The company's 2015Q1 realized operating income of 170 million yuan, an increase of 3% over the same period last year, and a net profit of 11.41 million yuan, an increase of 14% over the same period last year.
Main chemical raw materials and chemical preparations. The company is the only pharmaceutical listed company under Yangzhou State-owned assets Supervision and Administration Commission, mainly engaged in the research, development, production and sales of chemical APIs and chemical preparations. In 2014, the operating income was 660 million yuan, up 7.28%, and the net profit was 40 million yuan, up 15%. Of this total, the revenue from raw materials was 170 million yuan, up 1.7% from the same period last year, contributing 50 million yuan to gross profit; the income from preparation was 490 million yuan, up 8.8%, and contributing 300 million yuan to gross profit.
Two key varieties of API. Hydrocortisone and dexamethasone sodium phosphate are the company's two major API products. Both of them belong to adrenal glucocorticoids, which have strong anti-inflammatory, antiviral, anti-shock and immunosuppressive effects. It is often used in rheumatoid arthritis, gout, bronchial asthma, dermatitis, keratitis and so on. In 2014, the combined income of the two exceeded 100 million yuan, accounting for 62% of the API revenue, and the gross profit increased significantly due to the decline in the cost of chemical raw materials.
Four key varieties of preparations. Ebastin, epristeride, felodipine and Ganoderma lucidum glycopeptide injection are the four major preparations of the company. Among them, Ebastin tablets are used in a variety of allergic diseases, and the company first successfully imitated them in 2002. After entering the health insurance catalogue in 2009, it began to grow explosively. Revenue in 2014 reached 71.66 million, an increase of 34% over the same period last year, and the variety is expected to maintain a growth rate of 30-40% in the next few years. The company's felodipine sustained-release capsule was approved in 2010 as an exclusive dosage form, and felodipine sustained-release tablets are being reviewed. it is expected to become an important tablet product of the company in the future.
Profit forecast: the EPS of the company from 2015 to 2017 is expected to be 0.37 PE 0.49 0.66 yuan, and the corresponding PE is respectively times that of 78-59-44. The company's current valuation is not low, but considering that the company is the only pharmaceutical listing platform under Yangzhou State-owned assets Supervision and Administration Commission, it is expected to benefit from the reform of state-owned enterprises in Jiangsu Province, with expectations such as epitaxial mergers and acquisitions, equity incentives and so on.