Recently, Hyundai Pharmaceutical issued an announcement defining the company's plan to issue convertible corporate bonds to the public.
Optimize the asset structure, good for the company's follow-up preparations and API business development. Modern Pharmaceutical, as a leader in cardiovascular medicine, the construction of the strategic upgrading project of the new preparation industry is in line with the company's strategic layout orientation, which can effectively solve the current problem of scattered resources and meet the needs of the company to expand its production capacity. it is good for the international layout of the company's follow-up preparations. The comprehensive utilization project of Chinese drug Weiqida resources and the upgrading project of Weiqida medium anti-penicillin green industrial chain are conducive to the further control of the concentration and total amount of "three wastes", meet the sewage demand brought about by the expansion of the production scale of Chinese medicine Weiqida, reduce the cost of external transportation and treatment of hazardous wastes, improve the level of regional environmental quality, and enhance the production capacity of Weiqida medium resistance. It will lay a good foundation for the future API export to European and American customers and participate in high-end international market competition. On the whole, with the fund-raising in place and the gradual development of the fund-raising project, the company's assets and business scale will be further expanded, which will help the company to enhance its production capacity, industry influence and competitive advantage. it is of great strategic significance to realize the company's long-term sustainable development.
Profit forecast: the restructured Hyundai Pharmaceutical, as a national pharmaceutical platform, is expected to maximize resource coordination through asset integration with the help of Sinopharm Group, and will not rule out further extension mergers and acquisitions in the future. to become a leading comprehensive and innovative pharmaceutical enterprise in China, the company has a broad space for endogenous extension development. According to the company's performance KuaiBao, we adjusted the EPS to 0.67 yuan in 2018 and adjusted the company's profit forecast for 2019-2020. It is estimated that the company's EPS in 2018-2020 will be 0.77 yuan and 0.85 yuan respectively, corresponding to the closing price on March 28, which will be valued at 13 and 12 times respectively.
Risk hints: environmental protection leads to the limitation of the production capacity of APIs; the risk of price fluctuation of APIs; the risk of price decline of preparations; and the limitation of sales of some varieties of preparations.
