1. Events:
On June 5, Gao Tejia in Beijing and Datong Group, a shareholder in Hongri Pharmaceutical, signed the share transfer Agreement between Tianjin Datong Investment Group Co., Ltd. and Beijing Gaotejia Asset Management Co., Ltd., which agreed that Beijing Gaotejia and Tianjin Haihe Industrial Fund would jointly establish Gaotejia Haihe Fund. After the establishment of Gaotejia Haihe Fund, Gaotejia Haihe Fund will be the main body. The transferred 10% stake in Red Sun Pharmaceutical held by Chase Group.
After this share transfer, the chairman of the company, Mr. Yao Xiaoqing, will become the largest shareholder of the company.
In order to further clarify the main body of direct investment, Beijing Gao Tejia and Xing Ze Ruicheng, which is controlled by Xing Ze Ruicheng, respectively signed a supplementary agreement with Chase Group, the controlling shareholder of Hongri Pharmaceutical, on June 21, 2018. It is agreed that Xingze Ruicheng will receive a 10% stake in Hongri Pharmaceutical Group. Xingze Ruicheng's current general partner (GP) is Beijing Gao Tejia, and its limited partner (LP) is Gaotejia Haihe Fund.
two。 Our analysis and judgment
(1) the change of the actual controller will be beneficial to the long-term development of the company
The actual controller of the company changed, and Chase Group gave up its controlling shareholder status: on June 5, the former controlling shareholder Chase Group transferred its shares to Gao Tejia. On June 22, the Supplementary Agreement and the New share transfer Agreement were signed, canceling the agreement in Article 5 of the original agreement on matters related to the entrustment of voting rights in the shares of Chase Group, and Chase Group promised to give up its status as the controlling shareholder of Hongri Pharmaceutical. Mr. Yao Xiaoqing is recognized as the controlling shareholder and actual controller of Hongri Pharmaceutical.
The financial and equity pledge of the original controlling shareholder is disadvantageous to the company's operation and market image, and the change of the controlling shareholder is expected to eliminate the obstacles to the development of the company. So far, Chase Group has pledged 97.52% of its shares in the company, accounting for 20.67% of the company's total share capital, which constitutes a certain degree of uncertainty in the current market mood. After this share transfer, this uncertainty will be eliminated.
The unity of management and actual controller will be conducive to the long-term development of the company. After the completion of this transaction, Mr. Yao Xiaoqing, founder and chairman of the company, will become the controlling shareholder and actual controller of Hongri Pharmaceutical Co., Ltd., and the future management will be consistent with the actual controller, which will be beneficial to the long-term development of the company.
(2) Professional pharmaceutical investment institutions + government industrial funds to promote the development of the company
The transferee of this equity transfer is Xingze Ruicheng, whose funds come from Gaotejia Haihe Fund, Beijing Gaotejia or its controlling shareholder Gaotejia Group (including its subordinate enterprises). Among them, Gaotejia Group is an investment institution focusing on medical and health industry investment, has the largest professional medical investment team in China, and constructs an ecological platform for medical and health industry investment. strive to become a global influential health investment institution. Tianjin Haihe Industrial Fund is to "implement the coordinated development strategy of Beijing, Tianjin and Hebei and promote the construction of national advanced manufacturing R & D base". And in accordance with the principle of "government guidance, market operation, classified management and risk prevention", highlight the characteristics of "specialization, marketization and internationalization". Follow the idea of "overall design, phased fund-raising, government profit concession and rolling development" to carry out market operation to highlight the leading role of the market. Tianjin Haihe Industrial Fund focuses on ten pillar industries and seven emerging industries, including biomedical and health industries. Gaotejia Group and Tianjin Haihe Industry Fund will cooperate to develop Tianjin medical and health industry.
Hongri Pharmaceutical is a representative enterprise in Tianjin pharmaceutical and health industry. the equity transfer marks the guiding role and investment value of the company in the development of Tianjin pharmaceutical industry has been unanimously recognized by Gao Tejia and Tianjin Haihe Industrial Fund. it is also conducive to the better development of the company with the help of Gao Tejia and Tianjin Haihe Industrial Fund. In the future, it will be easier for companies to obtain the synergy advantages of well-known institutions, access to government resources, and even hope to participate in the reform of state-owned enterprises.
3. Investment suggestion
The impact of last year's channel adjustment on the company has been eliminated, and the business has stepped into a benign track; the change of the actual controller is conducive to the long-term development of the company; there is a broad space for the development of the formula granule business industry; in addition, the research project is gradually blooming and bearing fruit. It is estimated that the net profit of homing from 2018 to 2020 is 666 million yuan / 836 million yuan / 1.018 billion yuan, corresponding to EPS is 0.22 yuan / 0.28 yuan / 0.34 yuan, corresponding to PE is 16-13-11 times. Maintain the recommended rating.
4. Risk hint
Industry policies affect drug sales, drug prices are under pressure to reduce prices, and the risk of new product research and development progress.