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太龙药业(600222):大股东增持 未来发展战略清晰

Tai long Pharmaceutical (600222): the future development strategy of increasing the holdings of major shareholders is clear

東吳證券 ·  Jul 14, 2015 00:00  · Researches

Controlling shareholders plan to increase their holdings: Henan Tailong Pharmaceutical Co., Ltd. announced on July 8, 2015 that Zhengzhou Zhongsheng Industrial Group Co., Ltd., the company's controlling shareholder, plans to raise funds from July 9, 2015. in the next 12 months, according to market conditions, increase the company's shares through the secondary market, with a cumulative increase of no less than 0.1% of the company's total share capital and no more than 1% of the company's total share capital. This increase demonstrates the confidence of the controlling shareholders in the future development of Tailong Pharmaceutical Co., Ltd., as well as the recognition of the value and growth of the company.

Increase the ex-factory price of traditional Chinese medicine oral liquid products: in the first half of 2015, the company began to reconfigure its internal resources, sort out the parent company's existing product lines and adjust its product structure. At the same time, in order to cope with the rising cost pressure of raw materials, the parent company has raised the ex-factory prices of most traditional Chinese medicine oral liquid products. In the short term, increasing the ex-factory price will lead to a decline in product sales and reduce the parent company's income and net profit, but in the long run, raising the ex-factory price will help to alleviate the cost pressure and maintain the competitiveness of products in the market.

Tongjuntang restructuring enjoys tax relief: on June 6, 2015, the company announced that Tongjuntang prepared slices, a wholly owned subsidiary of the company, had received the tax notice of Tonglu County State Taxation Bureau. It is agreed that Tongjuntang prepared slices will be registered (for the record) on June 4, 2015 and can be exempted or reduced according to the preferential enterprise income tax. The prepared pieces of traditional Chinese medicine belong to the initial processing of medicinal plants, which is in line with the scope of the national tax preferential policy. this time, the company will reorganize the traditional Chinese medicine factory into an independent subsidiary to enjoy the national tax benefits, which is in line with the company's long-term development.

Increase support for the new leader and expand its business scope: the company will continue to strongly support the growth of the new leader into a "large-scale, excellent new drug research and development and clinical CRO enterprise".

The company will develop vertically and horizontally in the future. Vertical development mainly refers to breakthroughs from chemical generic drugs to biological generic drugs, chemical innovative drugs and traditional Chinese medicine research and development; horizontal development is mainly to expand the company's business from preclinical CRO to clinical CRO.

Medical M & A Fund intends to acquire Hebang Biology and test biomedicine: although all products of Hebang Biology are currently in the research stage, no products have yet been produced and sold.

However, Tailong Pharmaceutical uses the M & A fund as a platform to invest in Wuxi and Bang Bio. In line with the company's "one-core, two-wing and multi-platform" development strategy, is a substantial step for the company to carry out epitaxial development, and has a very positive significance. It is also an important step for the company to enter the field of biopharmaceuticals and distribute proteins and peptides, which is conducive to the sustainable development of the company in the future. Maintain the company's "recommended" rating.

Risk hint

1. The risk of failure in the research and development of new products of Hebang Biology.

2. The risk that the main business sales of the parent company fall short of expectations

3. The risk that the progress of the company's investment in M & An is not as expected.

The translation is provided by third-party software.


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