The company is a pharmaceutical enterprise mainly engaged in the development and production of natural plant medicine and chemical freeze-dried powder injection. The company has 10 kinds of drugs, such as breviscapine for injection, sodium ferulate for injection, water-soluble vitamins for injection, etc. The company takes breviscapine for injection as the leading product with remarkable curative effect, stable quality, broad market prospect and strong profitability. According to the terminal retail price, breviscapine for injection (produced by only two domestic companies and Hunan Hang Seng) has become one of the few products with sales of more than 800 million yuan in the cardiovascular and cerebrovascular drug market in 2012. In the future, the company will continue to improve the ability of research and development and independent innovation, enrich the product structure, improve the marketing network, use modern pharmaceutical equipment and advanced processing technology, and further increase the share of products in the domestic market. the company will develop into an advanced first-class modern pharmaceutical enterprise with core competitiveness.
The company has core technology. The company has been committed to the in-depth research on the formulation and preparation technology of breviscapine for injection for many years, and has mastered the relevant core technology. In the purification and extraction process of high-purity breviscapine, the company has a number of national invention patents, which is one of the earliest and most patents related to the preparation process of high-purity breviscapine in China.
The company has strong product advantages. The company's leading product breviscapine for injection is the monomer component preparation of breviscapine, and its purity can be measured according to chemical drug standards. It is a typical case of integrated traditional Chinese and western medicine method and theory which has been discussed in China. As a traditional Chinese medicine injection, breviscapine for injection has the following advantages: (1) high purity, clear composition and stable quality; (2) high effectiveness; (3) high safety and controllable quality; (4) low rate of adverse reactions.
It is estimated that the EPS of the company will be 1.04,1.14,1.24 yuan after dilution for 15-17 years. As a traditional Chinese medicine injection, the company has outstanding product advantages. The offering price is 21.21 yuan and the price-to-earnings ratio is 22.99. Considering the valuation of the comparable company and the growth space of the industry, it is recommended to apply for a purchase rating.
Risk tips: macroeconomic cycle risk, raw material price fluctuation risk.