tier variety with rapid growth.
After the completion of the overall listing of the related pharmaceutical assets of major shareholders, the willingness to expand and strengthen the financing platform is strong: the equity incentive plan submitted after the completion of the reorganization is temporarily suspended due to small incentive efforts and insufficient coverage of core personnel. In the future, we will choose the opportunity to launch a more flexible and efficient equity incentive scheme; production facilities are mostly built around 2000, the design concept is outdated, and there is a need for refinancing of new production lines in the future.
Investment suggestion: we predict that the company's EPS in 2013-15 will be 0.29,0.53,0.71 yuan. Considering the company's rich product echelon and excellent product structure, the main products are in a period of rapid growth, corresponding to a market capitalization of more than 7 billion yuan, which is undervalued compared with similar comparable listed companies. For the first time, it is given a buy-An investment rating and a 12-month target price of 21.60 yuan, corresponding to 2014 40XPE.
Risk hint: internal integration may take a long time and difficult; about 45 million shares were lifted in July 2014.